THE JOYCE LOMAX BULLOCK CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2022 Chartty Number 1109911
THE JOYCE LOMAX BULLOCK CHARITABLE TRUST CONTENTS PAGE Pages Reference and adminislralion details Report of the trustee Independent Examiner's report Receipts and payments account Statement of assets and liabilities Appendix 1
THE JOYCE LOMAX BULLOCK CHARITABLE TRUST REFERENCE AND ADMINISTRATION DETAILS Corporate Trustee HSBC Trust Company IUKI Limited Current Dlrectors of Corporate Trustee J Coyle J Hewilson P M Spencer Trust Manager J Wiles Principal Office Forum 1 The Forum Parkway Whiteley Fareham Hampshire P015 7PA Independent Examiner Frances Millar ACA RSM UK Tax and Accounting Limited Highfield Court Tollgate Chandlefs Ford Easlleigh Hampshire S053 3TY Bankers HSBC Bank plc Forum 1 The Forum Parkway Whileley Fareham Hampshire P015 7PA Investment Managers HSBC UK Bank plc 1 Centenary Square Birmingham B1 1HQ
THE JOYCE LOMAX BULLOCK CHARITABLE TRUST REPORT OF THE TRUSTEE FOR THE YEAR ENDED 5 APRIL 2022 The Trustee presents its report together with the financial statements of the trust for the year ended 5 April 2022, which have been prepared on a receipts and payments basis. The financial statemen15 have been prepared in accordance with the tTUSt's con51ilution and applicable law. The purchase and sale of investmen15 results from the day to day management of the investment portfolio by the Investment Managers. In accordance with the Charities Act. the a¢counls have been prepared on the receipts and paymenls basis given that the definition of gross income excludes the receipt of any endowment, loans and proceeds from the sale of investments or fixed assets Structure, government and management The Joyce Lomax Bullock Charitable Tmst is an unincorporated trust and is constituted under the will dated 12 Novembef 1996 and probate granted 9 May 2005. The trust is a registered charity Ino. 11099111. The Corporate Trustee has appointed a designated Trust Manager to look after the charity. The Investment Manager reviews the performance and provides recommendations on the structure of the investment portfolio. The power lo appoint addrtional Trustees is vested in the current Trustee and is exercisable in writing. Should new Trustees be appointed. the existing Trustee would lake responsibility of their induction. The Trustee has examined the major slralegic. business and operational risks which the trust faces and confitms that systems have been established lo enable regular reports to be produced so that the necessary steps can be taken lo mitigate these risks. The main risk in the year was the variability of investment returns. Objectives and activities The objectives of the charity are to pay or to apply the income of the trust for each charitable objective or purpose as the Trustee thinks fit, in accordance with the governing document. The charity awards grants lo charitable institutions. The Trustee reviews applications for grants when received and award grants at their discretion. Achievements and performance DLJring the year 9 grants tolalling £35.056 12021.. 9 grants lolalling £71,100} were awarded lo a variety of charitable inslilulions under the terms of the governing document. During the year no grants were returned. No grants were awarded lo individuals in either year. Financial review The fund generated income of £67,06212021". £65,196} in the year to fund ils charitable activities. The expenditure on charitable activities wa5 £61,218 12021. £94.1551. of which £35.056 12021.. £71,100} was charitable expenditure in the form of grants to charitable institutions.
THE JOYCE LOMAX BULLOCK CHARITABLE TRUST REPORT OF THE TRUSTEE cont. FOR THE YEAR ENDED 5 APRIL 2022 Investment policy In accordance with the governing document, the Trustee h35 the power to invest in such stocks, shares. investments and property as they see fit. The Trustee engaged HSBC UK Bank plc as Investment Managers. The policy is to adopt a low lo medium risk investment strategy lo protect, in absolute terms, the capital value of the fund whilst producing a sustainable and growing level of income and providing the potential for longer temi growth of capital in real terms. Reserves policy The unrestricted funds, which are the free reserves of the trust, and which are repsented by the income arising are paid over to beF)eficiaries throughout the year. It is not the policy of the trust to maintain specific reserves. The expendable endowment funds represent those a55ets. which are held permanently by the trust. principally invÈslments. Income arising on the endowment fund can be used in accordance with the objectives of the trust and is included as unreslricled income. Any capital gains or losses arising on the investments form part of the fund. The Trustee has the power lo convert this fund into income. Publ5¢ benefit We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aim and objectives and in plannirig our future activities. In particular, the Trustee considers how planned activities will contribute to the aims and objectives they have sel. Plans for the future The Trustee intends to continue providing grants in a similar way to the recent past whilst retaining flexibility as to the liming and scale of grant making. Related parties The Corporate Trustee and the Investment Managers are both wholly owned subsidiaries of HSBC Holdings plc. In addition to those fees shown on page 6. as a result of the acquisition and disposal of investments, the trvst pays transaction charges lo HSBC Bank plc. The charges are calculated on a sliding Scale at a percentage of the transactions value plus VAT and are added to or deducted from the cost of the investments or the disposal proceeds in accordance with UK standard accounting practice.
THE JOYCE LOMAX BULLOCK CHARITABLE TRUST REPORT OF THE TRUSTEE cont. FOR THE YEAR ENDED S APRIL 2022 Statement of trustee's responsibilities in relation to the financial Statements The law applicable lo charities in England and Wale5 requires the trustee lo prepare financial statements for each financial year which give a true and fair view of the trust's financial activities during the year and of it's financial position at the end of the year. In preparing those financial statements. giving a true and fair view. the Trustees should follow best practice and.. select suitable accounting policies and then apply them consistently.. make judgements and estimales that are reasonable and Pfudent., slate whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial slalements", and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the trust will continue in operation. The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity. This enables them lo ascertain the financial position of the charity and enables them to ensure the financial statements comply with the Charitie5 Act 2011, the Charity (Accounts and Reports) 2008 Regulations and the provisions of the trust deed. The Trustee is responsible for safeguarding the assets of the trust and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the trustee and signed on its behalf.. rust Co pany IUKI Limited Dale: s£//gczg
THE JOYCE LOMAX BULLOCK CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE OF THE JOYCE LOMAX BULLOCK CHARITABLE TRUST I report lo the trustee on my examination of the financial statements of the Joyce Lomax Bullock charitable trust for the year ended 05 April 2022, which are sel out on pages 6 to 7. Responsibilities and basis of report As the Trustees of the trust you are responsible for the preparation of the financial statements in accordance wrth the requirements of the Charities Act 2011 I'the 2011 Act'i. I report in respect of my examination of the trust's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charrty Commission under section 145151{bl of the 2011 Act. An independent examination does not involve gathering all the evidence thal would be required in an audit and consequently doe5 not cover all the Matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assuiance that an independent examination can provide. Consequently. l express no opinion as to whether the financial Statements present a 'true and fair view, and my report is limited to those specrfic matters set out in the independent examiner's statement. Independent examiner's statement I have eompleted my examination. I confirm Ihal no material matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect.. accouriting records were not kept in respect of the trust as required by section 130 of the 2011 Act.. or 2. the financial slalements do not accord with those records". or 3. the financial statements do not comply with the applicable requirements concerning the form and content of financial statements sel out in the Charities (Financial statements and Reports) Regulations 2008 other than any requirement that the financial statements give a 'true and fair view, which is not a matter considered as part of an independent examination. I have no conceins and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Frans&5 fvlillar Frances Millar ACA Chartered Accountant The Institute of Chartered Accountants in England and Wales On behalf of RSM UK Tax and Accounting Limited Chartered Accountants Highfield Court Tollgate Chandlers Ford Easlleigh Hampshire S053 3TY 26-Jan-2023 Date:
THE JOYCE LOMAX BULLOCK CHARITABLE TRUST RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 5 APRIL 2022 Unrestricted funds Endowm&nt funds Total 2022 Total 2021 Receipts Investh)enl income 67.C62 67,062 65,19S 67.CE2 67,062 65,19S InvestTrt salg procggd$ Proceeds froTh the sale of investments 3,169.127 3,169,127 2.ris,940 Total receipts 67,062 3.169.127 3,236.189 2,842.136 PayffEnts Cost of generating funds Investment service charge 24,295 24,295 24,533 Charltable activitles Grants paid Other allocated costs 35.056 26.162 35,056 26.162 71.100 23.055 Governance costs Independent examiner's fee 2,028 2,028 63.246 24.295 87,541 120.656 Investment purchases Payments for purchases of investments 3.074.494 3.074.494 2.727.634 Total payrnnts 63.246 3,098,789 3,162.03S 2,848.29) Nel receip151lpaymentsl 3,816 70,338 74,154 16.1541 Transfers ben funds 21,D52 121.0521 Cash invested al 6 ri1 2021 11,235 68.217 79,4S2 85,6L Cash invested al 5 April 2022 36.103 117.503 153,606 79.452 These unaudited financial statements have been subjected lo independent examination. See report on page 5.
THE JOYCE LOMAX BULLOCK CHARITABLE TRUST STATEMENT OF ASSETS AND LIABILITIES AT S APRIL 2022 Unrestricted Endown*nt funds funds Total 2022 Total 2021 Investments UK Fixed Interest Securities Overseas Fixed Interest Securrties UK Equrties Overseas Equities ternalive Investment Other Trust Assets Cash 438,445 1,574,714 160,995 1.314,818 339,434 438,445 1.574,714 160.995 1,314,818 339,434 115.945 2,794,945 55,760 768,188 36,103 117,503 153,606 79,452 Totsl assets 36,103 3,945,910 3,982,013 3,814,290 Liabilities Professional fees payable 2,132 2,132 2.030 Approved by the Iruslee and authorised for issue on.... and signed on it5 behalf.. 10112¢?3... ...... HSBC usl Company (UK) Limited These unaudited financial statements have been subjected lo independent examination. See report on page 5
THE JOYCE LOMAX BULLOCK CHARITABLE TRUST APPENDIX 1 BREAKDOWN OF CHARITABLE GRANTS Number of grants Arnunt Institution UK Cancer Research UK Guide Dogs For The Blind MIK Health Centre Foundation Perennial Royal Airforce Benevolent Fund Royal British Legion Sight Savers International The National Trust 3,896 3,895 3,895 3,895 3,895 3,895 3,895 3,895 3,895 35,056