## **THE JOYCE LOMAX BULLOCK CHARITABLE TRUST** **REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024** **Charity Number 1109911** **THE JOYCE LOMAX BULLOCK CHARITABLE TRUST** ## **CONTENTS PAGE** ||**Pages**| |---|---| |Reference and Administration Details|1| |Report of the Trustee|2 - 4| |Independent Examiner’s Report|5| |Receipts and Payments Account|6| |Statement of Assets and Liabilities|7| |Appendix 1|8| **THE JOYCE LOMAX BULLOCK CHARITABLE TRUST** **REFERENCE AND ADMINISTRATION DETAILS** |**Corporate Trustee**|HSBC Trust Company (UK) Limited| |---|---| |**Current Directors of Corporate Trustee**J F Goldie-Scot|| ||J Hewitson| ||P M Spencer| ||E L Chee| |**Trust Manager**|J Wiles| |**Principal Office**|Forum 1| ||The Forum Parkway| ||Whiteley| ||Fareham| ||Hampshire| ||PO15 7PA| |**Independent Examiner**|Frances Millar ACA| ||RSM UK Tax and Accounting Limited| ||Highfield Court| ||Tollgate| ||Chandlers Ford| ||Eastleigh| ||Hampshire| ||SO53 3TY| |**Bankers**|HSBC Bank plc| ||Forum 1| ||The Forum Parkway| ||Whiteley| ||Fareham| ||Hampshire| ||PO15 7PA| |**Investment Managers**|HSBC UK Bank plc| ||1 Centenary Square| ||Birmingham| ||B1 1HQ| - 1 - **THE JOYCE LOMAX BULLOCK CHARITABLE TRUST** ## **REPORT OF THE TRUSTEE FOR THE YEAR ENDED 5 APRIL 2024** The Trustee presents its report together with the financial statements of the trust for the year ended 5 April 2024, which have been prepared on a receipts and payments basis. The financial statements have been prepared in accordance with the trust’s constitution and applicable law. The purchase and sale of investments results from the day to day management of the investment portfolio by the Investment Manager. In accordance with the Charities Act, the financial statements have been prepared on the receipts and payments 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 Trust is an unincorporated trust and is constituted under the will dated 12 November 1996 and probate granted 9 May 2005. The trust is a registered charity (no. 1109911). 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 to appoint additional Trustees is vested in the current Trustee and is exercisable in writing. Should new Trustees be appointed, the existing Trustee would take responsibility of their induction. The Trustee has examined the major strategic, business and operational risks which the trust faces and confirms that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to mitigate these risks. The main risk in the year was considered to be 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 terms of the governing document. The charity awards grants to charitable institutions. The Trustee reviews applications for grants when received and award grants at their discretion. ## **Achievements and performance** During the year 13 grants totalling £109,314 (2023: 9 grants totalling £78,104) were awarded to a variety of charitable institutions under the terms of the governing document. During the year no grants were returned. No grants were awarded to individuals in either year. The beneficiaries are disclosed in Appendix 1 of the financial statements. ## **Financial review** These funds generated investment income of £86,989 (2023: £83,597) in the year to fund its charitable activities. The expenditure on charitable activities was £140,463 (2023: £112,077), of which £109,314 (2023: £78,104) was charitable expenditure in the form of grants to charitable institutions. - 2 - **THE JOYCE LOMAX BULLOCK CHARITABLE TRUST** **REPORT OF THE TRUSTEE cont. FOR THE YEAR ENDED 5 APRIL 2024** ## **Investment policy** In accordance with the governing document, the Trustee has the power to invest in such stocks, shares, investments and property as they see fit. The Trustee engaged HSBC UK Bank plc as Investment Manager. The policy is to adopt a low to medium risk investment strategy to 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 term growth of capital in real terms. ## **Reserves policy** The unrestricted funds, which are the free reserves of the trust, and which are represented by the income arising are paid over to beneficiaries throughout the year. It is not the policy of the trust to maintain specific reserves. The expendable endowment funds represent those assets, which are held permanently by the trust and are principally investments. Income arising on the endowment fund can be used in accordance with the objectives of the trust and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. The Trustee has the power to convert this fund into income. ## **Public benefit** We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the Trustee considers how planned activities will contribute to the aims and objectives they have set. ## **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 timing and scale of grant making. ## **Related parties** The Trustee and the Investment Manager 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 trust pays transaction charges to 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. - 3 - **THE JOYCE LOMAX BULLOCK CHARITABLE TRUST** ## **REPORT OF THE TRUSTEE cont. FOR THE YEAR ENDED 5 APRIL 2024** ## **Statement of Trustee’s responsibilities in relation to the financial statements** The law applicable to charities in England and Wales requires the Trustee to 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 Trustee should follow best practice and: - select suitable accounting policies and then apply them consistently; - 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 financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the trust will continue in operation. The Trustee is responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity. This enables them to ascertain the financial position of the charity and enables them to ensure that the financial statements comply with the Charities 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 taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustee and signed on its behalf: …………………………………….. HSBC Trust Company (UK) Limited ## 17/12/2024 Date: …………………………………….. - 4 - **THE JOYCE LOMAX BULLOCK CHARITABLE TRUST** ## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEE OF THE JOYCE LOMAX BULLOCK CHARITABLE TRUST** I report to the Trustee on my examination of the financial statements of The Joyce Lomax Bullock charitable trust for the year ended 5 April 2024, which are set out on pages 6 to 7. ## **Responsibilities and basis of report** As the Trustee of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’). 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 Charity Commission under section 145 (5)(b) of the 2011 Act. An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does 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 assurance that an independent examination can provide. Consequently, I express no opinion as to whether the financial statements present a ‘true and fair view’ and my report is limited to those specific matters set out in the Independent Examiner’s statement. ## **Independent Examiner’s statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect: 1. accounting records were not kept in respect of the trust as required by section 130 of the 2011 Act; or 2. the financial statements 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 set out in the Charities (Accounts 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 concerns 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. ## Frances Millar Frances Millar ACA The Institute of Chartered Accountants in England and Wales Chartered Accountant On behalf of RSM UK Tax and Accounting Limited Chartered Accountants Highfield Court Tollgate Chandlers Ford Eastleigh Hampshire SO53 3TY 06-Jan-2025 Date: ………………………….. - 5 - **THE JOYCE LOMAX BULLOCK CHARITABLE TRUST** ## **RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 5 APRIL 2024** |**Receipts**|**Unrestricted**
**funds**
**£**|**Endowment**
**funds**
**£**|**Total**
**2024**
**£**|**Total**
**2023**
**£**| |---|---|---|---|---| |Investment income|86,989|-|**86,989**|83,597| |**Investment sale proceeds**|86,989|-|**86,989**|| |||||83,597| |Proceeds from the sales of investments
-||2,372,462|**2,372,462**|1,530,688| |**Total receipts**
**Payments**
**Cost of generating funds**|86,989|2,372,462|**2,459,451**|| |||||1,614,285| |||||| |Investment service charge|-|22,561|**22,561**|22,935| |**Charitable activities**
Grants paid|109,314||**109,314**|78,104| |Other allocated costs|31,149||**31,149**|33,973| |**Governance costs**||||| |Independent examiner's fee|2,904||**2,904**|2,640| |**Investment purchases**|143,367|22,561|**165,928**|| |||||137,652| |Payments for purchases of investments||2,323,391|**2,323,391**|1,577,068| |**Total payments**
Net (payments)/receipts
Transfers between funds|143,367
(56,378)
35,718|2,345,952
26,510
(35,718)|**2,489,319**
**(29,868)**
**-**|| |||||1,714,720| |||||(100,435)
-| |Cash invested at 6 April 2023|41,730|11,441|**53,171**|153,606| |||||| |Cash invested at 5 April 2024|21,070|2,233|**23,303**|53,171| |||||| These unaudited financial statements have been subject to independent examination. See report on page 5. - 6 - ## **THE JOYCE LOMAX BULLOCK CHARITABLE TRUST** ## **STATEMENT OF ASSETS AND LIABILITIES AS AT 5 APRIL 2024** ||**Unrestricted**|**Endowment**|**Total**|**Total**| |---|---|---|---|---| ||**funds**|**funds**|**2024**|**2023**| ||**£**|**£**|**£**|**£**| |**Investments**||||| |UK Fixed Interest Securities|-|511,277|**511,277**|492,485| |Overseas Fixed Interest Securities|-|1,460,736|**1,460,736**|1,449,287| |UK Equities|-|198,083|**198,083**|202,504| |Overseas Equities|-|1,524,169|**1,524,169**|1,291,891| |Alternative Investment|-|345,246|**345,246**|273,791| |Other Trust Assets|-|1|**1**|1| |Cash|21,070|2,233|**23,303**|53,171| |**Total assets**|21,070|4,041,745|**4,062,815**|3,763,130| |**Liabilities**||||| |Professional Fees Payable|2,351|-|**2,351**|2,239| ## 17/12/2024 Approved by the Trustee and authorised for issue on…………………….and signed on its behalf: ……………………………………… HSBC Trust Company (UK) Limited These unaudited financial statements have been subject to independent examination. See report on page 5. - 7 - ## **THE JOYCE LOMAX BULLOCK CHARITABLE TRUST** ## **APPENDIX 1 BREAKDOWN OF CHARITABLE GRANTS** |**Institutions**
**Number of**
**grants**
Age UK
1
Cancer Research UK
1
Guide Dogs for the Blind
1
IWK Health Foundation
1
Perennial
3
Royal Airforce Benevolent Fund
1
Royal British Legion
1
Sight Savers International
3
The National Trust
1|**Institutions**
**Number of**
**grants**
Age UK
1
Cancer Research UK
1
Guide Dogs for the Blind
1
IWK Health Foundation
1
Perennial
3
Royal Airforce Benevolent Fund
1
Royal British Legion
1
Sight Savers International
3
The National Trust
1|**Amount**
**£**
12,946
12,946
12,946
12,946
12,946
12,946
12,946
12,946
5,746| |---|---|---| ||**13**|**109,314**| These unaudited financial statements have been subject to independent examination. See report on page 5. - 8 -