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 perfOrm￿l¢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
fi￿dS 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.

TH￿1 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 re￿lIationS.
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 C￿led 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 AP￿L 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
NOT￿1 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.
jUDG￿lmENTs 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 r￿ed 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)