THF..IOVCF. FI.F.TCHF.R
CHAIUTABLE TRUST
ACCOUNTS
FOR THE YEAR ENDING
S APRIL 2025

THE JOYCE FLETCHER CHARfrABLE TRUST
cowrENTS
PAGE
LEGAL AND ADMINISTRATIVE DETAILS
REPORT OF THE TRUSTEES
REPORT OF THE INDEPENDENT EXAMtNER
STATEMENT OF FtNANCIAL ACTtvtTIES
BALANCE SHEET
NOTES TO THE FINANCIAL STATEMENTS
I PRNCIPAL ACC0[TNT￿G POLICIES
io
2 TAXATION
10
3 INVESTMENf INCOME
4 CHARtTABLE ACTtvrriES
5 RELATED PARTY TRANSAcfioNS
13
6 CHARITABLE EXPENDITURE
13
7 COSTS OF RAISING FUNDS
13
8 ￿EsTmENTs
13
9 BANK AND DEPOSIT BALANCES
14
10 CONTtNGENT ASSETS
14
I I DEBTORS
14
12 CREDITORS
15
13 FUND ASSETS AND LIABILITIES
15
SCHEDULE TO THE FINANCIAL STATEMENTS
I SCHEDULE OF INVESTPAEKfs AND tNCOME RECEtVED
16

THE JOYCE FIITCHER CHARITAB￿ TRUST
LEGAL AND ATrttNISTRATIVE DETAIts
Charity name
and registration numlw:
The Joyce Fletcher Charitsble Trust
Registercd Clwity Number 297901
Cottespondence address:
68 Circus Mews
Bath
BAI 2PW
Governing document:
Tn￿t Deed dated 3 April 1987
Trustecs:
Robert Andrew Fletcher OBE (Chair of T￿￿e¢s)
William David Reddihough Fletcher
Stephen Pet¢r Fletcher
Susan Carol Shao)
Bankers:
Coutts & Co
440 Strand
London
WC2R (QS
Investment advisors and mana8ers:
Cazenove Capital Management
Schroder & Co. Limited
l London Wall Place
London
EC2Y SAU
Independent examiner:
Morgan James Rigby
MJR
Inglenook, 509 New Mill Road
Brockholes
Hoimfjrth
Page I

THE JOYCE ￿￿TCHER CHARJTABLE TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 5 APRIL 2025
History9 objectives aDd activities of the Trnstees
Joyce Irene Fl¢tcher w&8 born in 1911 and manied William Kenneth Fletcher in 1935. They had two sons
William David Reddihough Fletcher and Robert Andrew Fletch¢r.
The Charitable Trust W&8 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 good causes largely in the fields of the Arts
and other cbaritable causes. Additional sums have b¢¢n added to the t￿￿ 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 l Fletcher) and by life-time gifts from Mr R A Fletcher. Both th¢ initial donation and th¢ additional
amounts donated Since then have been under tern￿ which allow the tr￿teeS either to retain the amounts as
capilal or to spend them.
The tn￿t deed gives the In￿te¢S the power to apply the fimds to specific charitable objectives or for general
charitable purposes. The trustees currenily have a policy of supporting festivals. institutions and
organisations specialising in music and arts perfornian¢e education in a social or therapeutic context and in
OT8anisations involved in young people's welfare, a particular int¢rest being the role of music in the lives of
disabled and talented able children and young people. Virtually all recipienls are ihenselves clwilies.
This 1$ achieved througb the making of annual grants from the income wxumulated in the aulumn of each
year.
However, the trust deed doe8 allow the trustees 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 tnjslees have
local links. A dialogue with some of th¢ recipient charities b&8 bcen maintsined for some years.
Managemenl and governance arrangem¢Dts
There are four trustees at present. Mr R A Fletcher OBE(Chair) and Mr W D R Fletcherfsons of Joyce
Fl¢tcher) have been trustees since the trust w&s created. and Mr S P Fletcher and Mrs S C Sharp{grand-
hlldren ot"JoyLe F'letchLr) were appointed trustees in 2004. Any new trustees would be identified and
appointed by the remaining trustees. The chair of trustees is ￿￿nsible for the induction of any new
trustees. which would involve awareness of a trustee's responsibilities, the governing do¢umenL
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 th¢ ChaTity Con]mission document "The Essential
Trustee: What You Need to KnoMP'(CC3).
The trnst has considered its Safeguarding restK)nsibilities with regard to reccnt legislation and public
concerns, and it h&s concluded that it does not fall within the ￿giStratIon requirements of the DBS Code of
Practice. as the role of the trust is purely to make grants. When trustee visits are made to recipient
organisations, these are always hosted or escorted by their personnel.
Page 2

THE JOYCE FLETCHER CHARTTABLE TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR EM)ED 5 APRIL 2025
The trustees annually review the risks that the charity faces. To date. these have been mainly related to
investment management. 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 manag¢r. and regular contact is
n￿ints1ned through the year.
Procedures and policy for grADt-mgkiDg
The trust is entircly a grant-making tn￿t and has no propcrty or14R responsibilities. Applications are
considered in September to Novemb¢r each year. and grants are made early in De¢emI￿r. Grants usually
range from £500 to £5000. The major purpose of the trust is to 5UPPOrt Music and the Arts in a Therapeutic
or Social Context. A good proportion of grants are r¢peats but some new ones are added each year as others
fall away. The trustees ty each year to apportion the grants to cover both high ability and
disadvaniageldisability in the perfomiing arts well &5 cover the age ranges of children and young people.
Geographic spread in the South West and a reptes¢ntative range of perforniing arts activities are also strong
riteria 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 a trustce.
In the past year the Irust has gradualty Started to reloeate its aetivitles to the North of England, and
this policy will eventually lead ¢0 a departure from the South Wesl probably over more thydn five
year8 away. Tbe main objeetives for grants in the north will be the Environment(c¢ntring on
Manchester) and Sport$ Education & Children(c¢ntring OD York8hire). There will tend to be fewer
but Ideally larger grants.
Applications are accepted throughout the year by letter. There is no fotmal application fomi. Evidence of
past viability and records, including fuwicial, is required. Successfill applicants are usually regislered
charities. The deadline for appltcations is I si (ktober, &ssuming funds are still available. applicants
are Strongly advised éo write before this? preferabty early in September. Telephone enquxries ar¢
accepted. An inforniation we￿$]te w&s set up in August 2010 10 assist enquirers
ccfl¢¢&h¢rrharilable¢rus¢.¢v.uk. Efflailing is only used at the consideration stage of grants.
Rejection letters are sent only if a Stam[￿ addressed envelope is provided by the applicant or if the
application was only narrowly rejected. Etnail responses may also be made.
Correspondence has increased to about 80 applications a year. Acknowledgements are sent to those which
enclose a stamped addressed envelope or email address. Support is only very rarety given to Individuals,
students or non-registered cbYdriti¢s. The trust is noi able to arrange auditions for graduate or post-
graduate applicants, and they are not encouraged to apply. Hitherto there has I￿en an emphasis on grants to
arts bodies which are working with children and young people in the 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
pur¢ly professionaI rn￿$1¢ or arts promotions.
Page 3

THE JOYCE FLETCHER CHARITABLE TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 5 APRIL 2025
Achievement and perfornianee of the Trnst
The distribution of grants took place in the middle of NovemE¢r 2024(with a few additions in January 2025)
to a total of £226,850(£144.540 in November 2023). The tr￿teeS decided to continue support to 43 existing
recipients, while making new grants to 16 new recipients. The largest grants were £IO.000 each to five
charities. Grants were made to 59 charities(47 in 2024) and to one chorister parent towards school fees.
There was also a small response to a very moving request from an individual that no-one could refuse.
There werc overlaps between the objective categories but the distribution between these w&8
33010 Music and Arts education
200/0 Music in a social & therdpeutic context
310/0 Children and young people
16% Other objectives
£75,3(M)
£46,5(M)
£70,000
£35,050
The geographical distribution of the 59 grants was as follows:.
South West 48
Other I I
The trustees have reviewed their'l)ublic benefit" tesp)nsibilities and believe thai these have been carried
out to the best of their abilities. The amount granted has been th¢ largest in the tn￿t'S history and is possibly
unlikely to be repeated. The overall emphasis has been on the role of the arts(music and theatre for young
people) to alleviate stress and encourage creatlvlty and resourcefulness in very difficult times. Outstandin
memories from trustee visits have bc¢n a children's Lantern Procession in Bristol for the Chinese Year of
the Snake, a music therapy workshop. a five-a-side football afler-school competition in Keighley on a
freezing and soggy April evening and a visit to the C&8defield project in Manchester.
The only ¢xpenses incurred by the trust have been those for the annual accounts, the independent
examination, banking and the investment managemenL All other expenses have been borne personally by
the trusiccs.
Page 4

THE JOYCE FLETCHER CHARrrABLE TRUST
REPORT OF THE TRUSTEKS
FOR THE YEAR KM)ED 5 APRTL 2025
FinAncial review, investment policy and reserves
Under the tern]s of the tr￿st deed the trustees have and UDrestrACted w)wers of investment.
The trustees are satisfied that the trust's assets are available and adequate to fidfil its objectives. The trustees
have get an investment policy with a medium level of risk. The tnL8tees have expressed their considerabl¢
appreciation of the services they receive from their invcstment manager.
The bulk of the income is to be distributed each year. though a modest sunl has b¢¢n retained to cover a
likely decline in income as a result of the pandemic. The income from inveslments for the year was
£152,683{£154.874 last year). The rise in grant activity this year oCcU￿ed partly because some Kncome had
be¢n retained from the previous year as a precaution.
Although thc trustees have the power to gift the capital, the investments from capitsl are the main source of
ongoing income, so the fi]nd is invested with the objective that it increases or at le&st retains its real value in
the medium lern). The portfolio is now largely invested in the Caienove Charity Multi-Asset Fund. for ¢ase
of administration. The trustees endeavour to make charitable distributions and professional payments each
year to use up the income in any one year but retain a smaIl percentage in the event of a sudden fall in
income in a subsequent year. thus protecting obligations to reguIar r￿iplents.
The trust employs Cazenove Capilal Management as investmcnt advisor and manager. Bi-annual meetings
are held with them. and conlact is maintained between these occasions. They Ch￿ge a percentsge fee of
£8,847.50. The trustees have chos¢n not to adopt fomtsl cthical investment policies.
After grants and operational expenses of £237,836(£155,045 last ye8r), the net deficit for the year was
£85,153(n¢t defLCIt of £171 last year). After iaking account of other gains(losses), there w&s a net decre&se
in funds of £274,995. The net decrease in unrestricted funds was £75,779(last year there was an increase of
£8,734). At the end of the financial year, reserves w¢re £78,824. The adequacy ofthe reserves policy is
reviewed annually.
Futur¢ plans
During 2023 the tsustees made a significant decision that in the next five years the trust will move its
activities to the north of EnglanLI where some of the trustees are resident. the objectives will begin to
include sports and children, and also the Environment in the North where the trust h&s its family origins.
The hitherto supN)rt for the Arts and young ￿)ple'S welfare in the South West will gr&Jually be wound
down.
Pag¢ 5

THE JOYCE ￿￿TCHER CHARITABII TRUST
REPORT OF THK TRUSTEES
FOR THE YEAR ENDED 5 APRIL 2025
Statement of trustees, responsibilities
Charity law requires the tnlstees to prepare financial statements for each financial year which show a true and
fair view of the state of affaiTS of the charity and its financial activities foi that period.
In preparing those financial staternents, the tr￿teeS are required to:
select suitable ￿cOUntIng policies and then apply them consistently"
make judgements and estimates that are reasonable and prudent:
state whether applicable accounting standards and slatements of recommended pt7clice hav¢ been
followed. subject to any departures disclosed and explained in th¢ fllwiciaj statements.
4, prepar¢ the financial ￿atements on the going concern basis unless it is inappropriate to presume that
the charity will continue in operational existence.
The tr￿leeS are Tesp)nsible for keeping proper accounting records thich disclose with reasonable accuracy
at any time the financial wsition of the charity and to enable them fo ensure that the financial statements
comply with the CharitlC8 Act 2011. They are also reswnsible for safeguarding the assets of the charity and
hence for taking reasonable steps for the prevention and d¢lection of fraud and other irregularities.
Independent ExAminer
The trust h&s appreciated the services of its independent examin¢r who also prepares the annuat aecounts,
noting a savings in costs as well as a more responsive service than the predeccssors.
Signed on behalf of the trust¢¢s
R A FLETc￿R
DATE
Page 6

. AUR trusts
REPORT OF THE INDEPENDENf EXANItNER TO TRE TRusfEES OF
THE JOYCE FLETCHER CHARtTABLE TRUST
I rep)rt on the accounts of the Tnjst for the year ended 5 April 2025. which are set out on pages 8 to 16.
ReBpective responsibllities of truJtee8 and uamlfttr
The charity's trustees are ￿pOnsIble for the pryration of thc accounts. The charltys trustees
consider that an audit is not required for this year under section 144 of th¢ Chariti¢s Act 2011
(th¢ Charities Act) and that an independ¢nt examination is n¢eded.
It is my responsibility to..
- examine the 8c¢ounts und¢r section 145 of the Charities Ac¢
- to follow the procedure5 laid down in the general DIr￿tionS giv¢n by the Charity Commission
under section 145(5Xb) of the Chariti¢s ACC and
- to 51ale whether particular matt¢rs have come to Jny attention.
IIAsls of inde￿ndent examiner# report
My examination was carried out in accordance with th¢ Genernl Directions given by the Charity
Commission. An examination includes a review of the a¢counting records kept by the chuity
and a comparison of the accounts presented with those rewrds. It also includes consideration of
any unusual items or disclosures in the account& and seeking explanations from you as trnstees
con¢eming &ny such matters. The procedures undertaken do not provid¢ all the cvidence that would
be required in an audit. and consequently no opinion ts given as to whether the accounts pr¢s¢nt a
'true and fair view 8nd the report is limited to those matt¢TS set out in the statanent below.
Independent examltttrs stAtement
In Connection with my examination. no matter has come to my attention:
(l) which gives me re&sonable caus¢ to believ¢ that in any matsrial respect the requirements
- to keep xc¢ountitig ￿ordS in with J¢¢tion IJO of thr Chariti¢s Ac4" and
- to prepare ￿COUnt5 which accord with the accounting records and ￿mplY with the accounting
requirements of the Charities Act
have not been met. or
(2) to which. in my opinion. attention should be drawn in ord¢r to enable a proper und¢rst8ndin8
of the accounts to be reached.
Name.. Morgan James Rigby
Relevant professional qualification or Ix)dy.'
Address.. Inglenook, 509 New Mill Road, Brockholes, Holmfwth. HD9 7EG.
Date: 26th May 2025
Page 7

THE JOYCE FLETCHER CHARrrABLE TRusr
STATEMENf OF Fll¥ANCIAL AcfiviTIES
FOR THE YEAR ENDED 5 APRIL 2025
Tot21
Fyttd
2025
Total
Funds
2024
Funds
Funds
Not¢
Income ftDd eJpendithre
Income and EndowmeDts from:
Donations and legacies
Investments
Others - tsx repayment
12.66
12.66
152,670.63
152,670.63
154.874.09
Total income andendowments
152,670.63
12.66
152ffj83.29
154,874.09
Expendlture on:
LharitablL activities
Raising fimds
-228,450.00
-228,450.00
-9J86.50
-146,140.(K)
-8,904.74
-9,386.50
Net gain￿(lO>s¢s} on investments:
Realised
Unrealis¢d
99.08
-189,941.08
99.08
-189,941.08
-397.94
178,389.94
Transferj between fuDd$:
Nel pnovemenis infunds
-75.779.37
-199,215.84
-274,99521
177,821.35
Reconclllation of fllnds
Total funds brought forward
154,603.57 3.477,626.50 3,632230.07
3.454.408.72
78 824.20
3 278410.66
Tolalfimds carrledforward ￿kn34￿6 3 632 230.07
The accompanying notss form all inte￿I part of these financial statements.
Page 8

THE JOYCE nlTCHER CHARrrABLE TRUST
BALANCE SHEET AT 5 APRtL 21)25
Iyole
2025
2024
Fiied aysets
Investments
3279070.(
3,479.712.00
Totalfthed(Lfsei
3279070.(NJ
3,479,712.00
Currellt assets
Bank and d¢posit balances
Dcbtors
78,964A6
154.118.07
7&964J6
Current liabllliley
Creditors due within one year
154,118.07
12
-1,6￿.
-1.600.00
Nel ¢Mrreni ￿Sets
77J64.86
152,518.07
Nel (usets
57
3 632 230.07
The funds of tbe Charity:
Unrestricted funds
Endowment funds
13
78024.20
3278,410.66
154,603.57
3.477.626.50
Total charityfvndf
57
3 632 230.07
The fthan¢ial statem¢nts were approveAI by the tTUSt¢es on 3 0
R A Fletcher
S C Sharp
W D R Fletcher
S P Fletcher
The accompanying note5 form an integrnl part of these fJnanciaI statements.
Page 9

THE JOYCE FLETCHER CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
I. PRINCIPAL ACCOUNTING POLICIES
Basis of prepar8tioM
The accounts are in accordance wlth applithle accounting st8ndarth. The Chartties SORP 2015
(FRS 102) and comply with the Charities (Accounts and Re￿rts) Regulations issued under
the Charities Act 2011. The acwunts have been prepared on th¢ historical ￿}St convention
with the exception that investments are staled al market value.
Income
Investment income is recorded when receivable.
Legacy income is reCO￿lS¢d when it can be measurcd or estimated with sutTicienl reliability.
Expendltur¢
Expenditure on grants is recorded once the Tn￿1 h&8 made an unconditional commitment to pay the
grant and this is communicated to the beneficiary or the grant has been pai￿ whiCh￿¢r is the earlier.
The Irust has not made any grant commitments of MO￿ than one yw.
Other expenditure ts included in the accounts on an accruals basis. Irrecover8bl¢ VAT is charged to
the SOFA as incurred.
Any costs associated with the sale or purchase of investments ar¢ accounted for as part of the sale or
purchase price of the investments.
Investments
Quoted investments have been valued at market value & the balance sheet date.
Reaii5ed and urwealised investment gal￿8 and lo&s¢s are Sho￿ net in the SOFA.
2. TAXATinN
The Trust is a registered charity and aeeordingly is ¢xcmpt from tsxation on its income and gatns wher¢
they are applied for charitable purposes.
Pag¢ 10

THE JOYCE FLETCHER CHARrrABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
3. INVESTMENT INCOME
Source of investment income
202S
2024
lftvestments
Cash at bank
IW57.73
S812.88
152.670.63
148.081.35
0,792.74
154,874.09
4. CHAR￿ABLE AcfivITIES
2025
GRANTS PAID:
2024
Action East Devon, Devon
ACTiv8 Youth Theatre, Devon
Art Fund
Bath Abbey MLk8iC Society
Bath Area Play Project
Bath Festivals
Bath Fringe Festival
Bath Philharnionia
Bath Preservation T￿￿t
Bath Recital Artists, Trust
Bath String5 Academy
Bailey Peter Stanley, Taunion
Changing Tunes
Children's Hospice South West
Children's Scrapstore, Bristol
City of Trees
Combat Stre8S
Cre&tiv¢ Youth N¢twork. BriJtol
Drake Music
Drama Express, Cornwall
Duke of Edinburgh'5 Award
Edington Music Festival Associatioo Wilts
English Touring Opern
Essex Wildlife Trust
Fairfield House Bath CIC
First Step5 Bath
Friends of Wells Cathedral(Grn]d Organ Appe81)
Genesis Trusc Bath
Grand Appeal for Bristol Children's Hospital
Hammond, Rachel, St Austell
Holburne Museum, Bath
Hope and Homes lor Children
Incredible Kids
2,1)1)o.00
3,000.(K)
2.000.00
5,000.00
3.000.00
3,000.00
2.000.00
5,000.00
3.11(M).00
000.00
3,(Kio.00
SIKM).00
5,(KlO.00
1,5IMI.00
3,01)0.00
50.(10
3,000.00
3,OIK).00
2,000.(KJ
iO.000.(M)
3,000.00
3,0110.(10
sooo.
4000.(
3,000.00
15INJ.I)O
5,OIKI.00
iO,O(W.(M)
i.000.00
1000.00
2,000.00
1,500.00
2,000.00
2,000.00
2.000.00
5.000.00
3,500.00
3,000.00
2,000.00
5,000.00
2,000.00
1,000.00
5,1KMI.00
SIM￿.00
sooo.00
(KJo.00
2,000.(KJ
5J(M).00
3,OIMI.I)O
1.500.00
5,000.00
3,000.00
1,500.00
65,000.00
A14J50.(KI
Pagell

THE JOYCE FLETCHER CHARrrABLE TRUST
NOTES TO THE FINANCIAL STATEME
FOR THE YEAR ENDED 5 APRIL 2025
CHARITABLE AcrtVlTIES (CODtinlled)
2023
GRAKfs PAID (continued)
Brought forward
2024
l14J50.(K)
65.000.00
Jessie May, Bristol
JIGSAW Thornbury, Bristol
Keynsham & District Mencap Society
t&st Baguette. Malmesbury
Magdalen Famj Strings. Somerset
Mentoring Plus Ltd. Bath
Mid-somerset Festival
Music for Miniatures. Somerset
National Trust(B¢ningbrough)
National Youth Orchestra
Next Stage Theatre Company, Bath
One in a Million
Oriel Ministries, Cornwall
Pemy Brohn UK, Bristol
Project Trl￿t(C1ar& Mccabe)
Purple Elephant Family Supp)rL Frome
ROSL Arts
Royal West of England Academy(Happy Mondays)
RUH Arts(RUH Charitable Foundation). Bath
St George's Bristol
Schoolreaders CIO, Devon & Cornwall
The Songwriting Organi88tion UK CIC
Strike a I,ight, Gloucester
Travelling Light Theatre Company, Bristol
Unleashed Theatre Company. Torquay
Upland$ Enterprise Trus4 Swindon
Voices for Lif¢
Wallace & Gromit Children's Fund
Welsh National Opera
3rd West()n-sup¢r-Mare(St Paul's Scout Group)
Wiltshire Air Ambulance
Wilishire Music Centre Trust Ltd
Zarach
S,OlX).I)o
2,000.00
2,500.00
3,500.00
3,000.00
3,000.1)O
5,000.IM)
3,000.IM)
2,000.00
2,000.00
2,000.00
2,500.00
4,000.00
2,500.00
2,000.00
2,000.00
17,000.00
2,0(K).00
2.500.(KI
3,01)O.(M)
iO,(K)O.O
3,0(H).00
3,000.00
2,000.00
3.IMKI.00
2,(MXI.00
2,000.00
2,000.00
2.040.00
2,000.00
2,500.00
1.200.00
LOfM).00
2,0110.00
3.IN)O.I)o
5.OIM).00
3,(KJO.00
3,1100.00
1,000.00
5,(M)O.00
2.000.00
3,000.00
1.800.00
3,000.00
10,000.00
5,000.00
io,ooD.
3,01)0.00
5,IMM).00
5,000.00
Jo,000.
226,850.00
5,000.00
GOVERNANCE COSTS
Accountancy charges
Independent examination charges
Tax repayment claim
Charity Commission compliance
144,540.00
I,1￿.00
I,ioo.00
380.00
120.
120.00
1,600.(K)
1.600.(
228,450.00
146,140.00
Page 12

THE JOYCE FLETCHER CHARfTABLE TRusr
NOTES TO THE FINANCIAL STATEMEiYrs
FOR THE YEAR ENDED 5 APIUL 2025
5. RELATED PARTY TRANSACTIONS
None of the trLL8*es were paid any remuneration or ext*nses by the chariry durtng the year (2024 none).
6. CHARrrABLF. EXPENDrruRE
The charity did not uftdertake any activity directly but met its charitsble pur￿Se$ by making grants.
7. COSTS OF RAISING FUNDS
2025
2024
Investment advisors I manager5 Charges
Cazenove 'legal entity identifi¢e charges
Cazenove debit interest ehar8ed
Coutts bank charge$
8047.50
8.377.74
539.00
527.00
The charity did not have any stsff costs (2024 none).
8. INVESTMENTS
All investments were held in the UK and listed on a recognised sto¢k exchange:
2025
2024
UK listed investments
C4rrying v￿uP (mArk¢¢ value) ai 6 April 2024
Add.. additions at ￿st
Less.. disposals
Add/deduct.' net ￿1n/[loss) on Disp)sals
Addldeduct.. net gainl(10s5) on revaluation
Carrying value (market value) at 5 April 2025
3.479,712.iM)
3.307.720.00
-io.000.(M)
99.08
-189,941.08
3279,870.00
-6,000.00
-397.94
178.389.94
3,479,712.00
Historical cost
3,556J65
3,566.265
Distributions received (￿oss)
Distributions receiv￿ (net)
146057.75
148,081.35
146,857.75
148.081.35
Full detail of the investments and Income received are S￿ out on the schedules 8tts¢hed to these
accounts.
Page 13

THE JOYCE FLETCHER CHARITABLE TRusr
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED S APRtL 2025
9. BANK AND DEposrr BALANCES
Interest
recetved
gr(
2025
2024
Coutts & Co
Cazenove income account
Cazenove capits] ￿COUnt
1&056.67
57.112.78
3,795.41
78,964.86
5,433.01
144,442.15
4,242.91
154,118.07
5.812.88
5812.88
10. CONTINGENT ASSETS
None at present.
I I. DEBTORS
2025
2024
Income re￿nd
Investm¢ni Income
0.00
Page 14

THE JOYCE FLETCHER CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APIUL 2025
12. CREDITORS
2025
2024
Accountancy and independeT]t examination charges
Tax repayment claim charge
Charity Commission ¢ompliance charge
1,480.(M)
1,480.00
120.00
120.00
600.00
1600.00
13. FUND ASSETS AND LIABILITIES
Unrestricted
Funds
Endowment
FuDds
Tot41
Funds
Fixed Asset Investments
Current Assets
Curreni Liabilities
3,279,870.00
-1,459.34
3,279,870.00
78,964.86
-1,61N).00
80,424.20
-1.600.00
Total
78 824.20 ￿410 66 3 357 234.86
The unrestricted fimds {in¢ome) of the charity may be applied for any charttable purpose at the
discretion of the trustees. Iuntil 3 April 2008, the trustees had the power to accumulate income
and hold the same as an accretion to capital.]
The expendable endowment {capit&l) and additions theTeto are invested and the income used for
any charitsble puryose at the discretion of the t￿￿tee5. [The expendable endowment may also
be spent at the absolute discretion of the trustees.]
Page 15

> ￿•
Is
I 111