THE DAVID & CHRzsfENE LLOYD-JONES FOUNDATXON Registered Charity Number-. 1192499 TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS FOR YEAR ENDED 5 APRIL 2024
The David & Chrlstine Lloyd-jones Foundation Index to the Flnancial Ststements Year Ended 5 April 2024 Page Reference and Administrative Information Trustees. Annual Report io Independent Examiners Statement Statement of Financial Artivities 12 Balance Sheet 13-20 Notes to the Accounts
The David & Chrlstine Lloyd-jones Foundatlon Page I Reference and Admlnlstrative Information Year Ended 5 April 2024 Governing Documents The Foundation is governed by the CIO Foundatlon dated 24 November 2020. The Foundation is registereo wlth the Charity Commission under registered charity number 1192499. Trustees Nicholas Moxon (Chair of Trustees) Christopher Douglas Lee Emma Louise Griffin Secretary to the Trustees Ms Kirsty McEwen Solicltors Higgs LLP 3 Waterfront Business Park Brierley Hill West Midlands DY5 ILX Independent examlner laines Watts Sterling House 97 Lichfield Street Tamworth B79 7QF Investment man•gers Rowan Dartington & Co Ltd St )ames's Place House Blythe Valley Park Nelson House Central Boulevard Solihull 890 8AR Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Mailing Kent ME19 4JQ Flagstone 151 Floor Clareville House 26-27 Oxendon Street London SWIY 4EL
The Davld & Christine Uoyd-jones Foundatlon Page 2 Reference and Admlnlstratlve Information Year Ended 5 April 2024 Project management consultants Moryan Thomas Ltd One Virtoria Square Birmingham BI IBD
The David & Chrlstlne Uoyd-jones Foundation Pa9e 3 Trustees Annual Report Year Ended 5 April 2024 The Trustees present their annual report and financial statements of the Foundation for the year ended 5 April 2024. The financial statements have been prepared in accordance with the accounting policies set out in the accounts and to comply with the Foundation's Governing Document, the Charities Act 2011 and the Statement of Recommended Practice applicable to the charities pparIng their accounts with the Financial Reporting Standard applicable on l January 2019. Structure. Governance and Management The Foundation is a Charitable Incorporation Organisation ICIOI, registered with the Charity Commission on 24 November 2020 under registe( charity number 1192499. The Foundation is constituted under a CIO Foundation dateo 24 November 2020 1"the Governing Document~l. It Was set up to honour the memory of David and Christine Lloyd-jones. The Foundation does not artively fundralse and seeks to contlnue the charitable work desired by the Settlor through the careful stewardship of its exlsting resources. Trustees are appolnted for a term of Offi for five years. with no maximum number of terms of office. Trustees terms of office took effect from their current temi of offlce as served at the date of CIO Foundation on 24 November 2020. The Governln9 Document provldes for there to be a minimum of three Trustees and a maximum of nlne Twstees. The Trustees must hold four meetings each year. The quorum at any meetlng Is at least one third of the total number of Trustees at the time. or two, whichever 15 the greater. At the Trustees. meetings, the Trustees agree the broad strategy and areas of activbtles f or the Foundation, including consideration of grant making, Investment, reserves and rlsk management policies ano performance. The day to day administration of grants and the processlng and handlln9 of appllcatlon5 prior to consideration by the Trustees Is delegated to Morgen Thomas Ltd, a fundraising consultancy and proj.ert management specialist. Morgen Thomas Ltd will consider the monitoring information conceming the perfomiance of grants to date and make recommendations to the Trustees conceming the extension, cessation or suspension of existing grant approvals. The Trustees would take account of the recommendations of the ICSA best practice 9uide 'Recruitment, Appointment and Induction of Charity Trustees, should the need to recruit new Trustees arise. The Trustees would look to recruit in light of an appropriate skills udit of the current Board and taking into account the experience, expertise and diversity of the current Board, as well as their knowledge of the Foundation's area of benefit and beneficial class.
The David & Christine Lloyd-jones Foundation Page 4 Trustees Annual Report Year Ended 5 April 2024 New Trustees may be sought by open advertisement or through a dialogue with major grant recipients and local community groups resperting the ethos of the Foundation to continue the charitable work intended by the Settlor, the Trustees actively seek those with a knowledge of the local area when considering any prospective candidate. The ultimate decision on selection is a matter for the Trustees. On appointment new Trustees sign a Trustee Dedaration and Undertaking committing them to the 9ivln9 of their time and expertise. It also confirms their ability to act in the role of TrLJStees. The induction process has been changed to follow the ICSA good practice guide with a formal induction programme for any newly appointed trustee being led by the Secretary, to include Initial training in the grant making process, the duties and responsibilities of the Trustees and the role of any sub committees. The welcome pack includes. amongst other information and guidance, a brief history of the Trust, copy of recent Trustee minutes, a copy of the last three years of annual reports and accounts, a copy of the Govemin9 Document and a copy of the Charity Commission'5 guldance 'The Essential Trustee.. What You Need to Know, and 'Charities and Public Benefit.. The Trustees intend In the upcoming year, with the sUPPOrt of the Secretaryi to continue developing a code of conduct for Trnstee5 including formal statements of roles and responsibilities and to undertake work on the Charity Govemance Code. All Trustees give of their tlme freely and no Trustee remuneration was pald in the year. Trustees are entitled to clalm reasonable out of pocket expenses and where they do those are noted in the accounts. Trustees are required to disclose annually (and a5 they ar15e) any potentlal Interests whlch might conllict and re9lSter them vlith the Secretary and in accordance with the Foundatlon's written Conflitts of Interest Policy. Rlsk Mana9ement The Trustees have considered the major risks to which the Foundation is exposed and have revlewed those risks and establlshed systerns and procedures to manage those risks. The major financial risk is the variability of investment returns on the portfolio and it5 impart on income levels and capital growth. The Trustees have artively sought to manage this risk by appointing Rowan Oartington as Discretionary Manager of the investment portfolio. Their role is to monitor the performance of the portfolio, to take appropriate artion to mitigate any loss to the portfolio, and to ensure that the oblertives as detailed in the Investment Policy Statement are following and reviewed annually. The major operntional risk is the extent to which grants awarded to charitable or not for profit organisations advances the objerts of the Foundation and demonstrate sufficient public benefit. The Foundation has managed its risk by taIning Trustees of sufficient expertise and experience, and through the quality of the institutions and the people who they support. In addition, the Trustees rely on the Secretary to undertake appropriate and proportionate due diligence on applications and ensure all grant 9iving retains a focus on the public benefit.
The Davld & Christine Lloyd-Jone$ Foundation Pa9e 5 Trustees Annual Report Year Ended 5 April 2024 The major regulatory impatt of the Common Reporting Standard I'the CRS.), on the operation of the Foundation. CRS is being an international tax transparency regime aimed at preventing tax evasion. CRS came into force from l January 2016 and the Fount1ation is now qUired to provide information about their beneficiaries, tax residency status to HMRC, who will then share thi5 information with the appropriate tax authority in other jurisdictions. The Foundation is subject to this reglme because it relies on investments for more than 50Wo of its income and those investments are professionally managed by a financial institution under discretiollary mandate. This means the Trustees are required to carry out due diligence to establish a tax residency status of all beneficiaries, keep records of efforts to comply with the regime, register with HMRC as a financial institution I"Financlal Institution") Sf they have reporting requirements and report to HMRC if required. The grant application process is reviewed annually and the grant applicatlon form expanded to collect the necessary due diligence infomation that is requlred in order to establish tax residency status of all grant recipients. This includes additional information including tax resident Jurisdittion and entity status. The Trustees will keep thi5 under review. Objects Jnd Actlvltles for the Publlc Benefft The objects of the Foundation are Yo advance suth charitable purpose5 (according to the law of England and Wales) as the trustees see fit from time to time. The Trustees confirm that they have referred to the guidance contained in the Charlty Commission's general guidance on public benefit when VIewIng the Foundation'5 objects and purposes and planning future activities and setting the grant making policy for the year. The Foundation carries out these objects by providing grants to charitable or not for profit organisations in Ilne with its current grant making policy, ensuring the greatest impacts can be achieved and the generoslty and memory of David and Christine Lloyd-jones can be honoured to the fullest. The objects and activities of the Foundation are laryely detemiined by the provlsion of the Goveming Document, and from there the Trustees exercise a discretion in considering how best to meet the public benefit test and ensure that as many charitable and not for profit organisation5 Wlth partlcular needs will gain advantage. By focusing on these areas, the Foundation achieves its strategic priority of maintaining a stable grnnt making programme.
The Davld & Christine Lloyd-jones Foundation Page 6 Trustees Annual Report Year Ended 5 April 2024 Grant Making Pollcv The Trustees have power to spend the intome and capital in furtherance of the objects. The Foundation has established its grant making policy to achieve its objerts for the publlc benefit, support charitable and not for profit oryanisations operating within England and Wales, with a pference being given to charitable or not for profit organisations operating in Worcestershire. The Trustees review the grant making policy annually to ensure it reflertS the Foundation's objects and thereby advan5 PLbblic benefit. The general policy of the Trustees is not to give trOspective grants and the Trustees will only consider one appllcation per year from any applicant. Gr•nt M•klng Prncedure Applications can only be consldered if they are on the Foundation'5 Standard applicatlon form. The application form must be completed and turned (together with a copy of any supporting bnformation relevant to the application) to Morgen Thomas Ltd at least four week5 before the meeting at which the application is to be considered. The Trustees meet at least two times a year to conslder applications. It is the policy of the Trustees is to consider grants on an equal opportunitles ba515, regardless of gender, religlon and ethnic background. Publlc Ben•flt The Trustees confirni that they have refer to the infomiation contained in the Charity Commission's general guidance on public benefit when reviewing the Foundation's objects and activities, their grant making policy and plans for future period. The objects and artivitie5 Qf the Foundation a laryely determined by the provisions of the Governing Document. and from there the Trustees eyerclse a discretion in considering how best to meet the public benefit test and ensure thèt as many individua15 and charitable and not for profit organisations (for exclusively charitable purposes) benefit. Monltorlng and Achlevement The Trustees have contlnued wlth an aspiration to seek a reasonable return over the long term. In recent years the portfolio has shown a welcomed recovery and it is considered that the long-term objectives to meet income needs and grow the tapital rernain obtainable. Durin9 the year the performance of the princlpal Investment portfolio was managed by Rowan Dartington and was considered satisfactory with all benchmarks being largely achieved. Grants awarded during the periryl are listed on page 16 in the accounts.
The David & Christine Lloyd-jones Foundation Pa9e 7 Trustees Annual Report Year Ended 5 April 2024 The decision was taken by the Trustees to treat the Trust as expendable as to income and capital, with the view that the capital should be spent down over a period of a maximum of five years, in support of significant capital projerts, with maximum impact. The reasons for this decislon were as follows: There being no surviving relatlves of Christlne Lloyd-jones who might want to be involved in the Foundation, who might prefer to see her rnembered over the longer tem. Significant impact can be made by an earfy allocatioll of the capital to projects that fulfil the Settlors. wishes. Investment turnS are at historically low levels and annual administration, legal nd investment costs which mlght erode the spending power and potential income of the Trust over tSme. The Trustees, focus Is on supporting charities and not for profit organ15ations for exclusively charitable purposes within the area of benefit, with the followln9 prloritie5 being key.. the advancement of education; the advancement of religion: the advancement of citizenship or community development; cause5 which support military personnel and veterans.. and national causes where there is specific benefit within the 'area of benefit,. The Trustees have determined the 'area of benefit, to be the West Midlands, wit particular focus on charities and not for profit organisations whose objects or charitable activities or projects are focused in Worcestershire. Flnan¢lal Revlew The Foundation's work Is entirely reliant on income and returns frorn its capltal. As at S April 2024, the value of the capital fund sto¢)d at £4,957,725 presented by the market value of the investment portfolio of £4.784,877. the value of investment land of £5,000 and net current assets of £167,849. During the year the investment income of the Foundation amounted to £121,164. Investment Policy and Performance The investment powers of the Tnjstees are wide and allow the Trustees to invest funds in any manner (after taking such advice as they consider nesary) and having regard to the suitability of investments and need for diversification.
The David & Christine Lloyd-jones Foundatlon Page 8 Trustees Annual Report Year Ended 5 April 2024 The principal investment holdings of the Foundation comprise funds and portfolios of quoted securities. As at 5 April 2024, the value represented IOOOIO of the Foundation's investments. The management of the portfolio is undertaken on a discretionary mana9ement basis by Rowan Dartington and the written investment policy is reviewed on at least an annual basis by the Secretary in conjunction with the investment managers and ultimately approved by the Trustees. As at the year end the Trustees held cash on deposit with Rowan Dartington of £36,434 and cash in the bank of £298,152 which is split between CAF Bank and Flagstone Group. R•serv•s Pollcv The whole of the Foundation's capital is expendable and this distlnction between capital and income is not leVant. The Trustees appreciate that the general printiples of charity law require Trustees to spend their income within a reasonable period of receipt. The Trustees have Set and agreed a policy whlch broadly Identifies the framework within which the Foundation will operate its reserves. The intention is that the Foundation will retain an appropriate and reèsonable level of reserves whilst concurrently ensuring that it uses the incorne in a manner that is within the objerts at the best interests of the Foundatlon and its beneficiaries. Slnce the Foundation receives all of its income from the investment portfolio, the Trustees are mindful that the source of income can be volatile and subject to sudden changes in the market. They are concerned that in any Veèr the is a rfsk that they cannot meet their ongolng administration and professional expense commitments as and when they arise, due to any flurtuations in the market which may prevent or significantly reduce income. The Trustees have therefo consldered, in conjunrtlon with the professlonal advisers, the level of reserves to retain from surplus unrestricted funds. They have decided to build up a pot of reserves equivalent to one year's admsnistrative and professional expenses but excluding grant commitments. This will ensure that should there be any flurtuations in the market which reduce the income available for distribution, the Foundation can use its serves to continue to meet its obligations and liabilities a5 and when they fall due. Plan lor Future Perlod• The Trustees believe their grants have translated into significant public benefit. The Foundation is a lasting testimony to the generosity and charitable concems of the Settlor. In cementing the arrangements already in place. and continuing with its current artivities as set out In this report, so that the many and variet1 charitable and not for profit organisations may continue to benefit in real tems from its financial support, the Foundation aims to provide a longer temi commitment and thereby encourage and support charitable and not for profit organisation5. The intention is to continue a programme of grant giving which will translate into significant public benefit. The Trustees will focus on those organisations who would benefit in real terms (impact) from its financial support, thus providing and ensuring a longer-terrn commitment to support.
The David & Christine Lloyd-jones Foundation Page 9 Trustees Annual Report Year Ended 5 Aprll 2024 Trustees. Responslblllties In Relatlon to the Flnanclal Statements The Trustees are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and regulations and United Kingdom Accounting Standards. The law applicable to charities in England and Wales requireé the Trustees to give a true ènd fair view of the stète of affairs of the Foundation and of the incorning resource5 and application of resources, including income and expenditure of the Foundation for that period. In prepartng these financial statements. the Trustees are qUIred to: Select suitable accounting policies and then apply them consistentlyi observe the methods and principles of the Charities SORP,. make judgements and estimates that a reasonable and prudent.. state whether applicable accounting standards have been followed. subject to any material departu5 disclosed and explalned In the financial statements; and prepare the financial statements on the going concern basis unless It Is inappropriate to presume that the Foundation will continue in operation. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Foundation's transactions and disclose with reasonable accuracy at ny time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Charities Att 2011. the Charity {Accounts and Reports) Regulations 2008 and the Governing Document. They are also responsible for safe9uardino the assets of the Foundation and hence for taking reasonable steps for the prevention and detertion of fraud any other irregularlties. The Trustees are responsible for the maintenance and integrity of the Foundation and financial information include¢J on the Register of Chèrities. Approved by the Tru5tee5 and slgned on their behalf by.. Nlcholas Moxon Chalr
The David & Christine Lloyd-jones Foundation Page 10 Independent Examiner's Strtement Year Ended 5 April 2024 I report on the accounts of the Foundation for the year ended 5 April 2024 which are set out on pages I I to 19. Respectlve Responslbllltles of Trustees and Ex•mlner As the Trustees you are responsible for the preparation of the accounts,. you consider that an audit is not required for this year under section 122{2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to: examine the accounts under section 145 of the 2011 Act,. to follow the procedures laid down in the general Directions given by the Charity Commission under settion 145151{bl of the 2011 Act; and to state whether particular matter5 have come to my attention state. Basls of Independent Examlner's report My examlnation was carrled out in accordance with the General Directions glven by the Charity Commission. An examination includes a VIeW of the accountln9 records kept by the Foundation and a comparison of the accoLJnts presented with those cOrdS. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures un¢Jertaken do not provide all the evidence that would be required in an audlt, and consequently I do not express an audit oplnion on the view 9lven by the accounts. Independent Examln•r's Stat¢ment In connertion with my examlnation. no matter ha5 come to my attention.. (i) which glves me reasonable cause to believe that in any material respect the requirements to keep accountlng records In accordance with Sertion 130 of the 2011 Act; and to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act have not been met; or 12) to which, In my opinion, attention should be drawn In order to enable a proper understanding of the accounts to be aChed. Slgned: Name.. B(rren Ba Relevant professional qualification or body.. FCCA Address.. Haines Watts, Steding House. 97 Lichfield Stet, Tamworth, B79 7QF Date: 3 February 2025
The David & Christine Lloyd-jones Foundation statement of Financial Activities Including Income & Expendlture Account Page 11 Year Ended 5 April 2024 Unre5trlcted fund$ 2024 Unrestrlcted funds 2023 Notes Income from: Investments 121,164 72,229 Total Income 121,164 72,229 Expendlture on: Rasing funds Charitable artivities 8,331 119,331 10,722 413,399 Total expenditure 127,662 424,121 Net galnslllossesl on Investments 324,515 1389,4821 Net Income/(expendlture) and movement In funds 318,017 (741,374) Reconcilliation of funds Fund balances at 6 April 2023 4.639.708 5,381,082 Fund balances at 5 April 2024 4.957,725 4,639,708 The statement of financlal actlvitles Include5 all gain5 and losses reco9nised in the year. All incorne and expenditu derive from continuing attivities.
The David & Christine Uoyd-jones Foundation Balance Sheet Page 12 As at 5 Aprll 2024 2024 2023 Notes FIMgd assets Investment lands Investment io 5,000 4,784,877 5,000 4,383,638 4,789,877 4,388,638 Current assets Debtors Cash at bank and In hand 12 19,191 298, 152 1,283 608,083 317.343 609,366 Cr•dltors: •mounts f•lllD9 due wlthln one y•ar 13 (149,4941 1358,2961 Net current assets 167,848 251,070 Totsl •Mets l•u current liabilities 4,957.725 4,639,708 Income fundg unStrICte¢ funds 4.957,725 4,639,708 4,957,725 4,639,708 The financial statements were approved by the Trustee5 Mr N Moxon Trustee
The David & Christine Lloyd-Jone5 Foundation Note5 to the Financial Statements Page 13 Year Ended 5 Aprll 2024 l Accouniing poucles Charlty Informatlon The David & Chrlstine Lloyd-jones Foundation Is a Charitsble Incorporation Organisation (CIO). 1.1 Reportlni perlod The Foundation was registered with the Charity Commission on 24 November 2020. These accounts are made up for the year ended 5 April 2024. 1.2 A¢couniing ¢onveniion The financial statements have been prepared in accordance with the foundation'5 governing document, the Charities Act 2011. FRS 102 "The Financial Reporting standard applicable in the UK and Republic of Ireland- (-FRS 102-1 and the Charities SORP "Accounting and Reportin9 by Charitles.. 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 IFRS 102}" leffettive l January 2019). The foundation is a Public Benefit Entity as defined by FRS 102. The foundatlon has taken advantage of the provlslons In the SORP for chamtles not to prepare a Statement of Cash Flows. The financlal statements are prepared in sterling. which is the functlonal currency of the foundation. Monetary amounts in these financial statements are rounded to the nearest £. The flnanclal statements have been prepared under the hlstorlcal cost conventlon, Modified to include the revaluation of freehold land and certain financial instruments at fair value. The principal accounting policies adopted are set out below. 1.3 Golni¢oncern At the time of approving the financlal statements. the trustee5 have a reasonable expectation that the foundation has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in pparing the financial statements. 1.4 Charltable funds Unrestricted funds a avarlèble for use at the dISction of the trustees in furtherance of their charitable objectives. At the year end all of the funds of the Foundation are unrestricted.
The David & Chrlstlne Lloyd-jones Foundation Notes to the Financlal Statement {Contlnued) Page 14 Year Ended 5 Aprll 2024 l Accountlng polldes (Continued) 2 Xncome Income is recognised when the fount1ation is legally entitled to it after any performance conditions have been met, the amounts can be measured rellablyi and It is probable that income will be received. Cash donatlons are recognised on receipt. Other donation5 are recognised once the fo*Jndation has been notified of the donation, unless performance conditions qUIre deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. 2 Expendltur• Expenditure is COgnised once there is a legèl or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be reqUId in settlement. and the amount of the obllgation can be measured reliablv. Grants payable a payments made to charitable organlsations in furtherance of the charitable activities of the Charity. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the Trustees have agreed to pèy the grant without condition. 2 Investment property Investment land, which is land held to eam rentals andlor for capital appreciation, Is Inltlally recognlsed at cost, whlch includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the PortIng end date. The surplus or deficit on revaluation is recognised in profit or loss. 2 Flxed asset Investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomellexpenditurel for the year. Transartion costs a expensed as inCurd. Z Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-tem liquid investments with origbnal maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within bOowingS in current
The David & Christine Lloyd-jones Found•tlon Notes to the F5nancl•l Statement (Contlnued) Page 15 Year Ended S April 2024 l Accountlng polldes {Contlnued) l Flnanclal Instruments The foundation has elected to apply the provisions of Section I I 'Basic Financial Instruments. and Sertton 12 '0ther Financlal Instruments Issues. of FRS 102 to all ol its financial instruments. Financial instrurnents are recognised in the foundation's balance sheet when the foundation becomes party to the contractual provisions of the instrument. Financial asset5 and liabilitie5 are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognlsed amounts and there is an intention to settle on a net basis or to reallse the asset and settle the liability simultaneously. 84sk Iln•n¢lal•$sets Basic financial a55ets, which include debtors and cash and bank balances, are Initially measured at transaction price Including transaction costs and a subsequently Caled at amortised cost usin9 the effective interest method unless the arrangement constitute5 a financing transaction, where the transaction is measured at the present value of the futu receipts discounted at a market rate of Interest. Financial assets cla551fied a5 receivable within one year are not amortised. Bask Ilnanclalllabllllles Basic financial liabilities, including treditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction. Whe the debt instrurnent is measured at the present value of the future payments dlscounted at a market rate of inte$t. Flnancial liabllities classlfied as payable within one year are not amortised. Debt Instruments are subsequently carrled at amortised cost, using the effettlve interest rate method. Trade creditors are obligations to pay for goods or serv15 that have been acqulred in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as n0n-Curnt liabilities. Trade creditors are recognise(l initially at transaction price and subsequently measured at amorti5ed cost using the effertive interest method.
The Davld & Christine Lloyd-jones Foundation Notes to the Financial Statement {Continued) Page 16 Year Ended 5 April 2024 l Accounting policies (Continued} Derecognition of financial liabilities Financial liabilities are derecognlsed when the foundation's contractual obllgatSons expire or are dlscharged or cancelled. 2 Income from investments Unrestricted funds 2024 Unrestricted funds 2023 Income from listed investments Interset receivable 50,555 70,609 45,062 27,167 121,164 72,229 3 Expendlture on raising funds Unrestricted funds 2024 Unrestricted funds 2023 Investment management 8,331 10,722 4 Expenditure on charltable activities Grant maklng Grant making 2024 2023 Dlrect costs Grant fundlng of activities (see note 5) 6,614 342,316 Share of support and governance costs (see note 6) Governance 112,717 71,083 119,331 413,399 Analysis by fund Unrestricted funds 119,331 413,399
The David & Christine Lloyd-jones Foundation Notes to the Flnancial Statement (Continued) Page 17 Year Ended 5 April 2024 5 Grants payable Grant making 2024 Grant making 2023 Eastham Memorlal Hall St Mlchael and All Angels Church Smilestar 16,000 (41,386) 32,000 34,000 308,316 6,614 342,316 6 Support costs allocated to activitles 2024 2023 Governance costs 112,717 71,083 Analysed between: Grant making 112,717 71,083 2024 2023 Governance costs comprise: Audit / independent examlner fees Accountancy Legal fees Adminlstration fees Bank charges Consultancy fees 3,300 7,195 30,871 12,000 71 59,280 3,300 7,930 12,780 11,000 73 36,000 112,717 71,083 The costs above are incluslve of VAT as the charity is not VAT registered. 7 Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the foundation during the year.
The David & Christine Lloyd-jones Foundation Notes to the Finan¢lal Statement (Continued) Page 18 Year Ended S Aprll 2024 8 Galn5 and losses on Investments Unrestrlcted funds 2024 Unre$trlcted funds 2023 Gains l (losses) arfslng on- Revaluation of invesments Sale of Investments 321,441 3.074 (337,711} 151,7711 324,515 1389,4821 9 Taxatlon The charity is exempt from taxatlon on its actlvities because all its intome 15 applled for charitable purposes. 10 Investment property 2024 F•lr vjlue Ar 6 Aprll 2023 and 5 Aprtl 2024 5,000 The Investment land was part of the assets donated during the prevlous year from the estate of Mrs Christlne Lloyd- Jones and is including in the atcounts at probate value. The Trustees are satisfied that the market value of this land is not materially different to thi5 value. 11 Flxed asset Investments Llsted Investments Unllsted Investments Totsl Cost or valuatlon At 6 April 2023 Addltions Valuation changes Income reinvested Disposals 4,309,280 131,712 336,418 87,990 {120,713) 74,358 4,383,638 131,712 321,441 87,990 (139,9041 (14,9771 (19,191) At 5 April 2024 4.744.687 40,190 4,784,877
The David & Christine Lloyd-jones Foundation Notes to the Financial Statement (Continued) Page 19 Year Ended S April 2024 I l Flxed asset Investments Icontlnued) Listed Unllsted Investments Investments Total Carrylng amount At 5 April 2024 4,744,687 40.190 4,784,877 At S April 2023 4.309,280 74,358 4,383,638 12 Debtors Amounts f•lllng due wlthln one year 2024 2023 Trade debtors 19,191 1,283 13 Credltorl: Jmounts falllng due wlthln one year 2024 2023 Other creditors Accruals and deferred Income 126,014 23,480 342,316 15,980 149,494 358,296 14 Unrestrlcted funds The unrestricted funds of tha charity compris• thè un8xrjd bal8nce5 01 (k)n8tlOnS and grants which are nol subiecl to specific condrtions by donots and grantors as 10 how thèy may ba usèd. Thes8 IncILe designated lund3 which have been set aside (#Jt of untn¢Ied funds by Ihe Iwslees for speofic purposes. At 6 Aprill Incomln9 2023 Resource5 Resources expended Galn5 and losses At 5 Aprll 2024 General funds 4,639,708 121.164 1127.662) 324,515 4,957,725
The David & Christine Lloyd-jones Foundation Notes to the Flnancial Statement (Continued) Page 20 Year Ended 5 April 2024 14 Unrestrlcted funds (Contlnued) Prevlous perlod: At 6 Aprlll 2022 Incomlng Resources Resources expended Galns and losses At 5 Aprll 2023 General funds 5.381,082 72.229 1424,1211 (389,482) 4,639,708 15 Rel•ted p•rty tr•nuctlons One of the Trustees and the secretary to the Trustees are partners in Hi99s LLP. During the period administration and legal fees were paid to Hi9gs LLP amounting to £12,000 and £30,871. At 5th April 2024 £1 I, 100 was owed to Higg5 LLP. One of the Trustees Is dlrector of Wychbury Lee. During the period accountanty fees of £7,080 were Charged by Wychbury Lee. These fees were outstandlng as at 5th AprS12024.