**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:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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...
Page 13
**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