THE DAVID & CHRISTINE LLOYD-JONES FOUNDATION (A CHARITABLE INCORPORATED ORGANISATION) Registered Charlty Number.. 1192499 TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS FOR YEAR ENDED 5 APRIL 2025
The David & Christlne Lloyd-jones Foundation Index to the Flnancial Statements Year Ended 5 April 2025 Page Reference and Administrative Information 3-10 Trustees, Annual Report li Independent Examiners Statement 12 Statement of Financial Activitie5 13 Balance Sheet 14-19 Notes to the Accounts
The DavSd & Christine Lloyd-jones Foundation Page I Reference and Administrative Information Year Ended 5 Aprll 2025 Governing Documents The Foundatlon Is a Charltable Incorporated Organisation, its goveming document being a Constitution (Foundation) dated 24 November 2020. The Foundation Is registered with the Charlty Commlsslon under registered charity number 1192499. Trustees Nicholas Moxon (Chalr of Trustees) Chrsstopher Douglas Lee Emma Louise Grifffin Secretary to the Trustees Ms Kirsty McEwen Sollcltors Hlggs LLP 3 Waterfront Business Park Brierley Hill West Midlands DY5 ILX Independent examlner Haine5 Watts sterllng House 97 Llchfield Street Tamworth B79 7QF Investment managers Mr Jon Lowe st James, Place Wealth Management Limited 96A Worcester Road Hagley stourbrldge West Midlands DY9 ONJ Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hlll West Mailing Kent ME19 4JQ Flagstone 1st Floor Clarevllle House 26-27 Oxendon Street London SWIY 4EL
The David & Chri$tlne Lloyd-jones Foundation Page 2 Reference and Admlnlstratlve Informatlon Year Ended S Aprll 2025 Project management consultants Ms J Cagney Morgan Thomas Ltd One Victorla Square Blrmingham BI IBD
The Davld & Christine Lloyd-jones Foundatlon Page 3 Trustees Annual Report Year Ended 5 Aprll 2025 The Trustees present their annual report and ffinancial statement5 of the Foundatlon for the year ended 5 April 2025. The financial statements have been prepared in èccordance with the accounting policies set out In the accounts and to comply with the Foundatlon's Governing Document, the Charities Act 2011 and the Statement of Recommended Practice applicable to the charities preparing their accounts with the Flnancial Reporting Standard applicable on l January 2019. strurture, Governance and Management The FoLsndation is a Charitable Incorporation Organlsation {CIO), reglstered with the Charity Commlssion on 24 November 2020 under registered charity number 1192499. The Foundation is consts"tuted under a CIO Foundation dated 24 November 2020 ("the Governlng tklcument"). It was set up to honour the memory of David and Christine Lloyd-jones. The Foundation does not actlvely fundraise and seeks to continue the charltable work desired by the Settlor through the careful stewardship of its existing resources. Trustees are appolnted for a term of office for five years. Wlth no maxlmurn number of terms of offtice. Trustees, terms of office took effect from their currnt term of office as served at the date of CIO Foundation on 24 November 2020. The Governlng Document provlde5 for there to be a minimum of three Trustee5 and a maximum of nine Trustees. The quorum at any meeting of the Trustees 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 actlvlties for the Foundation, includbng consideratlon of grant making, investment, reserves and rlsk management policies and performance. The day-to-day admlnlstration of grants and the processing and handllng of appllcatlons prlor to consideration by the Trustees is delegated to Secretary with support from Morgen Thomas Ltd. Morgen Thomas Ltd will consider the monitoring Information concerning the performance of grants to date and make recommendations to the Trustees concerning the extension, ce55ation or suspension of existing grant approvals. The Trustees would take account of the recommendatlons of the ICSA best prartlce guide 'Recruitment, Appolntment and Induction of Charity Trustees, should the need to recrult new Trustees arise. The Trustees would look to recruit in light of an approprlate skills audit 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 beneflt and beneficial c5asS.
The Davld & Christlne Lloyd-jones Foundation Page 4 Trustees Annual Report Year Ended 5 Aprll 2025 New Trustees may be sought by open advertlsement or through a dialogue with major grant reclpients and local community groups respecting the ethos of the Foundation to continue the charltable work Intended by the Settlor, the Trustees artlvely seek those wlth a knowledge of the local area when considering any prospectlve candidate. The ultimate decision on selection is a matter for the Trustees. On appointment new Trustees sign a Trustee Declaration and Urbdertaking commltting them to the giving of thelr time and expertise. It also conflrms their ability to act in the role of Trustees. The induttion process has been changed to follow the ICSA good practice guide with a formal induction programme for any newly appointed trustee belng le(J by the Secretary, to include Initial training in the grant making proce5S, the duties and responsibilltles of the Trustees and the role of any SLJb committees. The welcome pack includes, amongst other information and guidance, a brief hlstory of the Trust, copy of recent Trustee minutes, a copy of the last three years of annual reports and accounts, a copy of the Governing Document and a copy of the Charity Commission's guldance 'The Essential Trustee.. What You Need to Know, and 'Charities and Public Benefit,. The Trustees have reviewed during the year the Code of Conduct and Tenns of Reference whlch formalise their roles and responsibilities. The Trustees intend during Ihe next financlal year to consider with the support of the Secretary the Charity Governance Code as part of reviewlng best practice in terms of their governance arrangements. All Trustees glve of thelr time freely and no Trustee remuneration wa5 paid In the year. Trustees are entitled to clalm reasonable out of pocket expenses and where they do those re noted In the account5. Trustees are required to dlsclose annually (and as they arise) any potential Interests which might conflitt and reglster them with the seCtary and in accordance with the Foundation's written Conflicts of Interest Policy. Risk Management The Trustees have considered the major rlsks to which the Foundatlon Is exposed and have reviewed those risks and established systems and procedures to manage those risks. The major financial risk is the variability of investment retums on the portfolio and its Impact on income levels and capital growth. The Trustees have actlvely sought to manage this risk by appointing St James Place Wealth Management (Mr J Lohve) as Discretbonary Manager of the Investment portfolio. The Trvstee5' role is to monitor the performance of the portfollo, to take appropriate artlon to mitigate any 1055 to the portfolio, and to ensure that the objectives as detalled in the Jnvestment Policy Statement are followed and reviewed annually. The major operational risk Ss the extent to whlch grants awarded to charitable or not for profit organisatlons adVanS the objects of the Foundatlon and demonstrate sufficient public beneflt. The Foundation has managed its risk by retaining Trustees of sufficient expertise and experfence, and through the quality of the institutions and the people who they support. In addition, the Trustees rely on the Secretary and Morgen Thomas Limited
The David & Christine Lloyd-jones Foundation Page 5 Trustees Annual Report Year Ended 5 April 2025 to undertake appropriate and proportlonate due diligence on appIltIonS and ensure all grant glving retalns a focus on the public beneflt. The grant application process is revlewed annually and the grant application form expanded to collect the necessary due dlligence Information that Is required in order to establish tax residency status of all grant reciplents. This includes additlonal informatlon Including tax resident jurlsdlctlon and entity status. The Trustees will keep thls under review. Objects and Actlvltles for the Public Benefit The objects of the Foundation are "to advance such charitable purposes (according to the law of England and Wales) as the trustees see fit fmm time to time. The Trustees conflrm that they have referred to the guidance contained in the Charlty Commission's general guidance on public benefit when reviewing the Foundatlon's objects and purposes dnd in plannlng future activities and setting the grant making pollcy for the year. The Foundation carries out these objects by providing grants to charitable or not for proflt organisation5 in line with its current grant making policy, ensuring the greatest impacts can be achieved and the generosity and memory of David and Christine Lloyd-jones can be honoured to the fullest. The objects and activltles of the Foundation are largely determined by the provision of the Governing Document, and frorn there the Trustees exercise a discretion in consldering how best to meet the public benefit test and ensure that as many charitable ond not for profit organisatlons with partlcular needs will galn Odvontage. By focusing on these areas, the Foundation achieves its strategic priority of malntaining a stable grant m8king programme. Grant Maklng Pollcy The Trustees have power to spend the income and capital in furtherance of the objects. The Foundatlon has established its grant making policy to achieve its objects for the public benefit, support charitable and not for profit organisatlons operating within England and Wales, with a preference being glven to charitable or not for proflt organlsations operatir)g in Worcestershire. The Trustees revlew the grant making policy annually to ensure It reflects the Foundatlon's objects and thereby advances public beneffit. The general policy of the Trustees is not to give retrospectlve grants and the Trustees wlll only consider one applicatlon per year from any applicant.
The Davld & Chrlstlne Lloyd-jones Foundatlon Page 6 Trustees Annual Report Year Ended S April 2025 Grant Maklng Procedure Applications can only be consldered if they are on the Foundation's Standard application form. The applicatlon fomi must be completed and returned (together wlth a copy of any supporting information levant to the application) to Morgen Thoma5 Ltd at least four week5 before the meeting at which the application Is to be consldered. The Trustees meet at least two times a year to conslder appllcatior)s. It Is the policy of the Trustees is to consider grants on an equal opportunitles basS5. regardle55 of gender, religion and ethnic background. Public Benefit The Trustees confimi that they have referred to the infomiation contained in the Charfty Cornmlssion's general guidance on public benefit when revlewi ng the Foundation's objects and actlvltles, thelr grant making policy and plans for future period. The objerts and activltles of the FoundatSon are largely determined by the pmvlslons of the Governing Document, and from there the Trustees exercise a dlscretion in considering how best to meet the publlc benefit test and ensure that as many individuals and tharitable and not for profit organisations (for exclusively charitable purposes) benefit, Monitoring and Achlevernent The Trustees have continued 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-tem obj'ectives to meet income needs and grow the capital remaln obtainable. During the year the perfomiance of the prlnclpal investrner)t portfollo was managed by St James Place Wealth Management Limlted and was considered satisfactory wlth all benchmarks being largely achieved. Grants awarded during the period are listed on page 16 in the accounts.
The Davld & Chrlstlne Lloyd-jones Foundation Page 7 Trustees Annual Report Year Ended 5 Aprll 2025 The decislon was taken by the Trustees to treat the Trust as expendable as to Income and capital, with the vlew that the capital should be spent down over a period of a maximum of five years, in 5UPPOrt of slgnlflcant capltal projerts, wlth maxlmum impact. The reasons for this decision were as follows.. There belng no surviving relatives of Chrlstine Uoyd-jones who mlght want to be involved in the Foundation, who might prefer to see her remembered over the longer term. Significant impart can be made by an eady allocation of the capltal to projerts that fulfil the Settlors, wishes. Investment returns are at historically low levels and annual admlnlstration, legal and investment COSt5 which mlght erode the spending power and potential income of the Trust over time. The Trustees, focus is on supporting charitles and not for profit organisations for excluslvely charitable purposes wlthin the area of benefit, with the following prioritles belng key: the advancement of educatlon; the advancement of rellglon,. the advancement of citizenshlp or communlty development; causes whlch support military personnel and veterans. and national causes where there Is specific ber)efit wlthln the 'area of benefit,. The Trustees have determined the 'area of beneflt, to be the West Mldlands, wlth a particular focus on charities and not for profit organlsatlons whose objects or charitable activities or projects are focused in Worcestershire. The Trustees are pleased to report that grant-maklng activlties durlng the year have remained aligned with the Settlor's wlshes, concentrating on major projects that deliver meaningful publlc benefit, especially in Worcestershire and Tenbury Wells. Notable nltiatives supported by the Foundation include Smilestar, which works in partnership with The Royal Marines Charity. This charity provides essential dental care to disadvantaged communltles in Afrlca and Asia, with missions staffed by volunteers from dental practices and supported by Royal Marine veterans. The involvement of veterans, many of whom are Ilvlng wlth PTSD and other disabllitles, not only enhances the delivery of dental ServIS but also offers these individuals valuable opportunities for personal growth and rehabilitation.
The Davld & Christine Lloyd-jones Foundation Page 8 Trustees Annual Report Year Ended 5 Aprll 2025 Further grant support ha5 been directed to WOrSter Snoezelen, a centre dedicated to providing specialist artivitles and 5UPPOrt for indlvlduals of all ages with disablllties wlthln a fifty-mlle radius. The Foundation's backing is facllltating a significant extension to the centre, aimed at increasing its capaclty and improvlng its facillties to better serve the local community. The Trustees have a150 Supported the Severn Rivers Trust, an envlronmental charlty active in the River Severn catchment area. The Foundation's contrlbutlon 15 enabllng three key projects.. a river regtoratlon initiative along the RSver Teme to cate new habitats and mitigate flooding; a woodland planting scheme to further address floodlng and fgster community engagement in creating green blue spaces; and the development of rain gardens in three primary schools, complemented by an educational programme offering children practical learning experiences outside the classroom. The principal focus of the Trustees throughout the year has been the advancement of a lelsure and community hub in Tenbury Wells. This project is designed to address the needs of young people, promote 5POrting opportunities, and enhance community Inclusion. Following a comprehensive feasibility study, the concept is being refined with the intention of submitting a planning application in late 2025. As this constitutes a substantial construction project, the Trustees anticipate it will requlre the majority of available resources, and future grant-making wlll be reviewed once this flagship initiative has been realised. Financlal Revlew The Foundatior)'s work Is entlrely rellant on income and returns from its capital. As at 5 April 2025, the value of the capital fund stood at £4,448,549 represented by the market value of the Investment portfolio of £4,323,255, the value of investment land of £5,000 and net current assets of £120,294. Dur¢ng the year the investment Income of the Foundation amounted to £71,997. Investment Pollcy and Performance The Investment powers of the Trustees are wide and allow the Trustees to invest funds In any manner (after taking such advice as they consider necessary) and havlng regard to the sultability of investments and need for diverslficatlon. The principal investment holdings of the Foundation comprise funds and portfolios of quoted securities. As at 5 Aprll 2025, the value represented IOOO/o of the Foundation's investments. The management of the portfollo is undertaken on a dlscretionary management basis by 5t James Place Wealth Management Limited and the written investment policy Is reviewed on at least an annual basis by the Secretary in conjL*nction with the investment managers and ultimately approved by the Trustees. As at the year end the Trustee5 held cash on deposlt wlth Rowan Dartlngton of £18,828 and cash in the bank of £143,239 which is spllt between CAF Bank and Flagstone Gmup.
The Davld & Christine Lloyd-jones Foundatlon Page 9 Trustees Annual Report Year Ended 5 April 2025 Reserves Policy The whole of the Foundation's capital Is expendable and this distinrtion between capltal and income is not relevant. The Trustees appreciate that the general principles of charity law require Trustees to sper)d their Income withln a reasonable period of receipt. The Trustees have set and agreed a policy whlch broèdly Identifies the framework withln which the Foundation will operate its reserves. The intentbon Is that the Foundation wlll retain an approprlate and reasonable level of reserves whilst conojrrently ensuring that It uses the income in a manner that is wlthln the objects at the best Interests of the Foundation and its beneficiarles. Slnce the Foundation receives all of its income from the investment portfolio, the Trustees are mlndful that the source of Income can be volatile and subject to sudden changes In the market. They are concerned that In any year there is a risk that they cannot meet their ongoing administration and professional expense commitments as and when they arise, due to any fluttuations In the market which may prevent or significantly reduce income. The Trustees have therefore considered, In conjunction with the professional advisers, the level of reserves to retaln from surplu5 unrestricted funds. They have decided to build up pot of reserves equivalent to one yearf5 administrative and professional expenses but excluding 9rant commitments. Thls will ensure that should there be any flurtuations in the market which reduce the income available for distribution, the Foundation can use its reserves to contlnue to meet its obligations and liablllties as and when they fall due. Plan for Future Periods The Trustees believe their grant5 have translated Into Significant publlc benefit. The Foundation Is a lasting testimony to the generosity and charitable concerns of the Settlor. In cemer)ting the arrangements already in place, and continuing wlth its current activities as set out in this report, so that the many and varied charitable and not for profit organisatbons may continue to beneflt in real terms from Its financial support, the Foundation alms to provide a longer term commitment and thereby encourage and sUPPOrt charitable and not for profit organlsations. The intention Is to continue a programme of grant glving which wlll translate into significant public benefit. The Trustees will focus on those organisatbons who would benefit in real terms (impact) from its financial support, thus providing and ensurlng a longer-term commitment to support.
The Davld & ChrSstine Lloyd-jones Foundatlon Page 10 Trustees Annual Report Year Ended 5 Aprll 2025 Trustees. Responsibilities in Relation to the Financlal Statements The Trustee5 are responsible for preparing the Trustees, Report and the financlal Statements in accordance with applicable law and regulatlons and Unlted Kingdom Accounting Standards. The law applicable to charitie5 in England and Wales requlred the Trustees to give a true and fair view of the state of affair5 of the Foundation and of the Incomlng resources and applicatlon of resources, includlng income and expendlture of the Foundation for that period, In preparing these flnanclal statements, the Trustees are required to- select sultable accounting policies and then apply them consistently; observe the methods and principles of the Charities SORP,. make judgements and estimates that are reasonable and prudent.. state whether applicable acwunting standards have been followed, subjert to any material departures disclosed and explained in the financial statements; and prepare the financlal statements on the golng concern basis unless It is inappropriate to presume that the Foundation will contlnue in operation. The Trustees are responslble for keeping adequate accounting records that are sufficient to show and explain the Foundation's transactlons and disclose wlth reasonable accurary et any time the financial position of the Foundatlon and enable them to ensure that the financial statements comply with the Charlties Act 2011, the Charlty (Accounts and Reports) Regulations 2008 and the Governing Document. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detectlon of fraud any other Irregularitles. The Trustees are responsible for the maintenance and integrity of the Foundatlon and financial information included on the Register of Charftles. Approved by the Trustees and slgned on their behalf by: Moxon Chair
The Davld & Chrlstlne Uoyd-Jone5 Foundation Independent Examlner's Report to the Trustees ol The Davld & Chrlstlne Lloyd-jones Foundatlon ForThe Year Ended 5 Aprll 2025 I report to Ihe trustees my examln•tlan ol the accawtj of The Oè¥fjd & Chd5tine Uoyd-jones Founoètlon Ithe Trust) for the year ended 5 Aprll 2025. A•gpon#lblMt1•5 and of R•port As the charfty's trust you ar¢ re$ponsIe for the prepaotlon ol lh attounts in accordance wlth the reoulrerTrents of the Charftles Art 2011 fthe Artl. I reptsrt 1 respett LY my exafflnatlon of the ch•rfty'S a¢counts cathed out under sertityn 145 01 the and In cèrrylng my examlnatlon I have followed all the apk4ltable Direttions glven by the Charity Commission SeOn 14515llbl of the Act. Znd•p¢ndnt Ex•mlMr' 3tat•m•At I have comp*ted my examlnation. I conflrni that no motviol ffl3r$ have come to my ottentkm in ¢onntth•n yth thE exarlnotlpn givin9 m¢ cbuseto bellevethat In ony motertal resp¢rt'. l. accounting reryrds were not kept h rwct of rhe ThJsr a$ requlred by seth0Tr 130 of the Att; or 2. the aC¢Dunts do not wilh those re¢ords.' or 3. the accounts do not cornpty wlth the applltable requirements concernbng the forrn and contents of occounts ser out In the Chatltles (Accounts and Reports) Regulations 2008 other than ony r¢4uiremertt that the accounts glve a Irue and f•ir tw. wNth Is not a rnatter ccffj¥dered as part of Sn in¢Jependent exornIOn. I have no con¢ems drawn In th re have tome atross no other matter5 in connectoon with the examlnatlw to whith Jttwtion $vIll be tp •nOb a woper understandlng of the accounts to be rtaehed. O•Tr Bartow foi ènd M behafofTC frnp 0410212026 TC Group Steding House 97 Uthfield StrEet Tamworth 679 ?QF P•9¢ 11
The Davld & Christine Lloyd-jones Foundation statement of Flnanclal Actlvltles For The Year Ended 5 April 2025 2025 2024 Unrestrlrtod Unrestrltted funds funds Notes INCOME AP40 ENDOWMENTS FROM: Investments 71.997 121,164 EXPENDITURE ON: Raising funds Charitable artivities,. Charitable activities Govemance costs {10,5371 18,3301 {628,4861 114,760} ILO8.8361 110,4951 {653,7831 1127.6611 NET ExpeNDITURE BEFORE INVEsfMeNT LOSSES Net gains on investments 1581,7861 72.610 16,4971 324,515 ExpeNDJTURE 1509,1761 318,018 NET MoveMENT IN FUNDS RECONCILIATION OF FUf4DS'. Total funds brought forward 1509.1761 318,018 4.957.725 4,639,707 TOTAL FUNDS CARIUED FORWARD 13 4.448.549 4,957,725 The notes on page5 10 to 14 fom part of these finantièl statements. Page 12
The Davld & Chrlstlne Lloyd-jones Foundatlon Balance Sheet As At 5 April 2025 2025 2024 Unrestrirted funds Total funds Not FIXED ASSErs Investmenl Propertles Investments 5,000 5,000 4,323,255 4.784.877 io 4,328,255 4.789,877 CURReNT ASSErs Debtors Cash at bank and in hand li 19,191 298,152 143,239 143,239 317,343 Credltors: Amounts F•lllng Due Wlthln One Year 12 122.945) 1149.495) NET CURRENT ASSETS ILIA81LITIES) 120,294 167,848 TOTAL ASSETS LESS cuRRETr LIABILTfIES 4,448,549 4.957,725 NET ASSETS 4,448,549 4,957.725 FUNDS OF THE CHARITY Unre5tritteé Funds 4,448,549 4.957.725 TOTAL FUNDS 13 4.448,549 4.957.725 On behalf of the board Nicholès Moxon Trusree 0410212026 The notes on pages 14 to 19 ftsm part Cif these financial statements. Page 13
The David & Christine Lloyd-jones Foundation Notes to the Financial Statements For The Year Ended 5 Aprll 2025 l. G¢ner•l Informatlon The Davld PA Christine Lloyd-jones Foundatlon is a charitable incorporated organisation registered wlth the Charlty CommSs5ion on 24November 2020, registered charity number 1192499. The principal address is 3 Waterfront 8usiness Park, Brierly Hill. DY5 ILX. 2. At¢ountihy Pollcles 2.1. 8asls ol Preparation vf Flnandal Statements The financial statetnEnts have been prepa in accordance with the Chantles SORP (Ffis 1021 "Accountlng and Reporting by Charities., Statement of Recommended Practlce applicable to charities prÈparlng their accounts In accordance with the Financlal Reportin9 Standard applicable In the UK and Republlc Of Tland IFRS 1021 leffettive I January 20191. Financial Reportin9 Standard 102 'The Financial Reporting Standard applicable In the UK and Republic of Ireland and the Charities Act 2011. The charlty Is a Publlc Beneflt Entity as defined by FRS 102. The foundatioTh has tsken advantage of the provisions in the SORP for tharities not to produce a Stotement of Cash Flows. The financial Statements are prepared in Sterllng, which is the functional currency of the foundatlon. Nonetary amouTht5 in these finan¢lal statements are rounded to the neat £. The fiThancial statements have been ppad under the h&torical c05t convention, modified to include the revaluation of freehold land and certaln financial instrvments at falr value. The principal accounting pollcles adopted are set out belosy. 2.2. Goln9 Concern DI10¥Ur* The trustees have not identifled any materf41 uncertainties related to events or conditlons that may cast slgnlflcant doubt about the charity's ablllty to continue as a going Con. 2.3. Fund ArutIng Unrestricted funds are available for use at the discretion of the trustees In furtherance of their charitable objectives. At the year end all of the fund5 of the foundation are unrestricted. 2.4. Incomlny Reur Income is recognised when the foundation 15 legally entitled to It after any performance conditions have been rnet, the mounts can be measured reliablyi and it is probable that the income will be recelved. Cash dtrnatlons are recognised on receipt. other donations are recwnised once the foundation has been notified of the donation. unless performante condltlons require deferral of the amounr. Income tax recoverable in relètion to donations recelved under Gift Aid or deeds of covenant is recognlsed èt the tlme of the donaknon. 2.5. Resourres Exp•nded Expenditure is recognised once there 15 a lÈgal or constructive obligation to transfer economic bertfit to a third party, it 15 piobable that a transfer of ecanomic benefits will be required in sett5ement, and the amount of the obligation can be measured reliably. Grants payable are payments made to charitable oryatbisations In furtherance of the charitable artivities of the Charity. Single or multi-year grants are accounted for when either the reclpLent has a reasonable expectation that they will recelve a grant and the Trustees have agreed to pay thÈ grant without condition. 2.6. Invoslmont Prop•rtles Investment land, which 5s land held to earn rentals 8nd/or fDr cap¢tal appreciation, 15 Illlti8lly COgniSed at Cost, whith include5 the purchase cost and any directly attributèble expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on rev8lu8tlon is recognised in profit or loss. 2.7. Inve$tm¢nts Fixed asset investments are Inltially measured at transaction price excludlng transaction costs, 4nd are subsequently measured at falr value at each reporting date. Change5 in fair value are recognised in net incomellexpenditurel for the year. Transaction costs are expensed as Incurred. Page 14
The David & Christine Lloyd-Jone$ Foundatlon Notes to the Financial Statements (continued) For The Year Ended 5 April 2025 2.8. Cèsh and Cash Equl¥al¢nt$ Cash cash equSvalents are basic financial assets )nr5 include cash in hènd and dep051ts held at call with LJanks. other 5hort-temi hlghly liquid investments that mature in no more than three rnonth5 from the date of acquisltion and are readily convethble to a kTrown arllount of cash wlth Insignificant risk of change In value. Bank averdrnfts are shown within borrowings in current liabilities. 2.9. Flnancial Instruments The foundatlon ha5 elected to apply the provlslons of Sectlon Ll'B45ic Financial Instruments. and Section 12'0ther Flnancial Instrurnents L55ues' of FRS 102 to 811 of Its flnanclal In5trument5. Financial instruments are recognised in the foundatlon's balance sheet when the founclatlon becomes party to the cthtrartual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there a legally enfOrae right to set off the recognised amounts and there 15 an intention to settle on a net basls or to realise the asset and settle the Iidblllty slmultaneously. slc Ilnancial 4Tssets BasSc financial assets, which intlude debtors and cash and bank balances, are initially measured at transaction pri Sncluding transaction cost5 and are subsequently carried at amortlsed cost using the effertive interest method unless the arrangement ccn5titutES a financing transaction. where the transaction is measured at the present value of the future receipts di4counted at a market rate of Interest. Financial a55et5 classified as recelvable within one year are not amortised. 8aslc ffnaftdalllabHIUes Basic financièl Iiabilltles, includlng creditors and bank loans are Initlally recognised at transaction prSce unless the arrangement constitutes a financln9 transèrtion, where the debt Instrument Is rnea5ured at the preseTht value of the future payments dI$nted at a market rate of Interest. Financlal Ilabilities classified as payable wlthin one year are ot amort15ed. Debt Instruments are subsequently carried at amtsrtlsed cost, using the effective interest ra* method. Trade creditors are obligatlons to pay for goods or services that have been acquired In the ordlnary course of operntions from Suppliers. Amounts payable are classified a5 current 11abllltles il payment is due within one year or less. If not, they are presented 3$ non-current liabilities. Trade creditors are re¢ognlsed initially at transaction price and subsequently rnea5ured at amortised cost using the effective Interest method. Derecognition of rtnanclal Ilabllltles Financial liabilities are derecognlsed wheTh the foundatiDn's contractual obligations expire or are discharged or cancelled. 2.10. Taxatlon The charity is exempt from tax as all its incorne is chartsble and applied for charitable purposes. 3. Investment Income 2025 2024 UTrrestrlrted Unrestrtcte funds funds Dividends from investments Other interest receiva9 60,674 11,323 50,555 70,609 71,997 L21,L64 Page 15
The David & Christine Lloyd-jones Foundation Notes to the Financial Statements (continued) For The Year Ended S Aprll 2025 4. Analysis of Expendltswe 2025 Gr•nt fundlng of actlvltl•s (see note 51 (see note 6} Actlvltles undertaken dlr*¢tly Support Total R6i5ing funds charitab activfjtles Governance costs 10,537 10,537 628.486 14,760 474.000 154,486 14,760 10,537 474,000 169,246 653,783 2024 Grant fundlng of Support actlvltles Costs (see note 51 {see note 61 Activities undertaken directlv Total Raising funds Charitsble activltles GovemaThce costs 8.330 8,330 108.836 10.495 6,614 102.222 10,495 8.330 6,614 112,717 127.661 S. Gr4nts Payabl• 2025 2024 Grants to Grants to In$tltutlons Instltut14)ns Charitable activlties 474,000 6.614 Grants paid to institutions, Included above, are as follows-. 2025 2024 Ea5tham Memorial Hall St Michael and All Angels Church Smilestar SeverDRivers Trust The UIy55es Trust 116,0001 41.386 {32,0001 (64,0001 IL60,(N)01 1250,0001 1474,(H)01 16.6141 Page 16
The David & Chrlstlne Lloyd-jones Foundatlon Notes to the Flnanclal Statements (continued) For The Year Ended 5 April 2025 6, Support Costs 2025 Ch•rltable •¢tlvltl¢s Governance Total General administratlon Governance costs 79 79 154,407 14,760 169,167 154,486 14,760 169,246 2024 Ch•rftabl• rtivltl¢$ GOrnanCe ¢<*Sts Generdl administratyon GoverThance costs 71 71 112,646 L02,151 10,495 L02,222 10,495 112,717 7. Indepdent Examiner's Romuneratio 2025 2024 Independent examination of the financial 5taternents 3,300 3,300 8. Av•r•gè Number of Employees Average number of empbyee5 during the year was.. NIL12024.' NIL) 9. In¥•stm•nt Property 2025 Fair Value As at 6 Aprll 2024 and 5 Apnl 2025 5,000 The investment land bvas Part of the assets donated from Ihe estate of Mrs Christine Lloyd-lones and is included in the accounts at probate value. The trustees are satsified that the market value of this land is not materially dlfferent to this value. 10. Invutments Li¥ted Unlisted Totsi Cost or Valuation As at 6 April 2024 Disposals Fair value adjustments 4.744.687 1497,0981 72,610 40,190 137.1341 4.784,877 1534.232) 72.610 As at 5 Aprll 2025 4.320.199 3,056 4,323.255 Provision As at 6 April 2024 As at 5 April 2025 .CONT]NUED Page 17
The Davld & Christine Lloyd-jones Foundation Notes to the Financlal Statements (continued) For The Year Ended 5 April 2025 Net 8ook Value A5 at 5 April 2025 4,320,199 3,056 4,323,255 As at 6 April 2024 4.744,687 40,190 4,784,877 11. Debto 2025 2024 Due within tyne year Trade debto 19.191 12. Creditors: Amounts FalSlng Due Within One Year 1015 2024 Trade creditors Other ¢rediiors Accwals 1.140 9,303 12.502 ii.ioi 126,014 12.380 22,945 149,495 13. Movement In Fund5 As •t 6 Aprll 2024 As #t 5 Aprll 2025 Income £xp•ndltur• Unr¢strlcted funds General.. Generdl unrestrlcted fund 4,957,725 71,997 1581.173} 4,448.549 Total 4.957,725 71,997 IS81,173} 4.448,549 AS at 6 April 2023 As at 5 April 2024 Income Expendlture Unrestrfcted funds General.. General unrestricted fund 4,639,707 121.164 196,854 4,957,725 Totsl funds 4,639,707 121.164 196.854 4,957,725 14. Tranaaclions Wlth Tru$tees None of the trustees recelved any remuTheratioth or any other benefits from an employment with the charity or a related entity during the Current or previous year. No trustee expenses have beern Incurred. 15. Related Party Di$¢losures One of the Trustees and the secretary to the Trustees are partners at Higgs LLP. During rhe perlod administration fee5 of £13,140 12024 - £12,000) and legal fees of £62,728 12024- £30,871) were paid to Higgs LLP. One of the TNstee5 is a director of Wychbury Lee. DurSng the rIOd ac£ouThton¢y fees of £11,46012024 E7,0801 were charged by Wychbury Lee. These fees vlere outstanding at the year end date. Page 18
The David & Christine Lloyd-jones Foundation Detailed Statement of Financial Actlvlties For The Year Ended 5 April 2025 2025 2024 Total funds Total funds INCOME AND ENDOWMENTS FROM: Investments Dlvidends frotn other fixed asset Inve5tments- listed Interest receivable 60.674 11,323 50.555 70.609 71.997 121,164 71,997 121.164 EXPEF4DITURE ON: R•lsing funds Investment management Costs {10,5371 {8,3301 (10,5371 18,330) Charltablq Artivitse$: Ch•rlt4ble activities Grants payable Bank charges Legal fee5 Consultancy fees Administration fee5 1474,000} 179} 162.727) <78,540) 113,140) 1628.486) 16,614) 1711 130.8711 159,2801 112,0001 1108,8361 Govemance costs Independent examiner's fees Accountsncy fee5 13,300) {11.460) 13,3001 {7.195} {14,760) 110,4951 1653,7831 {127,66L} NEf EXPENDfTVRE BEFORE INVESTMENT LOSSES {581,7861 (6.497} Net galns on Inve5tm•nts (Deficitllsurplus on disposal of Ilsted fixed asset investments Surplus on revaluation of Investments 121.0511 93,661 3,074 321.441 72.6LO 324.515 NET (EXPENDITURE)/INCOME 1509.1761 318.018 Page 19