THE JOYCE FLETCHER CHARITABLE TRUST AccouNrs FOR THE YEAR ENDING 5 APRIL 2023
THE JOYCE FLETCHER CIL4RrrABLE TRusr coNrENTS PAGE LEGAL AND ADMlsTRATIvE DETAILS REPORT OF THE TRUSTEES REPORT OF THE INDEPENDENT ExAMER STATEMENT OF FINANCIAL ACTivmES BALANCE SHEET NO'I'ES TO THE FINANCIAL STATEMENTS I PRINCIPAL ACCOUNTING POLlCtES 10 2 TAXATION io 3 INVESTMENT INCOMF 4 CHARJTABLE ACTIVITIES 5 RF.I.ATF.D PARTY TRANSACTJONS 13 6 CHARITABLE EXPENDITURE 13 7 COSTS OF RAlStNG FUNDS 13 8 INVESTMENTS 13 9 BANK AND DEPOSIT BALANCES 14 10 CONTGENT ASSETS 14 I I DEBTORS 14 12 CREDITORS 15 13 FUND ASSETS AND LIABILrrIES 15 SCHEDULE TO THE FtNANCIAL STATEFfftITS I SCHEDULE OF fNVESTMENTS AND INCOME RECEtVED 16
THE JOYCE FLETCHER CHARTTABLE TRUST LEGAL AND AMINISTRATIVE DETAllS Charity name and registration number. The Joyce Fletcher Charitable Trust Registered Charity Number 297901 Correspondence address.. 68 Circus Mews BAI 2PW Governin8 document: Trust Deed dated 3 April 1987 Tru5t¢es.' Robert Andrew Fletcher OBE (Chair of Trustees) William David Reddihough Flet¢her Stephen Peter Fletch¢r Susan Carol Sharp Bankers.. Coutts & Co 440 Strand tA)ndon WC2R CQS Investmenl advisors and managers: Cazenove Capita] Management Schroder & Co. I,imited l London Wall Place London EC2Y SAU Independent examlner: Morgan James Rigby MJR trusts Ing1¢n(k. 509 New Mill Road Brockhol¢s Holmfirth HD9 7EG Page I
THE JOYCE FLETCHER CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 21)23 History? objectives and activities of the Trustees Joyce Irene Fletcher was born in 1911 and maTTied William Kenneth Fletcher in 1935. They had two sons William David Reddihough Fletcher and Robert Andrew Fletcher. The chi1table Trust was established on 3rd April 1987 by Mr W K fletcher in consultation with his sons, ag a way of directing some of ihe family's wealth to a variety of good causes largely in the fields of the Arts and other charitsble caus¢s. Additional sun]s 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 Settlement(father of Mrs J I Fletcher) and by life-time gifts from Mr R A Fletcher. Both the initial donation and the additional amounts donated since then have been under tern]s which allow the trustees either to retain the amounts &s capital or to spend them. The trust deed gives the trustees th¢ power lo apply the funds lo specific charitsble vbjectives or for general charitsble purpos¢s. The trustees currcntly have a tM)licy of supporting festivals. institutions and organisations sp¢cialising in music and arts perfomiance education in a social or therapeutic context and in organisations involved in young people's welfare. a particular interest betng the role of music in the lives of disabled and talented able children and young peopl¢. VirTr4ally all recipienls are themselves charilies. This is achieved through the makin8 of annual grants from the inwme accumulat each year. However. the trust deed does allow thc trustees to makc grants outside these immcdiafr objectives and in tbese cases it is applicalions from the South Wesl which tend to considered or where the trustees have local links. A dialogue with some of the recipient charities h&s been maintained for some years. Management and governance arraDgem¢nts There are four trustees at present. Mr R A Fletcher OBE(Chair) and Mr W D R Fletcherfsons of Joyce Fletcher) have been trustees since the trLLSt was created, and Mr S P Fletcher and Mrs S C Sha(grand- children of Joyce Fletch¢r) were appointed trustees in 2004. Any new trustees would be identified and appvlnied by ihe remaining trustees. 'l]]e chair of trusiees is resp)nsible for the induction of any new trustees, which would involve avrarene&s of a tntee'S responsibilities, the governing document, administrative procedures and the history and procedures of the charity. A new trustee would receive copies of 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 ha5 considered its Safeguarding responsibilities with regard io recent legislation and public concerns, and it has conclud¢d that it does not fall within the registration rcquirements of the DBS Code of Pra¢tiLe, as the role of the Irust is purely to make grants. When trustee visits are made to recipient organisations, these are always hosted or escorted by their personnel. The trustecs annually review the risks that the charity faces. To dale. these have been mainly related to investment management. A wlicy of wide diversification is maintained with a view to creating income and reasonable asset growth. Bi-annual meetings are held with the investtnent manager, and Tegular contact is Maintain through the year. Page 2
THE JOYCE FLETCHER CHARrfABIE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 21)23 Procedures v4nd policy for gr8nt-making The trust is entirely a grant-making trst and has no prOty or HR responsibilities. Applications are considered in Septemkr to November ¢ach year, and grdnts are made early in DecemE*r. Grants usually Tange from £500 to £5000. The major purpose of the trust is to support Music and the Arts in a Therapeutic or Social Context. A good proportion of grants are repeats but some new oncs are added ea¢h yeat as others fall away. The trustees try each year to apwrtion the granL8 to cover both high ability and disadvantageldisability in the perfonning arts well as cover the age ranges of childrcn and young people. Geographic spread in the South West and a representative rdDge of perforniing arts activities are also strong criteria for the choices. Feed-back is expected and visits are made to assess the impact of grants. Only very rarely will a grant be made to an individual, usually already known to the trs. Applications are accepted throughout the y¢ar by letier. There is no forn)aI application forn. Evidence of p&%t viability and CordS, including financial, is required. Successful applicants are usually registered charities. The deadline for applications is 1st November. assuming funds are still available. New applicants are strongly advised to write before thisi preferably in September. Telephone enquirie5 are accepted. An infonnation web-site was set up in August 2010 to &ssist enquirers - ¢efletchercharitabletnLSt.co.uk. Emailing is only used at the consideration stsge of &yrants. Rejection letlcrs are scnt only if a stamped addrcsscd envelopc is provided by the applicant or if th¢ application was only narrowly rejected. F.mail restM)nses may also be made. Correspondence has remained at aknut a dozen applications a month. Acknowledgements are sent to those which enclose a stamped address¢d envclopc or email address. About 60 Tejeclion letters or emails were sent oul in November to applications which were closely considered but could not be funded. Support is only very rarcly given to individuals, students or non-registered charities. The trsl is not able to arrange auditioThs for graduate or post-graduate applicants, and they are not encouraged to apply. There continues to be an increasing emphasis on grants to arts bodies which are Working with children and young people in the South West. support is unlikely io be given for areas which are the responsibility of statutory authority funding. Support is unlikely to b¢ given to purely professional music or arts promotions. Pa8e 3
THE JOYCE FLETCHER CHARrtABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2023 Achievement and perfonnance of the Trust The distribution of grants took place in the middle of November 2022 to a total of £99.500(£85,500 in November 2021). The grant date was again broughi forward to avoid the Christmas peak peri(Kl for posting. the trustees decided to continue supwrt to 37 existing r¢cipients, while makin8 new grants to 6 new recipients. The largest grants w&8 £8.000 to Welsh National Opera(for Programmes and Engag¢ment projects). Grants were rnade to 43 ¢haritie447 in 2021) and one choristsr parent towards school fees. There were overlaps between the objective categories but the distribution between these w&5 430/0 Music and Arts education £43.500 240/0 Music in a social & therdpeutic context £23,000 180/0 Children and young people £18,000 15 % Other objectives £15,000 The geographical distribution of the 43 grants was as follows:_ South West 37 National charities 6 The truste¢s have reviewed their-public benefit" resnSibIlItieS and believe that these have been carried out to the best of their abilities. The amount granted has been the largest in the trust's history and is possibly unlikely to be repeated. The overall ¢mphasAs has been on the role of the artslmusic and theatre for young people) to alleviale stress and encourage ¢atiVity and resourcefulness in very difficult times. Outstandiiig memori¢s from trustee visits have been a garden theatre production of "King Arthur" for families, a music therapy workshop, music in a prison and also an aOUnt of a music therapy s¢&sion calmin8 a young hospital patient f1n8 a critical operation. The only exp¢ns¢s incurred by the trust have been those for the arUal accounts, the independent cxamination, banking and the investment managem¢nL All other expenses have been borne personally by the trustees. Page 4
THE JOYCE FLETCHER CHARABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR EIYDED S APRIL 2023 Finvdncial review, investment policy and reserves Under the ternis of the trust deed the trustees hav¢ filll and unrestricted powers of investment. The trustees are satisfied that the trust's &8sets are available and adequate to fulfil its objectives. The ttustees have set an investment policy with a medium level of risk. The truslees have expressed their considerable appreciation of the services th¢y receive from their investment maDager. The bulk of th¢ income is to be distributed each year. though a modest sum was retained to cover a likely decline in income as a result of the pandemic. The income from invcstments for the year was £149.157 (£129.757 last year). The rise in grant activity this year 0Urred partly because some income had been retained from the previous year &s a precaution. Although the trustees 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 IncrSe3 or at least retains its r¢al value in the medium terni. The tM)rtfolio is now largely investcd in the Cazenove Charity Multi-Asset Fund. for ease of administration. The tntstees endeavour io make charitsble distributions and professional payments each year to use up the inc()mc in any one year but retain a small rCentage in the event of a sudden f1 in income in a subs¢quent year, thus protccting obligations lo r¢gular recipients. The trust ernploys Cazenove Capital Management as investment advisor and manager. Bi-annual meetings are held with them, and contsct is maintained between these occasions. They charge a percentage fee of £8,684.59. The trustees have chosen not to adopt fonnal ethical investsn¢nt policies. After grants and opcrational exp¢nses of £1 l 0,138 (£96.414 last year), the net def1Clt for the year was £39,019 (net surplus of £33,343 last year). Elowever, after tsking accounl of other gains(losses), there was a net decre&8e in funds of £241,760. The net increas¢ in unrestricted funds w&s £48.107 (last year there was an increase of £42,757). At the end of the financial year, reserves were £145,869. The adequacy of the reserves policy is reviewed annually. uture plans The trustees int¢nd to continue providing grants in a similar way to the recent past wntinuing the emphasis on supporting festivals. institutions and organisations. specialising in n]usic r[oMct education in a social d 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 retaining flexibility as to the scal¢ of grant making. Page 5
THE JOYCE FIITCHER CHARTTABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2(123 Statement of trnstees, responsibiliti Charity law requires the trW¢es to Ptepare financiaI statements for each financial year which show a and fair view of the state of affairs of the charity and its financial wiivities for that p¢riod. In preparing those financial stalement4 the trSteeS are requitcd to: select suitabl¢ accounting policies and then apply th¢m consistent]y' 2. make judgements and estimates that are reasonable and prudent; state whether applicable accounting slandards and statements of recommended practice have b¢en followed, subject to any departures disclosed and explained in the financial statements: 4. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operational existence. I'he thjstees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to cnsure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prev¢ntion and detection of fraud and other irregul7t1es. Independent F,XVdmin¢r The trusi has appreciated the servi¢¢s of its independent ex4miner who also prepares the annual accounts, noting a savings in costs as well as a mor¢ responsive service than the pred¢cessors. Signed on behalf of the trustees R A FLETCHER 23 DATE Page 6
. AUR tnuts REPORT OF THE INDKPENDENf EXAMINER TO THE TRUSTEES OF THE JOYCE FLETc1R CHARrfABLE TRUST I report on the accounts of the Tn1 for the year ended 5 April 2023. which are set out on pages 8 to 16. Respective responsibilltles of tru8teeJ and ex4miner The ¢haritys trustees are responsible for the preparation of the accounts. The Charitys th]stees ¢onsid¢r that an audit is not required for this year under sxtion 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needeoj. It is my responsibility to: - examine the accounts under section 145 of the Charlties ACL - to follow the procedures18id down in the g¢n¢rnl Direciions given by the Charity Commission under section 145(5Xb) of the Charities Acl. and - to state whether particular matters have come to my attention. Basis of independent examlners report My examination was carried out in accordance with the Genernl Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts preSted with those records. It also includes consid¢ration of any unusual items or disclosuS in the accounts, and seekin8 explanations from you as InleeS c(>ncerning any such matters. The procedurcs undertaken do nol providc all the evidence that would be required in an audit, Mnd consequently no opinion is given to whether the accounts pres¢nl a Ini¢ and fair view and th¢ rcp)rt is limit¢d to those matters set out in the statement below. Independenl eMInerS s¢atemenl In connection with my examination, no matter has come to my attention: (l) which gives me reasonable cause to believe that in any material respect the r¢quirements to kotp accountin8 rw)rd3 in aordAnG with 5CCtion 130 of th¢ Charities Act" athd - to prepare accounts which accord with thc accounting records •nd comply wlth the accountin8 requirements of the Charities Act have not been mel. or (2) to which, in my opinion, attention should be drawn in order to enabl¢ 8 proper understsndin8 of the aOuntS to be reached. Nam¢.' Morgan James Rigby Relevant professionaI qualification or body.. A.T.T. Address: Inglenook, 509 New Mill Road. BttKkhole4 Holmfirth. HD9 7EG. Date: 12 2023 Page 7
THE JOYCE FLETCHER CHARITABLE TRUST STATEMENf OF FINANCIAL ACTivrrIES FOR THE YEAR ENDED 5 APRIL 2023 Unrestricted Endowment Funds Funds Total Fulldg TotAI Funds 2022 Note 2023 Ineome and expelldlture Ineome and Endowments from: Investments Others- tax repayment 149,157.32 149,157J2 129,757.39 Total income andendowments 149.157.32 149.157J2 129,757.39 Expenditure on: Ch¢irilable activities RAisin8 funds -101,050.00 -101,050.00 -9,087.59 -87,000.00 -9,414.36 -9,087.59 Net g4insl(1088eg) on Invejtments: Realised Unrealisol -280,780.00 -280,780.00 110,879.40 Transfers between funds: Nel movemen1$ infynds 48.107.32 -289,867.59 -241,760.27 144,222.43 Reeonelllatlon of fundj Total funds brought forward 97.762.16 3,598,406.83 3.09168.99 3,551.946.56 Tolalfvids carriedforward 145 869.48 3 308 539.24 3 454 408.72 3 696 168.99 The accompanying nots5 forn) an integral part of these fmancial slatements. Page 8
THE JOYCE FLETCHER CIIARirABl TRUST BALANCE SHEET AT 5 APRIL 2023 Note 2023 2022 Fixed assets Investments 3J07,720. 3.588,500.00 TOtalfed twels 3J07,720.iNJ 3.588.500.00 Current assets Bank and deposit balances Debtors 148338.72 109.168.99 I48372 109.168.99 Current IiAbilitl Creditors due within one year 12 -150.{) -1,500.00 Nel current asset5 146M&72 107.668.99 Nel a%selS 3 454 408.72 3 696 168.99 The funds of ibe charity: Unrestri¢ied funds Endowment funds 13 145369.48 3J08J39a4 97,762.16 3,598,406.83 Toial charityfvnd¥ 3 696 168.99 'The fmancial statements were approved by the trustees on I 23 R A Fletcher S C Sharp W D R Fletcher S P Fl¢tcher The accompanying notes forni an integral part of these financial statements. Page 9
THE JOYCE FLETCHER CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 5 APRIL 2023 I. PRINCIPAL AccouwfiNG POLICIES BASIS of prepA ration The accounts are in accordance with applicable accKtrunting standarth. The Charities SORP 2015 (FRS 102) and comply with the Charities (Accounts and R¢ports) Regulations issued under the Charities Act 2011. Th¢ accounts have becn prepared on the hislorical cost convention with th¢ exception th&t investments arc slatcd at market value. Income Lnvestsnent income is recorded when receivabl¢. Legacy in¢ome is recognised when it w) be Mured or estimated sufficient reliability. Expendlture Expenditure on grants is recorded once the Trust h&8 madc an unconditional commitrnenl lo pay the grant and this is communicated to the bcneficiary or the grant h&s b¢¢n paiiL whichever is the earlier. The trust has not made any grant Cotnmitments of more than one year. Other expenditure is included in the accounts on an accruals basis. lrrecorab1e VAT is ¢harged to the SOFA as incurred. Any costs Lssociated with the sale or purchase of investments are accounted for As part of the sale or purchas¢ price of the investments. Investments Quoted investtnents hav¢ t*en valued at market value the balan¢¢ sheet date. Realised and unT¢alised inv¢s¢ment gain$ and losses are shown net in the SOFA. . TAXATION The Trust is a registered charity and accordingly is exempt from t&xation on its income and gains where they are applied for charitable pur[Se5. Page 10
THE JOYCE FLETCHER CHARTTABLE TRUST NiyfES TO THE FINANCIAL STATEMEI¥TS FOR THE YEAR ENDED S APRIL 2023 3. INVESTMEIYT INCOME 2023 2022 Souwe of investment income Investments Cash at bank 146,823.92 2J33.40 149,157.32 129.746.21 11.18 129,757.39 4. CHARITABLE ACTMTIES 2023 2022 GRANTS PAID.. Bath Area Play Project Bath City Farn] Bath Festival Bath Fringe Festival Bath Radio Bath Strings Academy Batheaslon New Village Hall Beckford Tower Trust Bristol Children's Hospitsl - Grand Appeal Bluebirds Theatre Company Changing Tuftes Childrens Hospicc South West Matthew Coleridg¢(cvent @ Truro Cathedral) Combat Stress S&m Corkin("Palimpsest') Creative Youth Nelwork Dorothy House Hospice 3,1)(M).00 2,IN)O.00 3,0(10.00 2,0.00 2.000.00 1,000.00 2,0(X).00 I,0.00 2.IM)O.00 2,000.00 5.(M)O.00 2.000.00 2,000.00 2,11(N).00 2,000.00 1,000.00 2,IMJ0.l 1,500. 2,000.(KI 2,1)00.00 5,000.00 I,0.00 3,000.00 2,000.IMI 5,(M)O.(M) 2,000.00 2,000.00 2,000.00 2,CK)O.00 2.000.00 2.000.00 2,000.00 2.000.00 5,(H)O.00 i.000.00 D[k¢ Mu5lG Drama Express. L'ornwall Duke of r..dinburgh'.s Award Edington Music Festival Association English Touring Opera Fir%t Steps Bath Genesis Trust Gr¢al Western Air AmbuIance Charity Hall for Cornwall I"rust Rachel Hatnmond(Exeter Cath Sch Student) Holburne Museum Hope and Homes for Children Jessie's Fund KandLk Arts last Baguette, Malmesbury 2,000.00 4,000.00 2,000.00 I,OOD.00 3.500.(XI 2,000.(M) 2,000.00 3.500.00 2,000.00 2,000.00 2,000.00 1.500.00 I,5.() 63,5(K).00 45,000.(K) Pagell
THE JOYCE FLETCHER CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 4. CHAIUTABLE ACTIvrriES (Continued) 2023 2022 Brought forward 63,5ffl.(KJ 45.000.00 GRANTS PAID (continued) Magdalen Farn) Strings Mentoring Plus Ltd Mid-somerset Festival Music for Minialures Next Stsge Theatre Company Plymouth Music Zone Quartet Comtnunity Foundation Resolve West Re-work ROSL Arts RUH Arts(RUH Charitsblc Foundalion) Sound Waves South West Soundwell Music Therapy Thist Theartre Royal Plymouth Travelling Light Theaire Company Voices for Life Wallace & Gromil Children's Fund Wells City Band Welsh Nationa] Opera Wiltshire Music Centre TnL8t Ltd Winchesier. Nanouri(drama student) Young and Free, Bristol 1,5(K).lJO 2,O(Kl.00 3,0(Mb.00 I,51.00 2,000.IN) 1,500.(x) 2,000.00 2.000.00 1,500.00 2.000.00 2,000.00 i.000.00 1,000.00 1,000.00 2,0(K).00 3,000.00 3.000.00 3,(X)O.00 3.(K>O.00 2,(X)O.00 I,(M)O.00 I.).00 I,0.00 2.0.00 2,1KlO.00 2.1N)O.(iO 3.IMIO.00 I,O(M).00 2,000.00 i.000.00 8,000.00 3.000.1)O 5,000.00 3,(M)O.00 1,500.00 99,500.00 85,500.00 (30VERNANCE COSTS Accountancy chArges Independent examination charges Tax repayment claim Charity Commission complTance I,oso. 380.iN) I,(K)o.00 380.00 120.IKI 120.00 1,500.00 lJS0.( 101,050.(N) 87,000.00 Page 12
THE JOYCE FLETCHER CHARTfABLE TRusr NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 5 APRIL 2023 5. RELATED PARTY TIL4NSACTIONS None of the trustees were paid any remuneration or expenses by the charity during the year (2022 none). 6. CHAIUTABLE EXPENDITURE The charity did not undertake any activity directly but met its charitsble PUTposes by making ants. 7. COSTS OF RAISING FUNDS 2023 2022 Investment advisors I manAger5 charges Cllzenove 'legal entity Identifie charges Cazenove debit interest charged Coutts bank charge$ 8,684.59 8.819.53 70.48 403.00 524.35 9 087.59 9 414.36 The charity did not have any staff costs (2022 none). & INVESTMENTS All investments were h¢ld in the UK and listed on a recognised stock exchange: 2023 2022 UK listed investments CAnying VAluo {mArket value) &t 6 April 2022 Add: additions at cost Less.. disposals Add/deduct: net gainl(loss) on Disp)sa]s Add/dedu¢t: net gainl{loss) on revaluation Carrying value (market value) at 5 April 2023 3.J88.300.1 3.287,OJ9.00 301,503.73 -110.942.13 -280.780.(KI 3.307,720.IN) 110,879.40 3.588,500.00 Historical cost 3,572,663 3,572.663 Distribution5 receiv (gross) Distributions received (net) 146,823.92 129,746.21 146,823.92 129,746.21 Full detail of the investhients and income received are S out on the schedula% attached to these cowits. Page 13
THE JOYCE FLETCHER CHARITABLE TRUST N(YfES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APIUL 2023 9. BANK AND DEPOSIT BALANCES Interest received gross 2023 2022 Coutts & Co Cazenove in¢ome account Cazenove capital a¢count 1,500.01 138,568.06 8,170.65 148,2311.72 403.01 90,410.74 18,355.24 109,168.99 2,189.45 143.95 2,333.40 10. CONTINGENT ASSETS Nontt at present. 11. DEBTORS 2023 2022 Income Tax refund Investment Income 0.00 0.00 Page 14
THE JOYCE FLETCHER CHARrrABLE TRUST F40TES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2023 12. CREDITORS 2023 2022 Accountancy and independent examination Charges Tax repaymerrt claim charge Charity Commission MplIanCe charge IA30.00 1.380.00 120.00 120.00 13. FUND ASSETS AND LIABILITIES Unr¢stricted Funds Endowmellt Funds Totsl Funds Fixed Asset Investments Current Assets Current Liabilities 3.307.720.00 819.24 3J07,720.00 148,238.72 -1,550.00 147.419.48 -1,550.(KI Total 145 869.48 3 31)11539.24 3 454 408.72 The unrestricted funds (income) of the Charity may be applied for any charitsble purpose at the discretion of the trusl¢es. [Until 3 April 2008. the trustees had the power to aumUlate income and hold the same as an accretion to capital.] The expendable endowment (capitsl) and additions thereto are invested and the income used for any charitsble purpos¢ at the discretion of the trSte. [Thc cxtrndable endowment may also be spent at the absolute discretion of the trustees.] Page 15
THE JOYCE FLETCHER CIIARrrABLE TRUST SCHEDLLE TO THE FINANCIAL STA TEhtKr(rs FOR THK YEAR ENDED 5 APRIL 2023 I. SCHEDULE OF fNVESTMENfs AND INCOME RECEIVED ¥[)881 Market Historical ¢o&t 5 Apnt 2023 5 April 2023 (koss I net bJwm¢ Nrrfw"Dpl S Ipnl 2022 Athlru( SUTL Cazenove Ch8rity NURS Fund ChBrity Mulii-Asset Fund ' GYP Di8tribution 6.103,930 3.588JC -280.780 3,307,720 3,sn,663 30.678.31 36.727.3J 36,739.55 36,678.51 .588.5 .780 23. Pa8e 16