FOLINDATION ANNUAL REPORT IRe￿￿ered with tb¢ Ch*rity Comjttkn No: 11232721 LOCKWOOD eHARrrAB[￿ FOiiNDATI TRUSTEES The Tithc B Guildf4rt GU3 IJW. 1123272 REGISTRATIOY4 AUDfToRS F. W. Smil￿ Ricllea & Co. 15 VthitcbalL L4)nik)n SWIA 2DD. BROKERS AI¥D Nigbttngale Hi)u8 65 Curynn Streel WIJ 8PE Hoare & Co.. 37 Fl¢& Str ndon EC4Y IBT. THE LOCKWOOD CHARTfABLE FOUNDATION Contents of the TrID4nttal Statements RqN)rt of the Tn]ste Statcm¢nt of Financial Activiti& THE ILICKWOOD ABLE FOUNDA oy4 REPORT OF THE TRUSTEES twrRODUCTION The Trugteo8 present their report logdherwith th¢ 6Dancial statetnents of the Fowidatioll for tILe y¢ar end￿ 5 April 2021. The re￿rt and financial statonents have Fw] preparaa in aco)rdance with the aLwullting policies 8etout inLote I to tb¢ financi￿ staÈem¢nts aad c4)n)ply withtheFouthtion'8tru8t dee4L Th¢ ChaTitic3 Act 2011 and ALXOUnting atKI Reporting by Clwitiw of Rtt(xnm¢ndcd Practice appli¢abl¢ to cbarities pr4)aring their accou￿tS in accor￿ with the Ftnanci81 Re￿ttIng Statmjard applicabl¢ ill the UK alld the Republic of Jreland (FRS102) (SO￿ >Jitioll). 1123272 The Tn￿ee8 who 8oved the Foutmlation duTiDg tbe year wtt¢ as follow3: Dr li K. IA)ckw￿l The Pri￿1paI activtty of the T￿￿e5 is to aN>ly the of the Found*ion for genezal cljaritsble PUTpose8. Theincom¢ oftheFoundatiollwhichamoullt&J to£303.3(KI (2020.. £313243). is mainly generat&lbythertUrn8 returns. Grants and donAtiOL8 to thchaTiti& whith8mounts] to £125.0(K> (2020: £430.755). are made bythe Foulldation followingearethl CLi￿Lderatiollby theTrusteu and the expoX&lb¢nefitthatthe donAtion will Theirpo]ici¢8 apply to thecuThcuÈ period and arc ¢xpthd to be applied in fityJr¢period8. setting th¢ doDation makillgpoli¢y for tILe year. may be aA)oiutcd by a rcK>lLrtion of the Truste￿ Tnkn are illdu￿ and tixined by existing Tn￿tee8 and ¢xtallal providers as rquiTed to eDSUTe they areableto undatake rDle as a Tnkn as by applicabl¢ law. All d￿lS10￿S rdating to tbe Foundation made by the Tn￿ as there ar¢ tKJ t4Dploye¢s. The Trn# have given consid￿￿10nto themajorrisks facing tIL¢ FoutLd8tioffj nJaiDly inir8p¢Gt of invutmcntperfonDauc4 IIEpoi¥f OF THE TRUSTEFS (Continu￿) inter¢st of £nil (2020: £2,353) and dividend8 (tr¢iuding fixed coupoll interest amouDts) of £303.3(K> (2020.. £310,890) from its investments. Grants do￿tionS totalling £125.(MY) (2020: £430.755) hav¢ made in fiuthttaTLce of tbe Founthon's objectives. At the ytar-wd dat4 the Foundation h¢ld T￿erY¢S of £5,553.060 (2020: £4.486,795). of whi¢h thcrc were rtt) restriL#ed During th¢ year amlal 5° April 2020. the value of the Foundation's InvestttL¢nts fell a Si￿1£¢allt allKMllrt ￿ a result of the oLset of the COVID-19 pandenllc. The tru8tce8 arepleaseto ryrtthat at5tbApril 2021, theMatk& Valu¢ofthcth￿Iwts badsi8llifie￿Y[￿over& and ar¢ tbeirprtrpatidemic Valuatio￿ The kvcl of grants thuillg the year h&$ unfortuJMtdy faUeTh as aresuit ofth¢ g¢nerdl ￿0￿0￿0 activity (￿usedbY Ik cOVID-19pandemica￿l lockd￿￿Withitithe Uniknl KiDgdonL Tti￿ into acwunt the significattt pT&ssJr¢8 of the global cov￿19 paLthi4 the TnLs¢e¢s are RESERVES POI,ICY appropriate tohav¢a1￿d oPr&8￿V￿ enabletheFowthtionty genaate sufficient jllvesf￿LCDt iuccdlle forthe Foundationto continue th¢ rn)g¢ of clwitable giving that it ru￿endY uvdath. togth with grants and donations from r&strv¢s if it det￿lS the relatcd ￿ or donation will the the FouthlAtion'8 objecti The Fouodationreported4n¢t increa8ein fiu]d8 forthe yearof£l,066266 wincipUy&q are￿It ofthe novuy of the global finktrial m8kn fn)m the COVltk19 paknic and th¢ redU￿10n in the l¢vd of ￿ nThd¢ dunD8 the year. As shownonnot¢ 10. page 14, the ts u￿r￿tr￿ rewYc8 at 5 Awii 2021 werc £5,553.060. - "XX￿dituYe envisaged by the Thjstwin 8cc4)nkn wAth the Foundation'8 obj￿ts. The Tn￿te&S believe that funds sknuld be inv48t￿ to provide the M￿]￿UM totsl return ¢￿￿￿enS￿ra￿ with the level of tisk a8r¢¢d . between itself alld its adm80￿. Overnll, the Forfolio 8lwuld provide the opportunity for rAPitai a￿d in¢om¢ In the future, the Foundatton plalls to rtuxIo￿ its Inv￿ retrjll￿ and to disthlyjts the Foutida*ion'8 The TDJStee8 have a&8essoJth¢ rnajorrisks to which theFouJM]ation is ex￿ in particulartlK)se Telatoj to the operations and fillallK8 of the Found&￿ a￿1 is Mti8fied that syste￿￿ are ill p]ac¢ to mAliWe the ¢XPDsur¢ to th¢ major risks. THE LO REPORT OF THE TRUStEES (Continu￿) applicable law and regu￿10￿8. The law appliiable to charities in F￿g]3Th1 & Wale8 rwirts tbe TnLst￿ to prwe financial statejnents for Kingdotll AcLx)unting Standarth attl ￿1]cable law). The TTh￿ees must not 4>prove the financial statements unle88 they are Satisfi￿ that they give a true atMI fair view of the state of affairs of the Foundation and of tho Incomi￿ rc£our￿ and application of resource4 iwluding the I￿rne and expdityre, of tbe Foundation for a) 8ele£t suitsble aCcMti￿ wlicic4 and applytbem cOn￿8t•￿. b) ob￿rve th¢ metlLod5 and principla8 in the Ckwities SORP: d) State whetherapplicableUKAcLx)untiDg Statx1arth haVebe￿ followaL subj￿tt0 anymaterial dq)artur¢8 The Truste¢8 arer&￿￿s1l)l¢ forkwiDg sufficient ￿COUnting r￿OrdS that disclose withT¢asonable accuracy at anytimethe fllwiciaiposthon ofthc Foundatioll and enable to ellsurcthatthe financt81 &*ements comply th tlLe Charitia Act 2011. the Cbatity (A￿Oll￿ts aDd RwrL8) Regu]ations 2(M)8 and the PTOTrISl0￿8 of the trust de¢Lt They are also re$￿￿&1￿)1e for sar¢g￿￿1ng the 8&8ets of the Foutxkn and hell￿ for taknng In so far as the Tn￿te8 awar b) thc Tru8tec4 hayc taken all sty that thcy ougbt to have taken to make that￿lveS awar¢ of any rel¢vat Approvedby order of the b0￿d ofTnJ8tre5 on 28th January 2022 ar#1 si￿] onits b&Mlf by. NDEPENDErir AiJDrr OPINION We havc audited the fJtiaLcial of The L￿￿￿oL￿ Clwitable FouDJation {the,cl￿rIty') forthe ye4r ended 3" A￿lI 2021 wbichcoM￿ the Ststullent ofFinawial AL*ivilio the Balanc£ Sheet atul notes to the framework that I￿8 b¢oJ Mpplied in preparth is appli¢abk law 8nd United Kingdom Ac￿u￿ti￿g Staadard4 Inch￿Illg Filla￿la1 Reporting Standard 102 The Ryrting Standard applicable in the give a true alld fair view of the state of the charity'8 affaits 88 Ot 5 April 2021 and of its ineomitig PractiK and BASIS FOR OPINION We conducted ow ￿dit in accordanc£ with IntenxtioDal St4ttdards ott Auditing (UK) USAS (UK)) applicable law. I￿r￿p￿SIbilIties￿ndCrthoac slandarth tt￿ f(w￿desCri￿ intheAuditor's r¢swnsibilitie5 forthe audit of thefiDancial statements section of our T¢￿rt. We are itthpth of th¢ olwity in ac& with the ethi¢al requir¢ments that ar¢ releyantto our &￿Jit of the financial 5tstements in the UL including the FRC'S Ethical Stalldar￿ and w¢ havc fillfiUrAI our (*ber T￿nSibIlIti￿9 in aC￿rd￿ Tvith these requiremats. We be]i¢v¢ that audit evid￿￿ w¢ have obtained is suffici&rt aud appropriate to provide a CONCLUSIONS RELATllYG TO GOING COIYCERN conditions thaL y1￿1VIduallY orrA)llwtivdy. nw cast 8igDificartdoubt on the ¢harity's abi]ityto as a going concem for a wiod of at least twdve montlkq frojn lYh￿ the fjll8llci￿ st8t¢ments are authori5￿ for relevant sections of thi5 ryrt. OTHER ￿FORmA￿oI4 State0￿￿￿ 8nd our &uditor'8 report there4)n. The ttIL8tet8 are res￿￿91￿1¢ for the oth¢r information contsined except to the extart otherwise expli¢itly 5tat&l in our rqhrt we do not any fonn of assuranc¢ )Jolusion thereoTr Ow respornTriJity is to re4d the othtt ittforniatiots in doing 80, (x)nsider whetbel the misstatemetjt in the finallciaL statunats th¢ms¢lves. IQ ba8&J on the work we have pcrforme4L we ￿nclude W¢ bavenothing to rwt in this . THE LOCKWOOD CllARrrABJ￿ FOiJNDATION INDEPENDENT AUDITORS? REPORT TO TIIE LOCKWOOD CHARTTABLE FOUNDATION W¢ hav¢ ￿thIllg to rqh)rt in reSp￿t of the followingmattos ill te18tion to which the Cl)aritie8 (Ac￿llts aTrJ Reports) Regulatio￿% 21J08 reqwtr us to r4wJrtto you 1£ inouropini RESPOIySIBILIT￿ OF TRusfEES As eXplaIn￿moTefullY in the tnth. resp)r•%iliti¢s statenrnt 8¢t out onpage 3 theth￿te¢s ar¢reyDsibl¢ for the pr4)w&lion of tbe fitwicial *atements alld for being Satisfi￿ th2t th¢y give a tsue at]d fair view, Bnd for such intenjal control Lq the t￿￿¢¢$ detaniine Isn￿Sary to enabl¢ th¢pTepar8tion of finBnoi818t&tema Inpreparing the fina￿la1 swonetsts, the tr￿t￿$ arc r¢8PODsible for ￿$￿3]￿g the cljarity's abi]ity to eonti a going di￿losin& as applicabl4 mattery r¢latcd to goin8 CO￿ using the going ci)llcem basis of acLouty unlu8 the eitlw iDtrnd to liquidate the Ck￿lty or t() Ce￿ operntion8, or have rm) realistAC ait@Dative iY]t to do so. Ai]DITOR'S RESPONSIBfirnKs FOR ThE AtJDft OF THE FINANC￿ STATEMENTS We bav¢ iKen ap￿Illted as auditoruTrl¢r￿tl0ll 144 of the Charitie8 Act 2011 al￿ report in a(Wra￿ wAth opinioL Reasonable &ssurallcc is a higb level of a&surdnc4 but is not a guarantee that an audit conducteA iti irrcgukn'ties, illcluding frau¢L The extent to which our Proced￿ ¢apable of dthtitig i•itics. itioludiD8 is detaileJ] below: with tb¢t¢w as well as Co￿$1deratiOA as to wI￿e al￿ fraud may in the entity. The following law8 andregulations wae ithtified a8beiDg of Si￿lficanCe to the entity. THE LOC OOD CHARTfABLE FOttNDATIOF4 INDEPENDErfr AiIDITORS' REpoiYf TO THE [A)CKw￿D CHAR￿ABLE FOUNDATION AUDrroR*S IIESPONSIBDJfIFS FOR THE AiiDrf OF THE FINANCJAL STATEMINrs (Continued) and noTr¢￿p11aW¢ with laws and regulatioDS) (Wris￿ of: enquiries of managetnent and those ch￿g with governat￿¢ &8 to whtther th¢ entity complics with such laws and regutations. enquiries with the same conccrninganyacb]al Orpotenti￿ Ilti￿￿tiOn0rCLairns&rd a¢tualoTEthtial breathofregulatl0￿ ills￿410n perfornw￿e of al￿1Yt￿eaI rniew to identify ulleXp￿ nLOVCTn¢nts in account balws wbic]i nwy be indicative of frdu including frau￿ is Eimitsl by the inherent d￿cUlty in detccting itrwlatities. the eff￿tive￿￿ of the entity'8 fraud may be inh¢rently more diffiryth to thall itregularities that result from em)r. As explained abovc, there is all unavoidabl¢ risk tbat material misststanents may be ev￿ thougb tbe audit has I A fjjrthcr d&8criptiL)nof ourrwn8ibilxtses forth¢ audit of th¢ fin￿la1 statQJ￿ts is Ioe4ted onthe Fil￿￿181 Reportiog Council's websiteat: our auditor's Tepo . Thi8 dw1pt1ollforn￿ partof ItSE OF OIiR REPORT This repxt is made solely to the c￿lty.$ trustCA a8 a b￿ly. in a￿rdallce with Part 4 of th¢ Cl]aritie8 (Accounts and Reports) Regulations 2(Xi8. Our audit work bas becn ulldeJt8k￿ so tbat we migbt 8tst¢ to the Ch￿ity'S tn￿te¢S those matters we areTquir&i to ststeto thun inan auditor'$ report andfor no otherpuw. To th¢ full¢s¢ extCDt pemjittal by law. we do n(* aw or assutne rtsp)n8ibility to anyone Ot1￿ than the charity alld the cbarity's tn)St￿ as a body. for audit worL for this rep)rL or fLY the opillions we have fornieAL F. W. Smity Riche8 & Co. IS Ivhitehall, Ith SWIA 2DD. 28th January 2022 F. W. Smitty RIGI￿3 & Co. is eJigibl¢ for 8pptijnti￿ 88 au(litor of the charity by virth¢ of its ¢ligibility for appointM￿t ￿ auditor of a &)mpw]y under se(*ion 1212 of the Conw1￿ AL* 2(￿. THE LO iiNDATION sTATEM￿r OFFtNANCIAL AcrIvrrIL8 FOR THE YEAR ENDED 5Th AFR￿ 2021 2021 3033 313243 TotAI Income 303.3(KI 313243 Clwitabk activiti¢8 125.CKK) 11.647 430,755 1816 Total reaources expended 136.647 433571 Income and Det rnovement In funds before gain$ l Oossts) invethents 166.633 (120J28) Unrea]ispJJ gain/ 00&8) on tnv¢stllTht &wts 6 Realised gain l 0088) oninvestmfflt 829,021 70.592 {964.603) (185J23) io 1,066.266 (1270,254) T