THE LOCKWOOD CHARITABLE FOUNDATION AIYNUAL REPORT TH 5 APRIL 2024 [Registered with the Charlty Commission No: 11232721
THEI LOCKWOOD CHARITABLE FOUNDATION TRUSTEEI S Mr R. Lockwood Mrs L. A. Lockwood Dr R. K. Lockwood ADDRESS The Tithe Barii, Tlie Avenue, Compton, Guildford, Surrey, GU3 IJW. CHARITY REGISTRATION NUMBIR 1123272 AUDITORS F. W. Smith, Riches & Co., 15 Whitehall, London, SWIA2DD. INVESTMENT BROKERS AIYD ADVISORS Oberon Investments, 2. Floor, 6 Duke Street, London, SWIY6BN BANKERS C. Hoare & Co., 37 Fleet Street, London, EC4Y IBT.
THEI LOCKWOOD CHARITABLI FOUNDATION Contents of the Financial Statements Report of the Trustees Report of the Independent Auditors Statement of Financial Activities Balance Sheet Statement of Cash Flows Notes to the Financial Statements 10
THII LOCI<WOOD CHARITABLI FOUNDATION REPORT OF THE TRUSTEES INTRODUCTION The Trustees present their report togetlier with the financial statements of the Foundation for the year ended 5 April 2024. The repoit and financial statements have been prepared in accordance with the accounting policies set out in note I to the financial stalements and comply with th¢ Foundation's trust deed, The Charities Act 2011 and Accounting and Reporting by Charities., Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Irelarld (FRS102) (second edition). REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity Number 1123272- Registered in England and Wales Trustees The Trustees who served the Fowidation dui'ing the year were as follows: Mr R. Lockwood Mrs L. A. Lockwood Dr R. K. Lockwood The day-to-day nianagement of the Foundation is delegated to Mr R. Lockwood, supported by a consultant advisor from January 2024. OBJECTIVES AIYD ACTIVITIES The principal activity of the Trustees is to apply the income of the Fouiidation for general charitable purposes, Th¢ income of the Foundation which aniounted to £446,007 (2023: £514,127), is geiierated by the returns received on investments held and bth( deposit Interest. Prof¢ssional investment managers are appointed by the Trustees to act as broker to the Foundation with the Tiustees retaining overall responsibility for strategic direction in order to maximise returns. The Foundation does not raise fiinds from other sources. Grants and donations to other charities which amounted to £359,337 (2023: £174,037), are made by the Foundation following careful consideration by the Trustees and the expected benefit that the donation will make. Their policies apply to the cui'rent period and are expected to be applied in future periods. PUBLIC BENEFIT The Trustees confirm that they have referred to the guidance contained in the Charity Commissioii's general guidance on public benefit when reviewing the Foundation's objectives and in planning future activities and setting the donation making policy for the year. STRUCTURE, GOVERNANCE AND MANAGEMENT Tlie Foundation is constitut¢d as an unincorporated charity under a Trust deed dated 7 February 2008, and constitutes an unincorporated charity. The present Trustees were appointed under the Trust Deed. New Trustees may be appointed by a resolution of the Trustees. Trustees are inducted and trained by existing Trustees and external PToviders as required to ensure they are able to undertake tli¢ role as a Trustee as required by applicable law. All decisions relating to the Foundation are made by the Trustees as there are no employees. The Trustees have given consideration to th¢ major risks facing the Fouiidation, mainly in respect of investment perfOrml¢e, and have satisfied themselves that adequate systems and procedur¢s are established to mitigate any risks,
THE LOCKWOOD CHARITABLE FOUNDATION REI PORT OF THEI TRUSTECS (Continued) REI VKII W OF ACTIVITIEI S The Foundation has continued to pursue its objectives. During the year the Foundation received dividends (including fixed coupon interest amounts) of £446,007 (2023: £514,127) from its investments. Grants and donations totalling £359,337 (2023: £174,037) have been made in furtherance of the Foundation's objectives. At the year-¢nd date, the Foundation held reserves of £6,186,033 (2023.. £5,840,464), of which there were no restricted funds. The Trustees are satisfied witli tlie perforn]an¢e of the Foundation during tlie year. RESERVES POLICY The Trustees hav¢ examined the requirement for free reserves, which are unrestricted funds, and considers it appropriate to have a level of reserves which will enable the Foundationto generate sufficient investment income for tlie Foundation to continue the range of charitable giving tliat it currently undertakes. The Trustees, policy is to distribut¢ the Foundation's incoming resources by way of grants and donations together with grants and donations from reserves if it deems the related grant or donation will furtherance the obj¢ctiv¢s of the Foundation whilst maintaining sufficient reserves to generate income in future periods to distribute. The Trustees regularly review the level of reserves of th¢ Foundation to ensure that they are adequate to fulfil the Foundation's objectÉves. The Foundation reported a net increase in funds for the year of £345,569 principally as a result of market value fluctuation of the investment lioldings, As shown on note 10, page 15, the free unrestricted reserves at 5 ' April 2024 were £6,186,033. INVESTMENT POLECY The Trustees, investment policy is to provide a suffi¢i¢nt total return, in order to fund the approximate level of expenditure envisaged by the Trustees in a¢¢ordance with the Foundation's objects. The Trustees believe that fidS should be invested to provide the maximum total return comftnensurat¢ with the level of risk agreed between itself and its advisors. Overall, tlie portfolio should provide the opportunity for capital and income growth to meet the objectives of the Foundation aud shoiild provide some protection against inflatkon. FUTURE PLANS In the future, the Foundation plans to m&ximise its investment returns and to distribute the Foundation's incoming resources on a similar basis to the policy that is currently being adopted. RISK MANAGEMENT The Trustees have assessed the major rlsks to which the Foundation is exposed, in particular those related to the operations and finances of the Foundatioii and is satisfi¢d that systerns are in place to mitigate the exposure to the major risks.
TH1 LOCKWOOD CHARITABLE FOUNDATION REPORT OF THE TRUSTEES (Continued) STATEMEI NT OF TRUSTEEI S, RESPONSIBILITIES The Trustees are r¢sponsible for preparing the Annual Report and the financial statements in accordance with applicable law and relIationS. The law applicabl¢ to charities in England & Wales requires the Trustees to prepare financial statements for eacli financial year in accordance with United Kingdom Generally A¢c¢pt¢d Accounting Practice (United Kingdom Accountiiig Standards and applicable law). The Trustees must not approve the fmancial statements unless they are satisfied that they give a trtie and fair view of the state of affairs of the Foundation and of the incomÈng resources and application of resources, including the income and expenditui'e, of the Foundation for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and apply them Consistently) obseive the methods and pi'inciples in the Charities SORP. ftnake judgements and accounting estimates that are reasonable and prudent; slate whether applicable UK Accounting Standards hav¢ been followed, subject to any material departures disclosed and explained in the financial statements. prepare the financial statements on the going concern basks unless it is iiiappropriate to presume that the Foundation will conlinue to operate. b) d) The Trustees are responsible for keeping sufficient a¢UntIng records that disclose with reasonable accuracy at any time the financial position ofthe Foundation and ellable them to ensure that the financial statements comply with the Charities Act 201 I, the Cliarity (Accounts and Reports) Regulations 2008 and tlie provisions of the trust deed. Tliey are also responsible for safeguarding the assets of the Foundation and hence for taking reasonabl¢ steps for the prevention and detection of fraud and other irregularities. In so far as the Trustees are aware.. there is no relevant audit information of which the Foundation's auditor is unaware. and the Trustees have taken all steps that they ought to have taken to make themselves aware of any irlevant aiidit information and to establish that the aiiditor is aware of that information, b) Approved by order of the board of Trustees on 10 January 2025 and signed on its behalf by: Mr R Lockwood- Trustee
THE LOCKWOOD CHARITABLEI FOUINDATION IINDEPEI NDENT AUDITORS? REPORT TO THE TRUSTEES OF THE LOCKWOOD CHARITABLE FOUNDATION OPINION We have audited the financial statements of The Lockwood Charitable Foundation (the 'charity') for the year th ended 5 April 2024 which comprise tlie Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Irela1 (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the charity's affairs as at 5 ' April 2024 and of its incoming resources and application of resources for the year tlien ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accoidancc with the requirements of the Charities Act 2011. BASIS FOR OPINION We conducted our audit in accordance witli International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's respoiisibilities for the audit of the financial statements sectÉon of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the fiinancial statements in the UK, incliiding the FRC'S Ethical Standard, and we have fulfilled our other eth&¢al responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropi'iate to provide a basis for our opinion. CONCLUSIONS REI LATING TO GOING CONCERN In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the PiEparation of the financial statements is appropriate. Based on the work we liave perfornied, we hav¢ not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continiie as a going concern for a period of at least twelve months from when the financial statements are authorised for issiie. Our responsibilities and the responsibilities of the trustees with respect to going concern are described ill the relevant sections of this report. OTHER INFORMATION The othei, infomiation ¢ompris¢s the information included in tlie annual report other than the fInancial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the ai]nual report. OLW opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance con¢liision thereon. Our responsibility is to read tlie other inforn]ation and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the Course of the audit or otherwise appears to be materially misstated. If we identify such matei'ial inconsistencies or apparent material misstateinents, we are required to determine whether this gives rise to a material misstatement in the flnancial statements themselves. If, based on the work we hav¢ performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have notliing to report in this reg,d.
THE LOCKWOOD CHARITABLE FOUNDATION INDEPENDfi NT AUDITORS, REI PORT TO THEI TRUSTfi S OF THE LOCKWOOD CHARITABLE FOUNDATION Continued MATTERS ON WHICH WE AREI REQUIREI D TO REPORT BY XCEvfIoN We Iiave nothing to report in respect of the following matters in relation to which tlie Charities (Accounts and Reports) Regulations 2008 reqiiii'e us to report to you if, in our opinion: the inforniation given in the trustees, report is inconsistent in any material respect with the fiiiancial stat¢m¢nts' or sufficient accounting records have not been kept. or the financial stat¢ments are not in agreement with the accounting records and returns; or we have not received all the information and explanations we require for our audit. RESPONSIBILITIES OF TRUSTEES As explained more fully in the trustees, responsibilities statement set out on page 3 the trustees are responsible for tlie preparation of the fjnancial statements and for being satisfied that they give a true and fair view, and for such intei'nal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's abllity to continue as a going concern, disclosing, as applicable, matters i'elated to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic altemative but to do so. AUDITOR?S REI SPONSIBILITEEI S FOR THE AUDIT OF THE FINANCIAL STATEI IVIENTS We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assiirance about whether the finaiicial statements as a whole are free from material misstatement, wbetlier due to fraud or error, and to issue an auditor's report that incliides our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are coiisidered material if, individually or in the aggregate, they could reasoiiably be expected to influence the ¢conomi¢ decisions of users taken on the basis of these fInancial statements. Irregiilarities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with oui. responsibilities, outlined above, to detect material misstatements in respect of irregiilarities, including fraud. The extent to which our procedures are capable of detecting irregiilarities, including fraud is detailed below: Discussions with and enqiiiries of management and those Charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcom¢s of these discussions and enquiries were shared with the team, as well as coiisideration as to where and how fraud may occur in the entity. The laws and regulations that were identified as being of significance to the entity were the Charities Act, Tax legislation and UK financial reporting standards.
THE LOCKWOOD CHARITABLE FOUNDATION INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE LOCKWOOD CHARITABLE FOUNDATION ContinLied AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS (Continued) Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and iion-compliance with laws and regulations) cornprised of: enquiries of management and those charged witl) govei'nance as to whetlier the entity complies with such laws and regulations. enquiries with the same concerning any actual or potential litigation or claims and actual or potential breaches of regulations. inspection of relevant legal and regulatory correspondence. testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud. No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is liniited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures perforn]ed. Irregularities that result from fraud may be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and perfonned in accordance with ISAS (UK). A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at= htt s://wNviv.fi'c.oi' .uk/auditorsres oiisibilili¢s. This description forms part of our auditor's report. USE OF OUR REPORT This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regiilations 2008. Our audit work ha5 been undertaken so that we might state to the chartty's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest e.xtent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. F W. F. W. Smith, Riches & Co. Chartered Accountants and Statutory Auditors, 15 Whitehall, London, SWIA 2DD. 10 January 2025 F. W. Smith, Rtches & Co. is eligible for appointmerkt as auditor of the charity by virtue of its eligibility for appointrnent as auditor of a company under section 1212 of the Companies Act 2006.
THE LOCKWOOD CHARITABLE r(OUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5TH APRIL 2024 Notes 2024 2023 INCOME & EXPENDITURE Income Investment income 446,007 514,127 Total income 446,007 514,127 Expenditure: Charitable activities Other support (income)Icosts 359,337 5,444 174,037 (5,377) Total resources expended 364,781 168,660 Net income and net movement in funds before gains on investments 81,226 345,467 Unrealised gain / (loss) oil investment assets 6 Realised gain on investment assets 121,006 143,337 (423,545) 389 Net movement in funds 10 345,569 (77,689) Total funds brought forward 10 5,840,464 5,918,153 Total fuiids Cled foiivard 10 £6,186,033 £5,840,464 The statement of fmancial activities includes all gains and losses recognised in the year. All incoming resources and resources expended derive fi'om continuing activities.
THE LOCK OOD CHARrrABLE FOUM)ATION TJI BALANCE SHEET AS AT 5 APRIL 2024 Not¢s 2024 2023 FIXED ASSETS List¢d Investments at mark¢t value 6,516,036 6,009,547 CURRENT ASSETS Debtors Cash at bank 97,416 1,683,352 76,836 1,864,081 1,780,768 1,940,917 CREDITORS: Amounts falling due within one year (10,771) (10,000) NET CURRENT ASSETS 1,769,997 1,930,917 TOTAL ASSETS LESS CURREiYf LIABILITIII S 8,286,033 7,940,464 CREDITORS: Amounts fallfillg due after one year (2,100,000) (2,100,000) TOTAL NET ASSETS £6,186,033 £5,840,464 Funds of the Foundation, divided into: Unrestricted fuiids 10 6,186,033 5,840,464 TOTAL CHARITY FUNDS £6,186,033 £5,840,464 The financial statem¢nts on pages 7 to l6 were approved by the Trustees on 10 January 2025 and signed on its behalf by: Mr R LockTrvood - Trustee
THE LOCKWOOD CHARITABLE FOUNDATION TH STATEMENT OF CASH FLOWS FOR THCI YEAR ENDEI D 5 APRIL 2024 Notes 2024 2023 NET MOVEMENT IN FUNDS 345,569 (77,689) Adjustments for: (Increase)/decr¢ase in debtors Chang¢ in fair valiie of investments Increase tn creditors (20,580) (264,343) 771 (45,732) 423,156 (5,120) Net cash generated from operatillg ctivities 61,417 294,615 Cash flows from investAng activities Purchase of iiivestments (1,329,553) (2,215,796) Disposal of investments 1,087,407 262,099 Net cash used in Investing activities (242,146) (1,953,697) Net inereasel{decrease) In cash and cash equivalents (180,729) (1,659,082) Cash and cash equivalents at the beginniiig of the year 1,864,081 3,523,163 Cash and cash equivalents at the end of the year 1,683,352 1,864,081
10. THE LOCICWOOD CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2024 ACCOUNTING POLICIES a) BASIS OF PREPARATION The financial statements have been prepared under the historic cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these financial statements. These financial statem¢nts have been prepared in accordance with Accounting and Reporting by Charities,, Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial R¢porting Standard applicable in the UK and Republic of Ireland (FRS102) (second edition) - (CharitAes SORP (FRS102)), the Financial Reporting Staiidard applicable in the UK and Republic of Ireland (FRS102) and the Charities Act 201 l and UK Generally Accepted Practice as it appli¢s from l January 2015. The financial statements have been prepared to give a 'true and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view,. Tliis departiire has involved following 'Accounting and Reporting by Charities: Staten]ent of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Second Edition), rather than the Accouiiting and Reporting by Charities: Statement of R¢comm¢nded Practice effective from l April 2005 which has since been withdrawn. The Lockwood Charitable Foundation meets the definition of a public benefit entity under FRSIO2, Assets and liabilities are initially re¢ognis¢d at historical cost or transaction valiie unless otherwise stated in the relevant accoiinting policy note or note to the financial statements. The Trustees consider that there are no material uncertainties about the Foundation's ability to continue as a going ¢on¢ern and ¢onstitutes a public benefit entity as defined by FRS 102. The preparation of financial statements requires the use of certain critical accounting estimates. It also requires the Trustees to exercise their jiidgement in the process of applying the Foundation's accounting policies. The areas involving a high¢r degree ofjudgement or complexity, or areas where assumptions and estimates are significant to the flliancial statements, are disclosed in note 2. b) COmE RECOGNITION All income is recognised once the Foundation has entitlement to the income, it is probable that the income will b¢ received and the amount of income receivable can be measured reliably. Donations are recognised once received, In the event that a donation is subject to conditions that require a level of performance before the Foundation is entitled to the funds, the income is deferred and not recognised until either those conditAons are fully met, or the fiilfilment of those conditions is wholly within th¢ control of the Foundation and it is probable that those conditions will be fulfilled in the reporting period. Interest on funds held on deposit is included when receivable and the amount Can be measured reliably by the Foiindation; this is normally upoii notification of the interest paid or payable. c) EXPENDITURE RECOGNITION Liabilities are re¢ognised as expenditure as soon as there is a legal or constructive obligation committing the Foundatfion to that expenditure, it is probable that settl¢m¢nt will be required and the amount of the obligation can be measured i'eliably. All expenditure is accounted for on an accruals basis. All expenses including support costs and governan¢¢ Costs are allocated or apportioned to tlie applicable expenditure headings.
ii. THEI LOCKWOOD CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEI AR NDED APL 2024 Continued) ACCOUNTING POLICIEI S (continued) d) CHAIUTABLE ACTIVITIES Costs of charitable activities include donations made. e) FINANCIAL INSTRUMENTS The Foundation has chosen to adopt Sections Il and 12 of FRS 102 in rcspect of financial instruments. Short term deblors and creditors Debtors and Credito with no stated interest rate and receivable or payable within one year are r¢corded at transaction price. Any losses arising from impaimient are recognised in Stateinent of Financial Activity. Cogh and e(Lyh equlvalenls Cash and cash equivalents Comprise cash at bank and in Imnd. Offsetting Finarftcial assets and liabilities are offset aiid the net amounts presented in the financial statement5 when there is a legally enforceable right to set otf the re¢ognised amounts and there is an intention to settle on a net basis or to realise th¢ asset and settle the liability simultaneously. Other loans (concessionary loans) Amounts which are received in the fomi of loans whicli were received to further th¢ Foundations purposes are treated as a concessionary loan. These loans ar¢ initially recognised at the amount received, with the carrying value adjiisted to reflect repayments. FIXED ASSET INVESTMENTS Investments are a form of basi¢ financial instniment and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sh¢¢t date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The Foundation does not acquire options, derivatives or other complex financial instruments. The main form of financial risk faced by the Trust is that of volatility in investment markets due to wider ecoiiomic conditions, the attitude of investors to investment risk, and changes in sentiment Concerning equities and within particular sectors or sub sectors. g) FUNDS The Foundation's Funds constitute unrestricted fiinds, which the Tnistees are free to use for any puiyose in fuitherance of the charitable objectives.
12. THE LOCKWOOD CHARITABLE FOUNDATION TH NOT1 S TO THE FINANCIAL STATEIVIENTS FOR THE YEAR ENDED 5 APRIL 2024 (Continued) ACCOUNTING POLICIEI S (continued) b) FOREIGN CURRENCY TRANSLATION Functional andpresenlalional currency The functional and presentational currency of the Foundation is the pound Sterling. Transactlons and balances Foreign currency transactions are translated into the fLin¢tional currency using the spot exchange rates at the dates of the transactÉons. At each period end foreign currency monetary items are translated using the closing late. Non-monetary items measured at historical Cost are translated using the exchange rate at the date of the transaction. Foreign exchange gains and losses resiilting from the settlement of transactions and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recogntsed in the statement of financial activities. All foreign excliange gains and losses are presented in the statemeiit of fiiiancial activities under the heading finanee costs. REALISED GAINS AND LOSSES All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments al'e calculated as the difference between sales proceeds and their original purchase value. Unrealised gains and losses are calculated as the difference betw¢en the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are shown separately in the Statement of Financial Activities. j) TAXATION STATUS H. M. Revenue & Customs has granted the Foundation charity exemptioii and thus it is exempt from taxatioii. Any irrecoverable VAT is Ch.ged against the expenditure h¢ading for which it was incurred. jUDGlmENTs IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIIIIATION UNCERTAINTY In preparing the fmancial statements, the Trustees are required to make judgements, estimates and assumptions that affect the amoiints reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, tlie nature of estimation means that actual outcomes could differ from these estimates. Whilst the Trustees have made jiidgements, estimates and assumptions in preparing the financial statements, they consider that these have not had a significant effect on amounts recognised. INVEI STMENT INCOME 2024 2023 Dividends and interest receivable from lfftsted investments Bank interest i'eceived 436,958 9,049 509,994 4,133 £446,007 £514,127
13. THE LOCKWOOD CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEIMEIl¥4TS FOR THE YEAR ENDfD APRIL 2024 (Continued) GRANTS AND DONATIONS PAYABLE 2024 2023 Grant funding activities (Graiits aiid donations) £359,337 £174,037 The total grants paid to institutions during the year were as follows.. 2024 10,000 25,000 50,000 25,000 25,000 15,000 20,000 20,300 1,500 25,000 25,000 37,537 75,000 5,000 2023 Arthouse Unlimited Arundel Castle Foundation Dementia Car¢rs Count Childrens Liver Disease Foundation Sports Trader Man¢ Chance Sanctuary Home Start Guildford School Readers Royal Trinity Hosp&ce Shooting Stars Hospice ReGenerate Spark Somerset The Keiisington and Chelsea Foundation Help2Read Cherry Trees Empire Fighting Chance Hon]e-Start Ricl)mond, Kingston & Hounslow Les Amis Limited Oakleaf Enterprise 5,000 37,537 75,000 5,000 10,000 5,500 1,000 10,000 25,000 £359,337 £174,037 OTHER (SUPPORT COSTS) 2024 2023 Other resources expended Finance costs Foreign exchange (gain) / loss Governance costs AudAtors' remuneratioii (iThcliisive of VAT)- current year Accountancy fees (inclusive of VA'D- current year Auditors, remuneration (inclusive of VA T)- prior year additional fee Accountancy fees (inclusive of VAD- prior year addfitional fee Consultaiicy costs 3,853 (6,890 2,639 (12,856) 2,760 2,760 125 125 2,717 2,500 2,500 (80) (80) £5,444 £(5,377)
14. THL LOCKWOOD CHARITABLI FOUNDATION TH NOTEI S TO THE FINANCIAL STATEMEI NTS FOR THII YEAR ENDfD 5 APRIL 2024 (Continued) FIXED ASSET INVESTIIqEI Nfs _ LISTED Cost Fair value £6,245,965 £6,009,547 1,329,553 1,329,553 (944,070) (1,087,407) 143,337 121,006 At 6 April 2023 Additions DÉsposals Realised gain Unrealised gain At 5111 April 2024 £6,631,448 £6,516,036 Deseri Holdin Cost Falr Value At sthA ril 2024 UK Fixed Interest Aggregated Micro Power 80/0 Nts 1711012036 GBPI Brit Plc 6.6250/0 FRN SUB 0911212030 GBPI 000 'REGS' Co-operative Group I l 0/0 Qtd Sub 2011212025 GBP Legal & General Group 5.625 % FRN SUB PERP GBP IOOO'REGS, Marks & Spencer PIC 3.250/0 SNR EMTN 1010712027 Morrison (WM.) Supermarkets 3.50/0 GTD SNR EMTN 2710712026 Tesco Property Fin. I PIC 7.62270/0 Gtd 13107139 GBP TP ICAP Finance PIC 7.8750/0 GTD SNR EMTN 1710412030 CQS New City High Yield Fund Ordinary Ecclesiast Ins Off 8.6250/0 Non Cum IRR Prf GBP REA Hldgs 9% Cum PrfGBPI Raveii Russia GBPO.01 Prf Shs Scottish Widows Ltd 70/0 Sub Nts 1610612043 GBP 250,000 237,085 236,266 500,000 527,500 354,372 740,877 371,973 561,787 500,000 500,000 398,267 441,458 451,197 472,850 500,000 250,000 371,171 208,826 413,046 365,926 500,000 1,750,000 188,000 1,280,000 104,459 200,000 485,848 895,292 191,760 1,314,976 135,983 199,735 544,379 903,000 247,220 1,014,400 221,442 Overseas Fixed Interest Chesnara PIC 4.75010 LT2 NTS 0410812032 GBPIOOOOO'REGS Enquest PIC 90/0 GTD SNR NTS 2711012027 GBPI 'REGS' 500,000 372,445 409,775 300,000 283,353 302,775 At 5" April 2024 £6,631,448 £6,516,036 Inv¢stments are financtal assets measured at fair valLie throiigh the statement of financial activities. The basis of fair value is market valiie. Asset sales and pui'chases are recogiiised at the date of trade at cost.
15. THfi LOCKWOOD CHARITABLfi fiOUNDATION NOTES TO THE FINANCIAL STATEIVIENTS FOR THE YEAR ENDED 5TH APRIL 2024 (Continued) DEBTORS 2024 2023 Accnied income £97,416 £76,836 CRIDITORS: Amounts falling due within one yeydr 2024 2023 Accruals and trade creditors £10,771 £10,000 CREDrroRS: Amounts falling due after inore than one year 2024 2023 Conc¢ssionary loans £ 2,100,000 £ 2,100,000 Concessionary loans are unsecured, interest free with no fixed date of i'epayment (see note 12). 10. MOVEMENT IN FUNDS General unrestricted funds At 6th AprAI 2023 Net movement in funds in year £5,840,464 345,569 As at 5 April 2024 £6,186,033 Net movement in funds, included in the above are as follows: Incoming Resources resources expended Gains and Movement in losses funds Unrestricted funds General fund 446,007 (364,781) 264,343 345,569 11. TRUSTEES* REMUNERATION AIYD BENEFITS There were no Trustees, remuneration or other benefits for th¢ year ended 5 ' April 2024 nor for the year ended 5di April 2023. There were no Trustees, expenses paid for the year ended 5 ' April 2024 nor for the year ended 5 April 2023.
16. THE LOCKWOOD CHARITABLEI FOUNDATION NOTES TO THE FINANCIAL STATEI MENTS FOR THE AR ENDED APRIL 2024 (Continued) 12. REI LATED PARTY DISCLOSUREI S The Foundation is controlled by its Trustees. Mr R. Lockwood, a Triistee, provided an interest-free loan with no red repayment terms to the Foundation which the Foundation has treated as a concessionary loan, At 5 ' April 2024 the amount due to Mr R. Lockwood was £2,100,000 (2023: £2,100,000). Mr R Lockwood has conftrined that he does not intend to seek repayment of the outstanding £2,100,000 loan within the next twelve months from the date of approval of these financial statements, accordingly, the loan is included in the balance slieet as repayable within more than one year. 13. ANALYSIS OF CHANGES IN NET DEBT At 6 April 2023 Cash flows At 5 April 2024 Non-cash Cash at bank and in hand Concessionary Loans 1.864,081 (2,100.000) (180,729) 1,683,352 (2,100,000) (235,919) (180,729) (416,648)