REGISTERED CHARITY NUMBER:
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2025
FOR
THE LOCKETT TRUST
THE LOCKETT TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2025
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Cash Flow Statement | 7 | ||
| Notes to the Cash Flow Statement | 8 | ||
| Notes to the Financial Statements | 9 | to | 14 |
| Detailed Statement of Financial Activities | 15 |
THE LOCKETT TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MAY 2025
The trustees present their report with the financial statements of the charity for the year ended 31st May 2025. The trustees have adopted the provisions of 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 Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The aim of the Trust is to generate a regular income, with some capital growth, over the medium to longer term to protect against the effects of inflation form the funds invested.
The aim is to generate annual funds in the region of £40,000 and distribute to charities and organisations that were significant to the Legacy provider, Derek Lockett.
The objects of the charity are to support such exclusively charitable purposes as the Trustees from time to time think fit, in particular but not exclusively:-
The prevention or relief of poverty anywhere in the world by providing grants, items and services to individuals in need and/or charities, or other organisations working to prevent or relieve property
To advance in life and help young people through providing support and activities which develop their education, skills, capacities and capabilities to enable them to participate in society as mature and responsible individuals
To relieve the suffering of animals in need of care and attention and, in particular, to provide and maintain rescue homes or other facilities
To relieve financial hardship, sickness and poor health amongst elderly people
For the relief of sickness and the preservation and protection of good health by making grants to hospices and advancing medical research by any charitable means as the Trustees from time to time decide in particular, but not exclusively, by the provision of grants.
Significant activities
In this period the Trustees tried to spread the annual gifting over a number of charities and to cover the areas within the Legacy holders wishes.
Public benefit
Whilst all effort is made to support the charities preferred by the Legacy provider in his lifetime, individual requests are also considered. The Trustees consider all requests received but attempt to remain as close to the wishes of the Legacy provider as possible.
Grantmaking
The Trustees made 43 grants of donations in the year totalling £72,000.
FINANCIAL REVIEW
Principal funding sources
The principal sum was from original donations and legacy from Derek Lockett.
Page 1
THE LOCKETT TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MAY 2025
FINANCIAL REVIEW
Investment policy and objectives
It is the intention that the initial legacy is invested to provide an annual income of £40,000.
The Trust's reserves are held primarily within various stock investments managed by Nucleus Financial Services. There are small cash reserves held in non-interest bearing account with Metro and Lloyds bank.
Where the Trustees consider exceptional circumstances more funds may be withdrawn to fund charitable projects.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a Deed of Trust dated 6th May 2015 as amended by a Deed of Trust dated 14th September 2015 and constitutes an unincorporated charity.
The Trustees who served during this year and up to the date of signature of the financial statements were:-
D Moore L Hughes D Speirs J Wigmore
The entitlement to appoint new Trustees is vested solely in the existing Trustees. new Trustees are appointed by a resolution of the existing trustees, passed at a special meeting.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
Principal address
Bryn-Leigh 33B Beeleigh Road Maldon Essex CM9 5QH
Trustees
D Moore Beryl B Horrex (resigned 2.8.2024) Ms L Hughes Ms D Speirs (appointed 2.8.2024) J Wigmore (appointed 2.8.2024)
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LOCKETT TRUST
Independent examiner's report to the trustees of The Lockett Trust
I report to the charity trustees on my examination of the accounts of The Lockett Trust (the Trust) for the year ended 31st May 2025.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
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 cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts 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 accounts to be reached.
Lynn Hughes
Date: ...1st June 2026..
Page 4
THE LOCKETT TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MAY 2025
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds 3 Charitable activities 4 Donations Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2025 Unrestricted fund £ 52,756 10,470 72,000 82,470 (29,714) 1,557,535 1,527,821 |
2024 Total funds £ 50,844 |
|---|---|---|
| 10,400 39,000 |
||
| 49,400 | ||
| 1,444 1,556,091 |
||
| 1,557,535 |
The notes form part of these financial statements
Page 5
| BALANCE SHEET 31STMAY 2025 |
|||
|---|---|---|---|
| 2025 | 2024 | ||
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | |||
| FIXED ASSETS | |||
| Investments | 9 | ||
| CURRENT ASSETS | |||
| Cash atbank | 80,132 | 109,546 | |
| CREDITORS | |||
| Amounts falling due within one year | 10 | (600) | (300) |
| NET CURRENT ASSETS | 79,532 | 109246 | |
| TOTAL ASSETSLESS CURRENT | |||
| LIABILITIES | 1,527,821 | ||
| NET ASSETS | 1,527,821 | ||
| FUNDS | 11 | ||
| Unrestricted funds | 1,527,821 | ||
| TOTALFUNDS | 1,527,821 |
THE LOCKETT TRUST
CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MAY 2025
| Notes Cash flows from operating activities Cash generated from operations 1 Finance costs paid Net cash used in operating activities Cash flows from investing activities Interest received Net cash provided by investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2025 £ (82,470) 300 (82,170) 52,756 52,756 (29,414) 109,546 80,132 |
2024 £ (49,400) (180) (49,580) 50,844 50,844 1,264 108,282 109,546 |
|---|---|---|
The notes form part of these financial statements
Page 7
THE LOCKETT TRUST
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MAY 2025
1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| OPERATING ACTIVITIES | |||
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| Net (expenditure)/income for the reporting period (as per the | |||
| Statement of Financial Activities) | (29,714) | 1,444 | |
| Adjustments for: | |||
| Interest received | (52,756) | (50,844) | |
| Finance costs | (300) | 180 | |
| Increase/(decrease) in creditors | 300 | (180) | |
| Net cash used in operations | (82,470) | (49,400) | |
| ANALYSIS OF CHANGES IN NET FUNDS | |||
| At 1.6.24 | Cash flow | At 31.5.25 | |
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 109,546 | (29,414) | 80,132 |
| 109,546 | (29,414) | 80,132 | |
| Total | 109,546 | (29,414) | 80,132 |
2. ANALYSIS OF CHANGES IN NET FUNDS
The notes form part of these financial statements
Page 8
THE LOCKETT TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
Page 9
THE LOCKETT TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MAY 2025
| 2. INVESTMENT INCOME Interest received Dividends received 3. RAISING FUNDS Investment management costs Support costs 4. CHARITABLE ACTIVITIES COSTS Donations 5. GRANTS PAYABLE Donations |
2025 2024 £ £ 1,706 2,371 51,050 48,473 52,756 50,844 2025 2024 £ £ 10,470 10,400 Grant funding of activities (see note 5) £ 72,000 2025 2024 £ £ 72,000 39,000 |
2024 £ 2,371 48,473 |
|---|---|---|
| 50,844 | ||
| 2024 £ 10,400 |
||
| 2024 £ 39,000 |
continued...
Page 10
THE LOCKETT TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MAY 2025
6. SUPPORT COSTS
| SUPPORT COSTS | |
|---|---|
| Governance | |
| costs | |
| £ | |
| Investment management costs | 10,470 |
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st May 2025 nor for the year ended 31st May 2024. Trustees' expenses
There were no trustees' expenses paid for the year ended 31st May 2025 nor for the year ended 31st May 2024.
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Raising funds Charitable activities Donations Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 50,844 10,400 39,000 49,400 1,444 1,556,091 1,557,535 |
|---|---|
continued...
Page 11
THE LOCKETT TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MAY 2025
9. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1st June 2024 and 31st May 2025 NET BOOK VALUE At 31st May 2025 At 31st May 2024 There were no investment assets outside the UK. 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 11. MOVEMENT IN FUNDS At 1.6.24 £ Unrestricted funds General fund 1,557,535 TOTAL FUNDS 1,557,535 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 52,756 TOTAL FUNDS 52,756 |
2025 £ 600 Net movement in funds £ (29,714) (29,714) Resources expended £ (82,470) (82,470) |
Unlisted investments £ 1,448,289 1,448,289 1,448,289 2024 £ 300 At 31.5.25 £ 1,527,821 1,527,821 Movement in funds £ (29,714) (29,714) |
|---|---|---|
continued...
Page 12
THE LOCKETT TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MAY 2025
11. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net movement At 1.6.23 in funds £ £ Unrestricted funds General fund 1,556,091 1,444 TOTAL FUNDS 1,556,091 1,444 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 50,844 (49,400) TOTAL FUNDS 50,844 (49,400) A current year 12 months and prior year 12 months combined position is as follows: Net movement At 1.6.23 in funds £ £ Unrestricted funds General fund 1,556,091 (28,270) TOTAL FUNDS 1,556,091 (28,270) |
At 31.5.24 £ 1,557,535 1,557,535 Movement in funds £ 1,444 1,444 At 31.5.25 £ 1,527,821 1,527,821 |
|---|---|
continued...
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THE LOCKETT TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MAY 2025
11. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 103,600 | (131,870) | (28,270) |
| TOTAL FUNDS | 103,600 | (131,870) | (28,270) |
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st May 2025.
Page 14
THE LOCKETT TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MAY 2025
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Investment income | ||
| Interest received | 1,706 | 2,371 |
| Dividends received | 51,050 | 48,473 |
| 52,756 | 50,844 | |
| Total incoming resources | 52,756 | 50,844 |
| EXPENDITURE | ||
| Charitable activities | ||
| Grants to institutions | 72,000 | 39,000 |
| Support costs | ||
| Governance costs | ||
| Accountancy and legal fees | 300 | 300 |
| Investment charges | 10,170 | 10,100 |
| 10,470 | 10,400 | |
| Total resources expended | 82,470 | 49,400 |
| Net (expenditure)/income | (29,714) | 1,444 |
This page does not form part of the statutory financial statements
Page 15