LLOYD'S BENEVOLENT FUND REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
LLOYD'S BENEVOLENT FUND CONTENTS OF THE FINANCIAL sTATEMEs FOR THE YEAR ENDED 31 DECEMBER 2023 Page Report of the Trustees 14 Slat&nent of the Trustees. responsibiltties Report of the investment manager Report of the independent auditors Slalement of financial activ[tS 10 Balance sheet 11 Notes to the financial statements 12-15
LLOYD'S BENEVOLENT FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OECEMBER 2023 TRUSTEES AND OFFICIALS Rgglstered number 207231 Address Uoyd's of Lond¢ One Lime Street London EC3M 7HA 020 7327 6453 Trustges R Ohlson IChaimTrnl VAshford M Aylward J Cwper S Coryn S Deenally G Find A Grocffl A Gupta M Haryey (Appointed December 20231 McLean (Appointed Dember 2023) R sedgw-RoUgh Secretsry O Whelslone Investment Advlsor5 Cazenove Caprtal Management 1 London Wall Place London EC2Y SAU Audltors Simpson Wreford & Partners Suffolk House George Street Croydon CRO OYN Bankers Nth'onal Westminster Bank PLC PO Box 12258 1 Princes Street London EC2R 8PA
LLOYD'S BENEVOLENT FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Icontlnuedl The Trustees of the Lloyd's Benevolent Fund fihe Fund") have pleasure in presenting their report together with the audited financial statements of the Fund for the year ended 31 December 2023. STRUCTURE. GOVERNANCE AND MANAGEMEKr The Fund is conslituled by the Ru$ of the Fund and is a registered charity suts't to the provisions of the Charities Act 2011. Thefinancial stslemenls have been prepared in accordance with the accounting policies set out on page 12 and compty wrth the Fund's rules and applicable jaw. OBJECTIVES OF THE FUND FOR PU8UC BENEFIT The Trustees confirm that they have referred lo the guidan¢e contained in Ihe Chanty C¢Jmmission'$ general guidance on public benefft when rewewing the Fund's aims and objectives. The Fund has established ils grant making policy lo achieve ts objectNes for the public benefrt lo assist those in necessitous circumstances who work in or have worf(ed in the Lloyd's Community and their dependanls or others al the discretion of the Twstees but excluding any person who is an underiting Member of Lloyd's. PROMOTION OF THE FUND Members of the communty requiring assistan shoukl be put in touch with the Fund. Any applicant's iicumslances a fully inveslpated before assistsn¢e is given. Help given to beneficiaries can be flexible being for Instan annual gtanls or assista8 to cover specffic needs. The websrte provides full details for the promotion of the Fund Grants are paid with reterence to a fomiula whKh is reviewed at the diseretion of the Trustees. ADMINISTRATION The Fund is under the management of a commrttee of not s than euhl Trustees who are, or have been Members of, or Subscribers to, or Substitutes al Lkyd'$. Responsibilty for carrying out the objectives of L8F rests with the trustees. The Fund is supported by a Secretarial working under the direction of the Iruslee5, empbyed by the Corporation of Lloyd's and supported by the wider Gbbal Community Engagement team. Delegated authorty is gNen to the Global Communty Engagernenl team at Lloyd's, an outsourced finan team (Simpson Wreford & Partners) and Lloyd's Treasury and Investment Management to adse and assist as per LBF'S Delegated Authorty documentslion. The cost of office accommodation, computing, WmmUnt10n and accounting services are borne by the Corpoiation of Lloyd's. All other administratK)n costs are bome by the Fund. Cazenove have managed the investment portfolio at a fee of £55k for the year ended 31 December 2023 (period ended 31 Derntser 2022.. £69k). The fee is Cakulaled on the daily average matket value of the investments held by the Fund and charged to the statement of financial activities. CHARITY GOVERNANCE CODE The Board of Trustees oversees the charity's goveman¢e policies and procedure5 and regularty review procedures lo ensijre that 811 work undertaken is in line with the Charty Govemance Code. Whilst the Code is not a legal or regulatory requirement. f( sets oui the principles and recommended practice for good governan. The Board renISe that good governance is fvndamenlal to Ihe charity's SUesS and strive to develop hh standards of govemance.
LLOYD'S BENEVOLENT FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Icontlnued) ACKNOWLEDGEMENT The Trustee5 wish lo lecord their thanks lo nMberS of the Corporation of Lloyd's staff who assist wf(h the administratn of the financial statement5 of the Fund and to the Corporation of Lloyd's which bears thes& costs. TRUSTEES The Trustees of the Fund are appointed annualty by the COU11 ol Lloyd's who 8150 nominate from the Trustees a Chairman and Deputy Chairnian. The Council of Lloyd'$ has the power lo remove al any time any of the Trustees. Where for any reason a Trustee ceases lo be a Trustee the Council of Lloyd's may appoint a new Trustee lo hokj office only until the next annual appointment i)f Trusteès. Potential trustees meet with the Chairman and the DepLtty Chairman of the Trust. Before agreeing lo become a Iruslee they VMII be infonned of the Trust's structure. objectives and actwities, and their responsibil(£ies as a trustee. Once appointed trustees will bè 5UPPOrted by the Board of Trustees in any area ol induetion or training needed. Regular updates are PfOVKled al the meetings with wards to govemance issues and changes lo charty regulations. PAY POLICY FOR SENIOR STAFF The trustees and the secretsry comprise the key management personnel of the charty in charge of operating the Fund on a day lo day basis. As per note 9 to the accounts, trustees were not mUnerated during the period. The pay of the Secretsry is reviewed annually by the Iruslees lo ensure it Is 81 an appropriate level lo attract an indNidual of sufficient experience lo assist the charity in the pursuf( of rts objectNes. RVrfENUE The revenue oflhe Fund is generated maintyfrom investment incom$ and by way ofdonalions and legacies. ACHIEVEMENTS ANO PERFORMANCE Gr8nls paid lo beneflaries decreased by £53k from £300k in the period ended 31 December 202210 £247k in the year ended 31 December 2023. There were 20 regular benefiuaries recemng grants as at 31 Decembef 2023 131 December 2022.. 21 benefKiaries}. Two beneficiaries ceased during the period. There was one new benefrary. In addition, 8 one-off grants were made in the year. ACKNOWLEDGEMENTS Donations of £30k {period ended 31 December 2022: £4kl were received in the year.
Lkny(fs LLOYD'S BENEVOLEKf FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Icontinuedl RISK MANAGEMEKr The Trustees rEViUY the major risks which the Fund faces on a regular basis and believe that maintaining reseNes al current levels CnbIrd with an anllual revw of the controls over key finanry81 SyStem5, WTII provide $uffiGient re3ources in the event of athrse conditions. The Trustees have 8180 oxamined other operational and buwness risks faced by the Fund and cy)nfirm that thgy have establish8d management systems to mitigate the signffi¢ant risk8. FUTURE PLANS Th¥ Fund will conlinue to provide grant$ tothose who qualrfy atthe di1)n of the Trustees. Th¢ Trusteè5 11 continue to review the calGulatKJn of these grants annuajty. WHlSTLEBLOVNG Those individuals who are ajministering Lkyd's Benevolent Fund are anpk)yees of Lloyd's and abje to rai89 issues relating to fraud and financial cyime in a¢¢Of<18n wlh Lkjyds whith4lwng rKocedures. The Secretsry who not an employee of Lk)yd'8 rnmpty th fis provisions. RESERVES POLICY Lloyd's Benevolent Fund relios on the income from its invesknent fuThJ to support its grdnl making, leaving the capital of the Fund Untouch as far as possible to pvle a future income str98m. Untestricled fvnds a8 at 31 December 2023 tolalkd £14.97 {31 Dembr 2022." £13,825kl which are available at the discretion of the Trustw to meel the continuing requirements of the Fund. INVESTMENT OF THE FUND n¥tment policy and managgment Cazenove, the Investment manager, rnarwd investsnents of the Fund in arxordance wilh the Trustees, long term IA)je(aives of ma¥imising income whilst prDtecbng the prtaI value. Summary of investmènt Ghang•s and capltsl movompnt The net movement in the fvnd before net gain I loss on investmen18 for the y&ir was an increase of £32k Iperiod ended 31 Decernber 2022.. decrease 01£18k>- The netgain C inveslments for the yearwas £1,122k (period end&J 31 December 2022.. k)55 of £298kl. Approved by the Board olTrustees.....Slh.4uLY.2Q24.... and on its kehaff by:_ R OhL80n Chaim)8n A GrOn Oepity Chaim8n
LLOYD'S BENEVOLENT FUND STATEMENT OF THE TRUSTEES, RESPONSIBILMES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordan with appIable law and Uni(efl Kingdom Aecounting Slandords (United Kingdom Generally Acceplgd Acwunling Practice). The law applicable to charrties in England & Wales requires the trustees to prepare financial statements for each financial year which gNe a true and fair view of the stale of affairs of the charity and of the incoming resources and application of resources of the charity forthat perh. In preparing these Iinancial slalemenls, the trustees are required to.. select suitable accounting policies and then appty them consislenlly., observe the methods and princip in the CharIt5 SORP 2015 {FRS 102}- make judgements and eslimales that are reasonabk and prudent-, stale whether applicable accounting standards have been folbwed, subject to any material departures disclosed and explained in the financial slalemenls", prepare the financial statements on a going concem basis unless it 15 inappropriate lo presume that the charty will ntInUe in operatn. The Iruslees are responsible for keeping proper accounting records that disclose wrth reasonable accuracy al any lime the finarKial position of the chartty and enable them lo ensure that the financial slalements comply wf(h 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 hen for taking reasonable steps for the prevention and detection of fraud and other irregular(ties.
LLOYD'S BENEVOLENT FUND REPORT OF THE INVESTMENT MANAGER TO THE TRUSTEES OF LLOYD'S 8ENEVOLEKf FUND FOR THE YEAR ENDED 31 DECEMBER 2023 Overvlew Investment Objectlvo The portfolio 15 designed to maximise income whilst prcrtecting the real value of capital over the medium lo long lemi. The portfolio is managed on an athisory basis wtth Cazenove Caprtal Ltd providing investment advice on an ad hoc basis, custody, porting and administration services. The portfolio uses a broad range of investments and may albcate a hKJh proportion of rts assets lo equty or equty-like investments in pursuing it5 airns. Whilst the majority of the portfolio is invested in readily Irad8ble assets. illiquid assets are considered part of the investable unNerse and the portfol may have some exposure. Cash, frAed income and other defensive assets will normalty anI for onty a small part of the portfolio. Portfollo Summary Descrlptlon Equities UK Abrdn UK All Shale Tracker Fund Global Vanguard FTSE All-wikl ETF -GBP Cash Market Value £ Portfolio Weight% 98.9% 50.9% 14,626,887 7,520.131 7.520,131 7,106.757 7,1[,757 157.414 123.726 33,687 14,784.301 48.1% 48.1° 1.1% JP Morgan Liquidity Fund sterling cash Totsl Source, Cazenove Capital as 8t 31. 12.23 0.8Q 0.3% 100.0% Economic and Market outlook Global equities IMSCI Index} have risen by 160A since late October 2023. This was driven by a signTficanl change in market expectations around interest rates, as recent dats found that inflation is falling faster than expected. The Federal Reserve (Fed) bcrf)sled markets further by sNJnalling large rate cuts in ils mid- December policy projections for 2024. with other central banks expècted to follow suit. If the cuts come about because growth is falling faster Ihan inflatKJn. then that is problematic. That Yrfould create headwinds for equities and risky assets. However, for the time being there are good reasons lo celebrate as the cost of eaprtal has fallen, not least because of the impact on the c05t-of-living crisis. In thè first w*k of January, carbon prices rhed the lowest point in 14 nv)nths. This decline was driven by market disappointment wfih Ihe outcome of the COP28 summtt, Whe governments made climate ommilments. The downward ITetxl began weeks eadier when a draft agrment was released, omrtting references lo the phasing out of fossil fuels. However. there were posrtives. Nearty every untry woddwide agreed lo move away from fossil fuels during thi8 d{SiVe decade. The agreement also acknowledged that limiting global warniing to 1.5"C would require a nearty 500/0 reduction in emissions by 2030. One big Iherne of 2024 will be elections, with the US. UK and India set to go to the polls this year. In the UK we have seen more polrtical stabilty, wf(h onty one Prime Minister overthe last 12 months, despite wKIe- ranging economic and pO1cal challenges. The UK election probabty won't aher the Irajeclory of global financial markets, but it could have an impact on sterling. Meanwhile. investors will be very f¢xused on what the outcome ofthe US election will mean for America's debt trajectory. The resur( will also have a significant impact on geopolit8. from America's relalh?n$ with China to war in Ukraine and Israel. Cazenove Capital. 31 Decernber 2023
LLOYD'S BENEVOLENT FUND REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF LLOYD'S BENEVOLENT FUND FOR THE YEAR ENDED 31 DECEMBER 2023 Oplnlon We have audited the financial statements of Lloyd's Benevolent Fund Ilhe 'charty'l for the year ended 31 December 2023 which comprise the Ststement of Financial Activities, the Balan Sheet and notes lo the financial statements. including a summary of significant auntIng pdicies. The financial reporting framework that has been applied in their preparation is applicable law and Unf(ed Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standalll applicable in the UK and Republ of Ir8l&nd (Unrted Kingdom Generally Accepted AcuntIng Pract£). In our opinion the financial stalemenls-. gNe a true and fair view of the slate of the charity's affairs as at 31 December 2023 and of ils incoming sources and application of resources. for the period then ended,. have been propedy prepared in accordance with Vni(ed Kingd¢ Generally Accepted Aceounling Practice.. and have been prepared in accordance wlth the IUlrenrrtS of the Charrties Act 2011. Basls for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS {UK)l and applicable law. Our responsibilits'es ijnder those standards are further described in the Audilorfs responsibilities for Ihg audit of th8 financial statements Secti( of our report. We are independent of the ¢harrty in accordance with the ethical requirements that are relevant to our audri of the financial statements in the UK, including the FRC'S Ethical Stsndard, and we have futfilled our other ethal responsibiif(ies in accordance wrth these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinwt. Conclusions relating to golng concern In aud((ing the financial statements. we have concluded that the trustee's use of the going concern basi8 of accounting in the preparatn of the financial statements is appropri*. Based on the work we have perfomied, we have not Klentrfied any material UncertainlS relating to events or conditions that, individu81ty or collectivety, may cast significant doubl on the Charity's ability lo continue as a goin9 concem for a period of al least 12 months from when the financial ststemenls are auth0ri5ed for issue. Our responsibilf(ies and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. Other infomiation The other infomialvjn comprises the information included in the annual pOrt. including the trustees. report, other than the financial ststemenls and our aud((ols report Ihereon. The Iruslees a responsible for the other infomalion contained within the annual report. Ouropinion on the financial slalemenls does not cover the other infomialion and, except lo the extent othe1$e explicrtty Staled in our report. we do not express any form of assurance conclusion thereon. Our responsibility is to read the other inf0matn and, in doing so, consKler whether the other information is rnaterially inconsistent with the financrdl 51atements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misslaled. If we Klenlfy such material IrnSiStenCles or apparent material misstalemenls, we are required lo detemiine whether this gNes rise to a material misstatement in the financial statements themselves. If. based on the work we have performed. we conclude that there is material misstslemenl of this other infomialM)n. we are required lo report that fact. We have nothing lo report in this regard.
LLOYD'S BENEVOLENT FUND REPORT OF THE INDEPENDENT AUDrroRS TO THE TRUSTEES OF LLOYD'S BENEVOLENT FUND FOR THE YEAR ENDED 31 DECEMBER 2023 Icontlnuedl Matters on whSch we are requlred to report by exception In the light of the knowledge and undetstsnding ofthe chanty and rts environment obtained in the Coufse of the audit, we have not identified material misstatements in the trustees. report. We have nothing lo report in respect of the folkm.ng matters in reL4lion to which the Charities (Accounts and Reports) Regulations 2008 require us lo report to you rf, in our opinion.. the infomialion given in the financk?I statements is inconsislenl in any material respect with the Iruslees, report., or sufficient accounting records have not been kept., or the financial statements a not In agreement wrth the aceounting records.. or we have not recewed all the infomiation and 8xplanations we require for our audrt. Responslbllltles of trustees As explained more fulty in the trustees, responsibilities statement, the trustees are responsible for the preparation of financial slalements which gNe a true and fair view, and for such internal control as the trustees delerynine i8 necessary to enable the preparatson offinancial statements Ihat are free from material misslatemenl, whether due lo fraud error. In preparing the financi81 statements. the trustees are responsib for assessing the charity's abilty to continue as a going concern, disclosing, as applble. matters related to going concem and using the going concern basis of accounting unless the Iruslees erther intend to liqUate the charty or to cease operations, or have no realistic allematwe but lo do so. Auditoes rgsponslbllitles for the audit of the financial staternents We have been appointed as alitOr under sectK•n 144 of the Charities Act 2011 and ieport in accordance wf(h gUlationS made under section 154 of that Act. Our objectNes are to obtain reasonable assLFrance about whelher the financial ststements as a whole are free from material misslalement. whether due to fraud or error. and to issue an audttor's report that includes our opinh)n. Reasonable assurance is a high Ve1 of assurance bul is not 8 guarantee that an audit condu¢te<l in accordance with ISAS IUK) will aayS detect a material misstatement when il exists. Misstatements can arise from fraud or emr and are o)nsbJered material rf. individually or in the aggregate, they could reasonabty be expethd lo influence the economic dlsionS of usors taken on the basis of these fin8ncKal slatemenls. Irregularities, including fraud. are instances of non-cc*mplhqn with laws and regulations. We design procedures in line wf(h our responsibiltties, OLrtlined above, lo detect material misstatements in respect of irregularities, including fraud. The extent to whKh our procedures are capable of detecting irregularrties, including fraud is detailed below.. We Obtained an understanding of the legal and regulatory framework applKable to the enlily and the sector in which it operates, through discussions with management and those charged with govemance. We identified the financial reporting framework including but not limited lo Un(ted Kingdom Generalty Accepted AoUntIng Practice and the Charit5 A¢1 2011, D81a Protection Act 2018 and Bribery Act 2010 kgislation as being of spJnrfance in the context of the charity and rts ongoing actNrties.
Uoyrfs Benevolent Fund LLOYD'S BENEVOLENT FUND REPORT OF THE INDEPENDErAUDIToRs TO ThE TRUSTEES OF LLOYD'S BENEVOLENT FUND FOR THE YEAR ENDED 31 DECEMBER 2023 (Continued) We made enquiries with rnanagemenl and those charged with govemance lo confirm OLtr undeTstanding that the charity contsnued to comply with the applicable legal and regulatory framework and also lo confirm our understanding of the specffic policies and procedures enlisted by the charity to ensure ongoing cornpln. We assessed the susceptsbility of the chanty's financial Statements lo material misstatement. ncluding how fraud may 0Ur, and gained an understanding of the charity's policies and procedures on fraud risks through discussion with the charity's management. We considered the risk of material mi5Statent due to fraud as a result of possible management override of controls and improper revenue recognrtion. In addressing this risk of fraud we have tested the appropriateness of joumal entrFes and other adjustments including a sample of manual ioumals along with testing revenue recognitson and confimiing that cyl-off is appropriate. We communicated those laws and regulations considered relevant to the charity, and potential fraud risks to all engagement team members, and consider that the engagement team had the appropriate competence and capabilities lo identify or recognise non-compliance with laws and Tegulations, and remained alert to any indications of fraud throughout the audit Due to the inherent limitations of an audit, there is a risk that we wll not detect all irregularities, includin9 those leading lo a material misstatement in the financial ststemenls or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events 2nd transactions reflected in the financial Statents, as we will te less likely to become aware of instsnces of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional concealment, forgery. collusion, omission or misrepresentatron. 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.LsklaUditor5reswnsibilils. This description foms part of our auditorfs report. Use of our report This report is made solely lo the charity's trustees, a5 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 stsle to the charity's trustees those matters we are required lo state to them in an auditor's report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume fesponsibility 10 anyone other than the charity and the ch8rty's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Simpson Wreford & Partners Chartered Accountants & Statutory Audrtors Sufftjlk House George Street Croydon CRO OYN Date Simpson Wreford & Partners is elMJible to act as an audf(or in teS of section 1212 of the Companies Act 2006.
LLOYD'S BENEVOLENT FUND STATEMENT OF FINANCIAL ACTMTIES FOR THE PERIOD ENDED 31 DECEMBER 2023 Year ended 31 December 2023 £'ooo Peric¥J ended 31 December 2022 £'ooo Note INCOME: Donations Miscellaneous Investment inCe Total income 428 433 419 EXPENDITURE: Investment management fees Grants payabje lo individuals Salaries & associated costs Other expenditure Total expendrture 155) 12471 151} 1691 13001 1761 387 451 Nel movement in funds before gains and bsses 32 1181 Unrealised {lossl I gain Realised {105511 gain Nel Ik)ss) I gain on investments 1,122 12861 12 1,122 298 NET MOVEMENT IN FUND 1,154 13161 Reconclllatlon of funds: Total funds brought forward Total funds carried foThiard 13,825 14,979 13,825 The notes on pages 12 to 15 form part of these financial statements. io
LLOYD'S 8ENEVOLENT FUND BALANCE SHEEf AS AT 31 DECEMBER 2023 31 tmber 2W23 31 DÈ¢ernber 2022 INVESTMEprrs At mathet ValUatn 14,784 13,661 CURRE AS8Ers Debtors C88h al bank 19 202 221 171 CURRENT LIA81LrriES Credllors falling due within one year NET cURRErAsSErS 195 NEf ASSErs 14,979 13,825 FUNDS Unrestricted 14,979 13,825 Appro¥1 and aulhorised for Sssue by thg Board of TNstg9$ onsthj2trl4 and ned on their behaff by:_ R Ohlgon A Groom Deputy Ch?i Ch8irman an The notes cv) pages 12 to 15 fc¥m part of these financial slatements
LLOYD'S BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Ba$ls of aoUntIng The charity constitutes a Publ benefft entty as defined by FRS 102. In preparing the financial 51alements the fund foll¢y•VS best practice as laid down in the Statement of Recommended Practice 'Accounting and Reporting by Charrt. (Charrties SORP FRS 102) in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 and the Charrties Act 2011.They are drawn up on the historical accounting basis except that investments held as fixed assets are carried at market value. Going con¢em The financial ststements have been prepared on a going conrn basis as the trustees believe that no material uncertainties exist. The tru51ees have conSered the level of funds held and tho expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted incorne and expendf(ure is suffKient with the Ve1 of reserves for the charty lo be able lo continue as a going concern. t)onation5 and legacles DonatnS and legacies are induded in the statement of financial acts'vit$ when receNable. Investment Income Dividends from equty investments are taken into account on the due date of payment.. all other income is included by referen to the amount due in SpeCt of the &counling period. Gains and losses on inv8stsnents Gains or losses on disposals in the perM)d are cakulated by reference to the carying value of the holding as al the dale of s81e. Grants Grants are accounted for by reference lo the amount due in sPeCt of the accounting period. Admini8tratlon expenses The cost of office accommodatKJn. ccffnputing, ecffimunutn and accounting servi$ are bome by the Corporation of Lloyd's. Ml other administratK)n costs are bome by the Fund. Taxatlon The Foundation is e5tsblished as an exempt approved ¢hanty for taxation purposes. Investments Investments are stated al their market value at the dale of the balance sheet. Gains and 1055es on investments are taken directty lo the ststement of finanoal adNf(w. Debtors Debtors are recogni1 at the seltlemenl amount due. Short tem7 deposlts Short lem deposits include short term highty INuhd investments with 8 short maturity ofthree months or less from the date of acquisition. 12
LLOYD'S BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Icontinuedl 1. ACCOUNTING POLICIES (contlnuedl Credltors Credf(OfS are recognised where the charty has a present obligation resutting from a past event that will probably resuli in the transfer of funds to a third paty and the amount due to settle the obligation can be measured or estimated reliably. Credrtors are normally recognised at their settlement amount. Flnancial instrumgnts The ¢harty only has financial assets and financial liabilrtie5 of a kind that qualify as basic financial instrurnenls. Basic financial instruments are recogni5ed at amorti5e(I cost or as specrfied in the preceding accounting policies. As there are currentty no long term financial instruments, the transadKJn value and settlement value will be the same. 2. INVESTMENT INCOME Year ended 31 December 2023 £'ooo Pgriod ended 31 December 2022 £'ooo Overseas.. DNidends - Vanguard FTSE UK.. Dividend$- Aberdeen Found*ion Growth Fund 122 262 145 283 428 3, AUDITOR'S REMUNERATION Tre aLltOr'S remuneration constitLrted an audit fee of £2k (2022.. £2kl and non-audi( fees of £nil {2022.. £nill. A5 noted in the feport oflhe Trustees. the audrtor was paid forthe provision of bookkeeping services. This was for an arrn)unl of £5k {2022: £5kl and was paid by the corporab.on of Uoyd's. 4. STAFF COSTS AND NUMBERS The average number of employees was 1 12022: 11. An amount of £46k {period ended 31 December 2022.. £71kl in relation lo salar5 and £5k12022'. £5kl in relation to national insurance costs were incurred. There were no employees who received employee benefits of mre than £60.00012022.' rKJnel. 13
LLOYD'S BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2023 Icontinuedl 5. QUOTED INVESTMENTS 2023 Cash £'ooo Equity £'ooo Total £'DOO Market value brought foward Net Isalesl and purchases Net unrealised gainllbssl for the peri1 Net realised gainlllossl for the period Movements on cash account Market V81ue carried fonvard 13.628 33 13,661 1,122 1,122 14,784 2022 Cash £'ooD Equity £'ooo T¢)tsl £'ooo Market value brought forward Nel Isalesl and purchases Nel unrealised gainllloss) for the year Nel realised gainlllossl for the year Movements on cash account Market value carried forward 13,983 1571 1286) 112) 147 14.130 157} 12861 1121 114 13,661 114 33 13.628 DEBTORS Year ended 31 Decgmber 2023 £'ooo Perlod ended 31 December 2022 £'ooo Prepayments and accrued income 19 19 19 CREDITORS Year gnded 31 December 2023 £'ooo Perlod ended 31 Dec9mber 2022 £'ooo Accruals 26 26 26 26 KEY MANAGEMENT PERSONNEL The Fund's day lo day njnning is managed by the Secretary who is considered key management personnel along with the trustees. The total salary and penSn Costs for the year ended 31 Detsmber2023 were £46k (per ended 31 December2022.' £71kl whilst national insurance costs lotslled £5k (2022.. £5k}. 14
LLOYD'S BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 {ntInu} DISCLOSURE OF RELATED PARTY TRANSACTIONS AND TRUSTEE REMUNERATION The trustees receive no remuneration. No expenses were reimbursed in the period ending 31 December 202312022. £nill. Wrthin the perKJl, recruitmenl s$rvices of a value of £25k plus VAT. were Provided by Damhursl & Co., of which J Cooper, a Iruslee, is a director. These seNices were donated lo the charty. and as such are shrhyn wf(hin income and expendrture. There were no related party Ir8nsactKJns in the peri ended 31 Dpxember 2022. 15