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2022-12-31-accounts

LLOYD’S BENEVOLENT FUND

REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED

31 DECEMBER 2022

LLOYD’S BENEVOLENT FUND

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2022

Page
Report of the Trustees 1-4
Statement of the Trustees' responsibilities 5
Report of the investment manager 6-7
Report of the independent auditors 8-10
Statement of financial activities 11
Balance sheet 12
Notes to the financial statements 13-16

LLOYD’S BENEVOLENT FUND

REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 DECEMBER 2022

The Trustees of the Lloyd's Benevolent Fund (“the Fund”) have pleasure in presenting their report together with the audited financial statements of the Fund for the period ended 31 December 2022.

TRUSTEES AND OFFICIALS

Registered number 207231
Address Lloyd’s of London
One Lime Street
London
EC3M 7HA
020 7327 6453
Trustees R Ohlson (Chairman)
S Deenally (appointed 9 November 2022)
G Findlay
R Sedgwick-Rough
V Ashford
S Coryn
M Aylward
A Groom
A Gupta
J Cooper
Secretary A Bushnell (Retired December 2021)
D Whetstone (Appointed September 2021)
Investment Advisors Cazenove Capital Management
1 London Wall Place
London
EC2Y 5AU
Auditors Simpson Wreford & Partners
Suffolk House
George Street
Croydon
CR0 0YN
Bankers National Westminster Bank PLC
PO Box 12258
1 Princes Street
London
EC2R 8PA

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Fund is constituted by the Rules of the Fund and is a registered charity subject to the provisions of the Charities Act 2011. The financial statements have been prepared in accordance with the accounting policies set out on page 13 and comply with the Fund’s rules and applicable law.

1

LLOYD’S BENEVOLENT FUND

REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 DECEMBER 2022 (continued)

OBJECTIVES OF THE FUND FOR PUBLIC BENEFIT

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Fund’s aims and objectives. The Fund has established its grant making policy to achieve its objectives for the public benefit to assist those in necessitous circumstances who work in or have worked in the Lloyd's Community and their dependants or others at the discretion of the Trustees but excluding any person who is an Underwriting Member of Lloyd's.

PROMOTION OF THE FUND

Members of the community requiring assistance should be put in touch with the Fund. Any applicant's circumstances are fully investigated before assistance is given. Help given to beneficiaries can be flexible being for instance annual grants or assistance to cover specific needs. The website provides full details for the promotion of the Fund

Grants are paid with reference to a formula which is reviewed at the discretion of the Trustees.

ADMINISTRATION

The Fund is under the management of a committee of not less than eight Trustees who are, or have been Members of, or Subscribers to, or Substitutes at Lloyd's.

Responsibility for carrying out the objectives of LBF rests with the trustees. The Fund is administered by a Secretariat under the direction of the Trustees. The cost of office accommodation, computing, communication and accounting services are borne by the Corporation of Lloyd’s. All other administration costs are borne by the Fund. Delegated authority is given to the Global Community Engagement team at Lloyd’s, an outsourced finance team (Simpson Wreford & Partners) and Lloyd’s Treasury and Investment Management to advise and assist as per LBF’s Delegated Authority documentation. The cost of office accommodation, computing, communication and accounting services are borne by the Corporation of Lloyd’s. All other administration costs are borne by the Fund.

Cazenove have managed the investment portfolio at a fee of £69k for the period ended 31 December 2022 (year ended 30 September 2021: £52k). The fee is calculated on the daily average market value of the investments held by the Fund and charged to the statement of financial activities.

ACKNOWLEDGEMENT

The Trustees wish to record their thanks to members of the Corporation of Lloyd's staff who assist with the administration of the financial statements of the Fund and to the Corporation of Lloyd's which bears these costs.

TRUSTEES

The Trustees of the Fund are appointed annually by the Council of Lloyd's who also nominate from the Trustees a Chairman and Deputy Chairman. The Council of Lloyd's has the power to remove at any time any of the Trustees. Where for any reason a Trustee ceases to be a Trustee the Council of Lloyd's may appoint a new Trustee to hold office only until the next annual appointment of Trustees.

Potential trustees meet with the Chairman and the Deputy Chairman of the Trust. Before agreeing to become a trustee they will be informed of the Trust’s structure, objectives and activities, and their responsibilities as a trustee. Once appointed trustees will be supported by the Board of Trustees in any area of induction or training needed. Regular updates are provided at the meetings with regards to governance issues and changes to charity regulations.

2

LLOYD’S BENEVOLENT FUND

REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 DECEMBER 2022 (continued)

PAY POLICY FOR SENIOR STAFF

The trustees and the secretary comprise the key management personnel of the charity in charge of operating the Fund on a day to day basis. As per note 9 to the accounts, trustees were not remunerated during the period. The pay of the Secretary is reviewed annually by the trustees to ensure it is at an appropriate level to attract an individual of sufficient experience to assist the charity in the pursuit of its objectives.

REVENUE

The revenue of the Fund is generated mainly from investment income and by way of donations and legacies.

ACHIEVEMENTS AND PERFORMANCE

Grants paid to beneficiaries increased by £51k from £249k in the year ended 30 September 2021 to £300k in the period ended 31 December 2022.

There were 21 beneficiaries receiving grants as at 31 December 2022 (1 October 2021: 23 beneficiaries). Four beneficiaries ceased during the period. There was one new beneficiary.

ACKNOWLEDGEMENTS

Donations of £4k (year ended 30 September 2021: £nil) were received in the period.

RISK MANAGEMENT

The Trustees actively review the major risks which the Fund faces on a regular basis and believe that maintaining reserves at current levels combined with an annual review of the controls over key financial systems, will provide sufficient resources in the event of adverse conditions. The Trustees have also examined other operational and business risks faced by the Fund and confirm that they have established management systems to mitigate the significant risks.

FUTURE PLANS

The Fund will continue to provide grants to those who qualify at the discretion of the Trustees. The Trustees will continue to review the calculation of these grants annually.

WHISTLEBLOWING

Those individuals who are administering Lloyd's Benevolent Fund are employees of Lloyd’s and able to raise issues relating to fraud and financial crime in accordance with Lloyd's whistle-blowing procedures. The Secretary who is not an employee of Lloyd’s will comply with its provisions.

RESERVES POLICY

Lloyd’s Benevolent Fund relies on the income from its investment fund to support its grant making, leaving the capital of the Fund untouched as far as possible to provide a future income stream. Unrestricted funds as at 31 December 2022 totalled £13,825k (30 September 2021: £14,141k) which are available at the discretion of the Trustees to meet the continuing requirements of the Fund.

3

LLOYD’S BENEVOLENT FUND

REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 DECEMBER 2022 (continued)

INVESTMENT OF THE FUND

Investment policy and management

Cazenove the investment manager managed investments of the Fund in accordance with the Trustees' long term objectives of maximising income whilst protecting the capital value.

Summary of investment changes and capital movement

The net movement in the fund before net gain / loss on investments for the period was a decrease of £18k (year ended 30 September 2021: decrease of £59k). The net loss on investments for the period was £298k (year ended 30 September 2021: gain of £2,552k).

Approved by the Board of Trustees 22 May 2023 and signed on its behalf by:-

R Ohlson Chairman

A Groom Deputy Chairman

4

LLOYD’S BENEVOLENT FUND

STATEMENT OF THE TRUSTEES' RESPONSIBILITIES FOR THE PERIOD ENDED 31 DECEMBER 2022

The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

5

LLOYD’S BENEVOLENT FUND

REPORT OF THE INVESTMENT MANAGER TO THE TRUSTEES OF LLOYD'S BENEVOLENT FUND FOR THE PERIOD ENDED 31 DECEMBER 2022

Overview

Investment Objective

The portfolio is designed to maximise income whilst protecting the real value of capital over the medium to long term. The portfolio is managed on an advisory basis with Cazenove Capital Ltd providing investment advice on an ad hoc basis, custody, reporting and administration services. The portfolio uses a broad range of investments and may allocate a high proportion of its assets to equity, or equity-like, investments in pursuing its aims. Whilst the majority of the portfolio is invested in readily tradable assets, illiquid assets are considered part of the investable universe and the portfolio may have some exposure. Cash, fixed income and other defensive assets will normally account for only a small part of the portfolio.

Portfolio Summary

Portfolio Summary
Description Market Value £
Portfolio Weight %
Equities 13,510,073
98.9%
UK 7,249,612
53.1%
ASI UK All Share Tracker
Fund 7,249,612
53.1%
Global 6,260,461
45.8%
Vanguard FTSE All World 6,260,461
45.8%
Cash 151,418
1.1%
Sterling cash 33,285
0.9%
JPMorgan GBP Liquidity 118,133
0.3%
Total 13,661,491
100%

Source, Cazenove Capital as at 31.12.22

Economic and Market outlook

Central bankers may well start to sound less anxious about inflation in 2023. However, investors must still contend with the slowdown that will result from the steep rises in interest rates we have seen over the past year. If inflation cools quickly, this slowdown could be relatively shallow and short-lived, as central banks signal a willingness to cut interest rates to support growth. Schroders’ economists anticipate that the Federal Reserve may be in a position to cut rates in the second half of 2023, with the Bank of England and European Central Bank to follow. However, the path of inflation remains far from certain. Markets could become more volatile if it becomes apparent that interest rates will need to rise higher - or stay high for longer – than is currently anticipated.

Beijing has surprised investors by quickly dismantling the coronavirus restrictions that have been weighing on Chinese activity for over two years. At some point, this is likely to result in a strong rebound in economic activity, potentially boosting global demand and complicating efforts to bring inflation under control. However, the timing of this recovery remains unclear and China could face a prolonged period of weakness as it experiences a Covid “exit wave.” This uncertain outlook is reflected in the performance of commodities, which are still highly dependent on Chinese demand. Prices jumped late last year as it emerged that Covid restrictions would be eased: they have since retreated as it has become more likely that the boost to activity may be delayed.

6

LLOYD’S BENEVOLENT FUND

REPORT OF THE INVESTMENT MANAGER TO THE TRUSTEES OF LLOYD'S BENEVOLENT FUND FOR THE PERIOD ENDED 31 DECEMBER 2022 (Continued)

Russia’s bombardment of Ukrainian cities over the holiday season is a sad reminder that there is little prospect of a de-escalation of the conflict any time soon. By contrast, it looks increasingly likely that both sides are preparing for renewed offensives in the spring. Besides the humanitarian cost, this will have global economic implications as the world grapples with continued uncertainty over energy and agricultural supplies. There are other international flashpoints to worry about. Taiwan is likely to remain a source of tension between China and the US and could lead to further disruption in global trade and supply chains. Iran’s nuclear programme, alongside the challenge from domestic unrest, could also be a source of instability in the Middle East.

Cazenove Capital Management, 31 December 2022

7

LLOYD’S BENEVOLENT FUND

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF LLOYD’S BENEVOLENT FUND FOR THE PERIOD ENDED 31 DECEMBER 2022

Opinion

We have audited the financial statements of Lloyd’s Benevolent Fund (the ‘charity’) for the period ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustee’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, including the trustees’ report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

8

LLOYD’S BENEVOLENT FUND

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF LLOYD’S BENEVOLENT FUND FOR THE PERIOD ENDED 31 DECEMBER 2022 (Continued)

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

9

LLOYD’S BENEVOLENT FUND

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF LLOYD’S BENEVOLENT FUND FOR THE PERIOD ENDED 31 DECEMBER 2022 (Continued)

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Simpson Wreford & Partners Statutory Auditor Suffolk House George Street Croydon CR0 0YN

Date

Simpson Wreford & Partners is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

10

LLOYD’S BENEVOLENT FUND

STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31 DECEMBER 2022

Note
INCOME:
Donations
Miscellaneous
Investment income
2
Total income
EXPENDITURE:
Investment management fees
Grants payable to individuals
Salaries & associated costs
8
Other expenditure
Total expenditure
Net movement in funds before gains and
losses
Unrealised (loss) / gain
5
Realised (loss) / gain
5
Net (loss) / gain on investments
NET MOVEMENT IN FUND
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Period ended
31 December
2022
£'000
4
1
428
433
(69)
(300)
(76)
(6)
(451)
(18)
(286)
(12)
(298)
(316)
14,141
13,825		 Year ended 30
September
2021
£'000
-
-
302
302
(52)
(249)
(55)
(5)
(361)
(59)
2,546
6
2,552
2,493
11,648
14,141

The notes on pages 13 to 16 form part of these financial statements.

11

LLOYD’S BENEVOLENT FUND

BALANCE SHEET AS AT 31 DECEMBER 2022

Note
INVESTMENTS
At market valuation
5
CURRENT ASSETS
Debtors
6
Cash at bank
CURRENT LIABILITIES
Creditors falling due within one year
7
NET CURRENT ASSETS
NET ASSETS
FUNDS
Unrestricted		 31
December
2022
£'000
13,661
19
171
190
(26)
164
13,825
13,825		 30
September
2021
£'000
14,130
19
17
36
(25)
11
14,141
14,141

Approved and authorised for issue by the Board of Trustees on 22 May 2023 and signed on their behalf by:-

R Ohlson Chairman

A Groom Deputy Chairman

The notes on pages 13 to 16 form part of these financial statements

12

LLOYD’S BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2022

1. ACCOUNTING POLICIES

Basis of accounting

The charity constitutes a public benefit entity as defined by FRS 102. In preparing the financial statements the fund follows best practice as laid down in the Statement of Recommended Practice “Accounting and Reporting by Charities” (Charities SORP FRS 102) in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.They are drawn up on the historical accounting basis except that investments held as fixed assets are carried at market value.

Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

Donations and legacies

Donations and legacies are included in the statement of financial activities when receivable.

Investment income

Dividends from equity investments are taken into account on the due date of payment; all other income is included by reference to the amount due in respect of the accounting period.

Gains and losses on investments

Gains or losses on disposals in the period are calculated by reference to the carrying value of the holding as at the date of sale.

Grants

Grants are accounted for by reference to the amount due in respect of the accounting period.

Administration expenses

The cost of office accommodation, computing, communication and accounting services are borne by the Corporation of Lloyd’s. All other administration costs are borne by the Fund.

Taxation

The Foundation is established as an exempt approved charity for taxation purposes.

Investments

Investments are stated at their market value at the date of the balance sheet. Gains and losses on investments are taken directly to the statement of financial activities.

Debtors

Debtors are recognised at the settlement amount due.

Short term deposits

Short term deposits include short term highly liquid investments with a short maturity of three months or less from the date of acquisition.

13

LLOYD’S BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2022 (continued)

1. ACCOUNTING POLICIES (continued)

Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount.

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at amortised cost or as specified in the preceding accounting policies. As there are currently no long term financial instruments, the transaction value and settlement value will be the same.

2. INVESTMENT INCOME

Overseas: Dividends - Vanguard FTSE
UK: Dividends - Aberdeen Foundation Growth Fund		 Period ended
31 December
2022
£’000
145
283
428		 Year ended
30 September
2021
£’000
82
220
302

3. AUDITOR’S REMUNERATION

The auditor’s remuneration constituted an audit fee of £2k (2021: £2k) and non-audit fees of £nil (2021:£nil).

As noted in the report of the Trustees, the auditor was paid for the provision of bookkeeping services. This was for an amount of £5k (2021: £nil) and was paid by the Corporation of Lloyd’s.

4. STAFF COSTS AND NUMBERS

The average number of employees was 1 (2021: 1).

An amount of £71k (year ended 30 September 2021: £50k) in relation to salaries and £5k (2021: £5k) in relation to national insurance costs were incurred. There were no employees who received employee benefits of more than £60,000 (2021: none).

14

LLOYD’S BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2022 (continued)

5. QUOTED INVESTMENTS

Market value brought forward
Net (sales) and purchases
Net unrealised gain/(loss) for the period
Net realised gain/(loss) for the period
Movements on cash account
Market value carried forward
Market value brought forward
Net (sales) and purchases
Net unrealised gain/(loss) for the year
Net realised gain/(loss) for the year
Movements on cash account
Market value carried forward
6.
DEBTORS
Prepayments and accrued income
7.
CREDITORS
Accruals		 2022
Equity
Cash
£’000
£’000
13,983
147
(57)
-
(286)
-
(12)
-
-
(114)
13,628
33
2021
Equity
Cash
£’000
£’000
11,481
106
(50)
-
2,546
-
6
-
-
41
13,983
147
Period ended
31 December
2022
£’000
19
19
Period ended
31 December
2022
£’000
26
26		 2022
Cash
£’000
147
-
-
-
(114)		 Total
£’000
14,130
(57)
(286)
(12)
(114)
13,661
Total
£’000
11,587
(50)
2,546
6
41
14,130
Year ended
30 September
2021
£’000
19		 Total
£’000
14,130
(57)
(286)
(12)
(114)
33 13,661
2021
Cash
£’000
106
-
-
-
41		 Total
£’000
11,587
(50)
2,546
6
41
147 14,130
19
Year ended
30 September
2021
£’000
25
25

8. KEY MANAGEMENT PERSONNEL

The Fund’s day to day running is managed by the Secretary who is considered key management personnel along with the trustees. The total salary and pension costs for the period ended 31 December 2022 were £71k (year ended 30 September 2021: £50k) whilst national insurance costs totalled £5k (2021: £5k).

15

LLOYD’S BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2022 (continued)

9. DISCLOSURE OF RELATED PARTY TRANSACTIONS AND TRUSTEE REMUNERATION

The trustees receive no remuneration. No expenses were reimbursed in the period ending 31 December 2022 (2021: £nil).

There were no related party transactions in the period ended 31 December 2022 (2021: £nil).

10. CHANGE IN ACCOUNTING PERIOD

The Fund extended its current reporting period to 31 December, in order to align its reporting date with other Lloyd’s charities.

The comparative figures have been presented for the year ended 30 September 2021 and are therefore not directly comparable with the figures for the 15 month period ended 31 December 2022.

The change in accounting reference date was undertaken with the authority of the Trustees.

16