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2024-12-31-accounts

LLOYD’S BENEVOLENT FUND

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2024

LLOYD’S BENEVOLENT FUND

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Page
Report of the Trustees 1-4
Statement of the Trustees' responsibilities 5
Report of the investment manager 6
Report of the independent auditors 7-9
Statement of financial activities 10
Balance sheet 11
Notes to the financial statements 12-15

LLOYD’S BENEVOLENT FUND

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

TRUSTEES AND OFFICIALS

Registered number 207231
Address Lloyd’s of London
One Lime Street
London
EC3M 7HA
020 7327 6453
Trustees R Ohlson (Chairman)
V Ashford
M Aylward
J Cooper
S Coryn
S Deenally
G Findlay (Retired May 2024)
A Groom
A Gupta
M Harvey
M McLean
R Sedgwick-Rough
Secretary D Whetstone
Investment Advisors Cazenove Capital Management
1 London Wall Place
London
EC2Y 5AU
Auditors TC Group
Suffolk House
George Street
Croydon
CR0 0YN
Bankers National Westminster Bank PLC
PO Box 12258
1 Princes Street
London
EC2R 8PA

1

LLOYD’S BENEVOLENT FUND

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 (continued)

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 year ended 31 December 2024.

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 12 and comply with the Fund’s rules and applicable law.

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 the Fund rests with the trustees. The Fund is supported by a Secretariat working under the direction of the trustees, employed by the Corporation of Lloyd’s and supported by the wider Charity Partnerships team. Delegated authority is given to the Charity Partnerships team at Lloyd’s, an outsourced finance team (TC SWP Ltd) and Lloyd’s Treasury and Investment Management to advise and assist as per the Fund’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 £59,000 for the year ended 31 December 2024 (period ended 31 December 2023: £55,000). 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.

CHARITY GOVERNANCE CODE

The Board of Trustees oversees the charity’s governance policies and procedures and regularly reviews procedures to ensure that all work undertaken is in line with the Charity Governance Code. Whilst the Code is not a legal or regulatory requirement, it sets out the principles and recommended practice for good governance. The Board recognise that good governance is fundamental to the charity’s success and strives to develop high standards of governance.

2

LLOYD’S BENEVOLENT FUND

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 (continued)

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.

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 £77,000 from £247,000 in the period ended 31 December 2023 to £324,000 in the year ended 31 December 2024.

There were 23 regular beneficiaries receiving grants as at 31 December 2024 (31 December 2023: 20 beneficiaries). No beneficiaries ceased during the period. There were three new beneficiaries.

In addition, 12 one-off grants were made in the year.

ACKNOWLEDGEMENTS

No donations were received in the year (period ended 31 December 2023: £30,000).

3

LLOYD’S BENEVOLENT FUND

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 (continued)

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 the 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

The 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 2024 totalled £16,599,000 (31 December 2023: £14,979,000) which are available at the discretion of the Trustees to meet the continuing requirements of the Fund.

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 year was a decrease of £41,000 (period ended 31 December 2023: increase of £32,000). The net gain on investments for the year was £1,661,000 (year ended 31 December 2023: gain of £1,122,000).

Approved by the Board of Trustees on 3[rd] June 2025 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 YEAR ENDED 31 DECEMBER 2024

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 YEAR ENDED 31 DECEMBER 2024

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
Description Market Value £
Portfolio Weight%
Equities 15,873,136
96.5%
UK 7,913,054
48.1%
Abrdn UK All Share Tracker Fund 7,913,054
48.1%
Global 7,960,082
48.4%
Vanguard FTSE All-Wrld ETF -GBP 7,960,082
48.4%
Cash 577,219
3.5%
JP Morgan Liquidity Fund 130,173
0.8%
Investment Capital Account 419,509
2.5%
Investment Income Account 27,537
0.2%
Total 16,450,355
100.0%

Source, Cazenove Capital as at 31.12.24

Economic and Market outlook

US stocks concluded their best two-year stretch in 25 years, as 2024 marked the second consecutive double-digit returns for the S&P 500. The Magnificent Seven technology companies once again led the way, accounting for 55% of the S&P 500 return, building on their contribution of 63% of the return in 2023. The final quarter of the year saw a dramatic shift in the global landscape, with Donald Trump winning the US election in November. US equities rallied following the election results, driven by optimism regarding deregulation and tax cuts. However, gains were later tempered by concerns about trade wars and rising inflation, which also dragged down other regions.

Looking ahead, we expect the global economy to continue to deliver growth in the region of 2.5-3% over the next couple of years. While this is broadly in line with the growth rates of 2023 and 2024, the relative stability masks significant shifts at the country level, with stronger growth expected in the US offset by weaker growth elsewhere. Trump's plan to cut taxes and reduce regulation should boost US growth in 2025 and 2026. However, faster growth may exacerbate inflationary pressures from potential tariffs and immigration restrictions, which could limit the scope for interest rate cuts. In the UK, the Labour government's mildly expansionary budget may indicate that inflation is unlikely to return to the Bank of England's 2% target on a sustained basis. Consequently, interest rates are likely to fall only gradually, and the UK is expected to struggle with growth.

Economic fundamentals suggest that 2025 should be another positive year for equities. The challenge is that downside risks are greater than before; the prospect of an all-out trade war looms large, the outlook for interest rates is more uncertain, and government debt continues to rise.

Subsequent to the balance sheet date, there has been significant uncertainty and volatility in investment markets, but overall the impact is not considered material to the investment performance or annual income.

Cazenove Capital, 31 December 2024

6

LLOYD’S BENEVOLENT FUND

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF LLOYD’S BENEVOLENT FUND FOR THE YEAR ENDED 31 DECEMBER 2024

Opinion

We have audited the financial statements of Lloyd’s Benevolent Fund (the ‘charity’) for the year ended 31 December 2024 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 trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

7

LLOYD’S BENEVOLENT FUND

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF LLOYD’S BENEVOLENT FUND FOR THE YEAR ENDED 31 DECEMBER 2024 (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:

8

LLOYD’S BENEVOLENT FUND

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF LLOYD’S BENEVOLENT FUND FOR THE YEAR ENDED 31 DECEMBER 2024 (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 members, as a body, in accordance with the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to him 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.

Patrick du Cassé (Senior Statutory Auditor) For and on behalf of TC Group Statutory Auditors Suffolk House George Street Croydon CR0 0YN

Date: 3[rd] June 2025

TC Group is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

9

LLOYD’S BENEVOLENT FUND

STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31 DECEMBER 2024

Note
INCOME:
Donations
Interest income
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		 Year ended 31
December
2024
£'000
-
8
417
425
(59)
(324)
(52)
(31)
(466)
(41)
1,641
20
1,661
1,620
14,979
16,599		 Year ended 31
December
2023
£'000
30
5
384
419
(55)
(247)
(51)
(34)
(387)
32
1,122
-
1,122
1,154
13,825
14,979

The notes on pages 12 to 15 form part of these financial statements.

10

LLOYD’S BENEVOLENT FUND

BALANCE SHEET AS AT 31 DECEMBER 2024

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
2024
£'000
16,450
19
156
175
(26)
149
16,599
16,599		 31 December
2023
£'000
14,784
19
202
221
(26)
195
14,979
14,979

Approved and authorised for issue by the Board of Trustees on 3[rd] June 2025 and signed on its behalf by:-

R Ohlson Chairman

A Groom Deputy Chairman

The notes on pages 12 to 15 form part of these financial statements

11

LLOYD’S BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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) 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 Trustees consider that there are no material uncertainties regarding the Fund’s ability to continue as a going concern. The Trustees therefore consider it appropriate for the financial statements to be prepared on a going concern basis. 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 payable

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.

12

LLOYD’S BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (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		 Year ended
31
December
2024
£’000
124
293
417		 Year ended
31
December
2023
£’000
122
262
384

3. AUDITOR’S REMUNERATION

The auditor’s remuneration constituted an audit fee of £2,000 (2023: £2,000) and non-audit fees of £1,600 (2023: £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 £6,000 (2023: £5,000) and was paid by the Corporation of Lloyd’s.

4. STAFF COSTS AND NUMBERS

The average number of employees was 1 (2023: 1).

An amount of £48,000 (year ended 31 December 2023: £47,000) in relation to salaries and pension costs and £4,000 (2023: £4,000) in relation to national insurance costs were incurred. There were no employees who received employee benefits of more than £60,000 (2023: none).

13

LLOYD’S BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (continued)

5. QUOTED INVESTMENTS

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		 2024
Equity
Cash
£’000
£’000
14,750
34
(408)
-
1,641
-
20
-
-
413
16,003
447
2023
Equity
Cash
£’000
£’000
13,628
33
-
-
1,122
-
-
-
-
1
14,750
34
Year
ended 31
December
2024
£’000
19
19
Year
ended 31
December
2024
£’000
26
26		 2024
Cash
£’000
34
-
-
-
413














Total
£’000
14,784
(408)
1,641
20
413
447 16,450
2023
Cash
£’000
33
-
-
-
1		 Total
£’000
13,661
-
1,122
-
1
34 14,784
Year
ended 31
December
2023
£’000
19
19
Year
ended 31
December
2023
£’000
26
26

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 year ended 31 December 2024 were £48,000 (period ended 31 December 2023: £47,000) whilst national insurance costs totalled £4,000 (2023: £4,000).

14

LLOYD’S BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (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 2024 (2023: £nil).

There were no related party transactions in the period ended 31 December 2024.

There was one related party transaction in the period ended 31 December 2023. Recruitment services of a value of £25,000 plus VAT, were provided by Damhurst & Co., of which J Cooper, a trustee, is a director. These services were donated to the charity, and as such are shown within income and expenditure.

15