2022-04-05-accounts

Charity registration number 235225

THE CHARLES LLOYD FOUNDATION

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

THE CHARLES LLOYD FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees	Mr T V Ryan
	Mr R C A Thorn
	Mr P Walters
	Mr S Davies
Charity number	235225
Independent examiner	Anita C Mason BA(Hons) BFP FCA
	BWM
	Tempest
	Suite 5.1
	12 Tithebarn Street
	Liverpool
	L2 2DT
Bankers	Lloyds Bank plc
	28 Regent Street
	Wrexham
	LL11 1SE
Solicitors	Allington Hughes Law
	10 Grosvenor Road
	Wrexham
	Flintshire
	LL11 1SD
Investment advisors	Quilter Cheviot Limited
	5 St Paul's Square
	Old Hall Street
	Liverpool
	L3 9SJ

THE CHARLES LLOYD FOUNDATION

CONTENTS

	Page
Trustees' report	1 - 3
Statement of trustees' responsibilities	4
Independent examiner's report	5
Statement of financial activities	6 - 7
Balance sheet	8
Notes to the accounts	9 - 19

THE CHARLES LLOYD FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2022

The trustees have pleasure in presenting their report and the financial statements of the charity for the year ended 5 April 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's trust deed, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

The accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

Objectives and activities

The objects of the trust are:

• to defray the future cost of building, enlarging, modernising, repairing, decorating and rebuilding cathedrals, churches, chapels, presbyteries and priests' houses belonging to the Roman Catholic Church in the trust area at the discretion of the trustees.

• the advancement of the religion in the trust area.

• the promotion and advancement of music, either religious or secular, for public appreciation or in or towards National Catholic Charities operating in the trust Area.

The area to benefit from the trust is confined to the Roman Catholic Dioceses of Menevia and Wrexham and to Roman Catholic charities operating in that area.

The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting the grant making policy for the year.

• 1 -

THE CHARLES LLOYD FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

Applications for Grants

Below are the rules on Grants sent to every applicant.

Requirements for Grant Applications:

A letter requesting a Grant. This is to be sent before the project starts and must include the diocese charity number.

4 copies of the following when details of the project are known:

• 1) Income and expenditure pages of the latest financial return

• 2) Plans and two estimates at least

• 3) What finances the parish can contribute

• 4) Approval of The Bishop

---

Once a grant application has been accepted for consideration, there is no restriction on work starting. You will be informed of the grant as soon as the September AGM of the foundation is over.

Grants will be paid only when the work has started.

The name of this foundation is to be kept confidential from the laity, but not from the Bishop or Diocese Trustees.

Review of developments, activities and achievements

The trustees consider their application process remains robust and while the trustees have received new requests there have been some delays in completion of the process to meet the requirements. The trustees are assisting with these to help them progress and provide support. The trustees recognise the assistance the distributions deliver to the projects supported and understand some of these take time in their overall planning so are reluctant to add their income to the endowment assets knowing this income generated is required when the project planning has been completed and progresses.

The trustees remain satisfied the projects supported have assisted the beneficiary parishes.

Financial review

The Statement of Financial Activities on page 6 of the accounts shows the charity's income of £72,777 comprised income from the charity's investments. Expenditure totalled £40,570. The charity incurred a total gain on investments of £151,243 leaving a surplus of £183,450.

At 5 April 2022 there was £2,486,812 held in the endowment fund and £129,350 held in designated funds which is set aside for pending applications.

Plans for the future

The trustees recognise the benefits that the financial support provides and makes a difference and will continue to engage with both Dioceses to provide further applications so that the income generated can be distributed.

• 2 -

THE CHARLES LLOYD FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

Reserves Policy

The Foundation has a permanent endowment, the purpose of which is to ensure a suitable income stream to finance the ongoing work of the charity.

The trust deed specifies that income arising in any year may be expended by the trustees in accordance with the terms of the trust, any funds committed but not spent in the year are set aside and designated accordingly.

Risk management

The trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.

Investment policy

The trust deed authorises the trustees to make and hold investments for the benefit of the charity.

The policy of the trust is to make suitable investments in order to ensure as far as possible that the trust can meet its objects in the short term without depleting its ability to meet those objects also in the longer term.

Structure, governance and management

The charity was founded by a deed of trust, dated 23 March 1964, as The Lloyd Trust. A supplemental deed dated 7 April 1988 altered the name of the trust to The Charles Lloyd Foundation and made minor adjustments to the original deed. The trust was registered with the Charity Commission in 1964.

The trustees who served during the year were: Mr T V Ryan Mr R C A Thorn Mr P Walters Mr S Davies

Mr S Davis also serves as a Deacon of Wrexham Diocese from which grant applications are often received. Any potential conflict of interest risk is managed by the trustees and noted when considering an application.

Appointment of trustees is governed by the trust deed of the charity. The board of trustees are authorised to appoint new trustees to fill vacancies arising through the death or resignation of an existing trustee.

Prospective trustees are invited to shadow existing trustees and attend a full trustee meeting for observation only.

The board of trustees meet twice a year.

The trustees' report was approved by the Board of Trustees.

Mr T V Ryan

Trustee Dated: 30 January 2023

• 3 -

THE CHARLES LLOYD FOUNDATION

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 5 APRIL 2022

The trustees are responsible for preparing the Trustees' 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 and 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 year.

In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping sufficient 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 Charity (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.

• 4 -

THE CHARLES LLOYD FOUNDATION

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE CHARLES LLOYD FOUNDATION

I report to the trustees on my examination of the financial statements of The Charles Lloyd Foundation (the charity) for the year ended 5 April 2022.

This report is made solely to the charity's trustee, as a body, in accordance with Section 145 of the Charities Act 2011. My examination has been undertaken so that I might state to the charity's trustee those matters I am required to state to them in an Independent Examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my examination, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

• I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or

• 2 the financial statements do not accord with those records; or

• 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Anita C Mason BA(Hons) BFP FCA

BWM Tempest Suite 5.1 12 Tithebarn Street Liverpool L2 2DT

Dated: 3 February 2023

• 5 -

THE CHARLES LLOYD FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5 APRIL 2022

Current financial year

Current financial year	Current financial year	Current financial year
Unrestricted Endowment funds funds 2022 2022 Notes £ £			Total	Total
	funds	funds
	2022	2022	2022	2021
	£	£	£	£
Income and endowments from:
Investments 3	72,777	-	72,777	64,954
Other income 4	-	-	-	250
Total income and endowments	72,777	-	72,777	65,204
Expenditure on:
Raising funds 5	-	17,143	17,143	14,525
Charitable activities 6	23,427	-	23,427	39,247
Total expenditure
	23,427	17,143	40,570	53,772
Net gains/(losses) on investments 11	-	151,243	151,243	513,650
Net movement in funds	49,350	134,100	183,450	525,082
Fund balances at 6 April 2021 Fund balances at 5 April 2022
	80,000	2,352,712	2,432,712	1,907,630
	129,350	2,486,812	2,616,162	2,432,712

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

• 6 -

THE CHARLES LLOYD FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

Prior financial year

Prior financial year	Prior financial year	Prior financial year
Unrestricted Endowment funds funds 2021 2021 Notes £ £			Total
	funds	funds
	2021	2021	2021
	£	£	£
Income and endowments from:
Investments 3	64,954	-	64,954
Other income 4	(707)	957	250
Total income and endowments	64,247	957	65,204
Expenditure on:
Raising funds 5	-	14,525	14,525
Charitable activities 6	39,247	-	39,247
Total expenditure
	39,247	14,525	53,772
Net gains/(losses) on investments 11	-	513,650	513,650
Net movement in funds	25,000	500,082	525,082
Fund balances at 6 April 2020 Fund balances at 5 April 2021
	55,000	1,852,630	1,907,630
	80,000	2,352,712	2,432,712

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

• 7 -

THE CHARLES LLOYD FOUNDATION

BALANCE SHEET

AS AT 5 APRIL 2022

Notes	2022	2022	2021	2021
	£	£	£	£
Fixed assets
Investments 12 Current assets	102,998 (37,124)	2,550,288 65,874 2,616,162	36,416 (32,590)	2,428,886
Cash at bank and in hand Creditors: amounts falling due within one year 14
Net current assets				3,826
Total net assets
				2,432,712
The funds of the charity
Endowment funds 15		2,486,812 129,350 2,616,162	80,000	2,352,712
Unrestricted funds	129,350
Designated funds 16
				80,000
Total charity funds				2,432,712
The accounts were approved by the Trustees on 30 January 2023
Mr T V Ryan
Trustee

• 8 -

THE CHARLES LLOYD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

1 Accounting policies

Charity information

The Charles Lloyd Foundation is a UK registered charity. The principal address is 10 Grosvenor Road, Wrexham, LL11 1SD.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's trust deed, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared on the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The Charity has taken advantage of the provisions in the SORP for Charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

1.2 Going concern

At the time of approving the accounts the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt the ‘going concern’ basis of accounting in preparing the accounts.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

The charity has a single permanent endowment. The endowment provides for the trustees to invest the capital in perpetuity, the income from which to be expended in accordance with the Trust Deed. Any unspent income at the year end is transferred back to the endowment fund in line with the trust deed.

Designated funds comprise unrestricted funds that have been set aside by trustees for a particular purpose. The aim and use of the designated funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Income from investments, including interest received, is included when receivable. Income from the endowment is credited to the unrestricted fund.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of the donation.

• 9 -

THE CHARLES LLOYD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

1 Accounting policies (Continued)

1.5 Expenditure

Expenditure is included in the statement of financial activities on an accruals basis, inclusive of any VAT which cannot be recovered. Expenditure, where directly attributable, is allocated to charitable activities and governance costs.

Direct charitable expenditure includes all expenditure incurred in the provision of charitable services, together with support costs, in pursuance of the charity's objectives.

Costs of raising funds consist of investment management fees.

1.6 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

1.8 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

• 10 -

THE CHARLES LLOYD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

1 Accounting policies

(Continued)

1.9 Taxation

The charity benefits from various exemptions from taxation afforded by tax legislation and is not liable to corporation tax on income or gains falling within those exemptions. Partial recovery is made of tax credits on UK dividend income.

The charity is not able to recover Value Added Tax. Expenditure is recorded in the accounts inclusive of VAT.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

• 11 -

THE CHARLES LLOYD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

3 Investments

Unrestricted Unrestricted funds funds 2022 2021 £ £	Unrestricted Unrestricted funds funds 2022 2021 £ £	Unrestricted Unrestricted funds funds 2022 2021 £ £	Unrestricted Unrestricted funds funds 2022 2021 £ £	Unrestricted Unrestricted funds funds 2022 2021 £ £
			funds	funds
			2022	2021
			£	£
Income from listed investments			72,777	64,954
Other income
Unrestricted Endowment funds funds general £ £
			Total	Total
	funds funds		2022	2021
	general
	£	£	£	£
Other income	-	-	-	250
For the year ended 5 April 2021		957
	(707)			250

4 Other income

Included in other income is unspent income of £nil (2021: £250) has been transferred to the endowment fund to be re-invested, in line with the trust deed.

5 Raising funds

Endowment Endowment funds funds 2022 2021 £ £	Endowment Endowment funds funds 2022 2021 £ £	Endowment Endowment funds funds 2022 2021 £ £
	funds	funds
	2022	2021
	£	£
Investment management	17,143	14,525
	17,143	14,525

• 12 -

THE CHARLES LLOYD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

• 6 Charitable activities

Unresticted funds Unresticted funds 2022 2021 £ £ Grant funding of activities (see note 7) 18,000 30,413 Share of governance costs (see note 8) 5,427 8,834 23,427 39,247 Grants payable 2022 2021 £ £ Grants to institutions: St David’s Tywyn 4,000 - St Mary's Cathedral - 1,287 St Francis of Assisi Milford Haven 10,000 - St David's Church 4,000 5,000 Our Lady Help of Christians - 2,859 Church of God Holy Spiit - 9,267 St Joseph's Church - 12,000 18,000 30,413	Unresticted funds Unresticted funds 2022 2021 £ £ Grant funding of activities (see note 7) 18,000 30,413 Share of governance costs (see note 8) 5,427 8,834 23,427 39,247 Grants payable 2022 2021 £ £ Grants to institutions: St David’s Tywyn 4,000 - St Mary's Cathedral - 1,287 St Francis of Assisi Milford Haven 10,000 - St David's Church 4,000 5,000 Our Lady Help of Christians - 2,859 Church of God Holy Spiit - 9,267 St Joseph's Church - 12,000 18,000 30,413	Unresticted funds Unresticted funds 2022 2021 £ £ Grant funding of activities (see note 7) 18,000 30,413 Share of governance costs (see note 8) 5,427 8,834 23,427 39,247 Grants payable 2022 2021 £ £ Grants to institutions: St David’s Tywyn 4,000 - St Mary's Cathedral - 1,287 St Francis of Assisi Milford Haven 10,000 - St David's Church 4,000 5,000 Our Lady Help of Christians - 2,859 Church of God Holy Spiit - 9,267 St Joseph's Church - 12,000 18,000 30,413
		2022
		£
Grant funding of activities (see note 7)		18,000
Share of governance costs (see note 8)		5,427
		23,427
Grants payable
Grants to institutions:
		2022
		£
St David’s Tywyn		4,000
St Mary's Cathedral		-
St Francis of Assisi Milford Haven	10,000
St David's Church	4,000
Our Lady Help of Christians	-
Church of God Holy Spiit	-
St Joseph's Church	-
	18,000

7 Grants payable

• 13 -

THE CHARLES LLOYD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

8 Support costs

Support costs
	Support costs Governance costs		2022 Support costs Governance costs			2021
	£	£	£	£	£	£
Legal and professional	-	2,793	2,793	-	6,326	6,326
Independent examination	-	1,334	1,334	-	1,270	1,270
Accountancy fees	-	1,300	1,300	-	1,238	1,238
	-	5,427	5,427	-	8,834	8,834
Analysed between
Charitable activities	-	5,427	5,427	-	8,834	8,834

Legal and professional fees of £2,793 (2021: £6,326) are charges paid to Allington Hughes Law for fees for the administration of the Foundation. Mr S Davies, a trustee of the Foundation is also a director within Allington Hughes Law. Payments to Allington Hughes Law are at a commercial rate and allowable under the trust deed.

The charity has paid £1,334 (2021: £1,270) to the accountants in relation to the independent examination of the accounts and £1,300 (2021: £1.238) in relation to accountancy services.

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year, or was reimbursed expenses (2021: £Nil).

10 Employees

There were no employees during the year (2021: None).

11 Net gains/(losses) on investments

Endowment Endowment funds funds 2022 2021 £ £	Endowment Endowment funds funds 2022 2021 £ £	Endowment Endowment funds funds 2022 2021 £ £
	funds	funds
	2022	2021
	£	£
Revaluation of investments	125,720	484,223
Gain/(loss) on sale of investments	25,523	29,427
	151,243	513,650

• 14 -

THE CHARLES LLOYD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

12 Fixed asset investments

Listed investments £ Cost or valuation At 6 April 2021 2,282,843 Additions 363,417 Valuation changes 125,720 Movements on capital & income accounts - Disposals (342,528) At 5 April 2022 2,429,452 Carrying amount At 05 April 2022 2,429,452 At 05 April 2021 2,282,843	Listed investments £ Cost or valuation At 6 April 2021 2,282,843 Additions 363,417 Valuation changes 125,720 Movements on capital & income accounts - Disposals (342,528) At 5 April 2022 2,429,452 Carrying amount At 05 April 2022 2,429,452 At 05 April 2021 2,282,843	Cash in portfolio	Total £ 2,428,886 363,417 125,720
	£
	2,282,843	146,043
	363,417	-
	125,720	-
	-	(25,207)	(25,207)
	(342,528)	-	(342,528)
			2,550,288 2,550,288 2,428,886 2021 £ 182,459 2,282,843 32,590 2021 £ 22,554 10,036 32,590
	2,429,452	120,836
	2,429,452	120,836
	2,282,843	146,043
13 Financial instruments		2022
Carrying amount of financial assets Debt instruments measured at amortised cost Equity instruments measured at fair value through the SOFA Carrying amount of financial liabilities Measured at amortised cost		£
		223,834
		2,429,452
		37,124
14 Creditors: amounts falling due within one year
Grant commitments payable within one year Accruals and deferred income		2022
		£
		28,554
		8,570
		37,124

• 15 -

THE CHARLES LLOYD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

15 Endowment funds

Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

Balance at 6 April 2020 £	Balance at 6 April 2020 £	Movement in funds	Movement in funds	Movement in funds	Movement in funds	Movement in funds	Movement in funds	Movement in funds	Movement in funds
		Income Expenditure Investments gains/losses Balance at 6 April 2021				Income Expenditure Investments gains/losses Balance at 5 April 2022
	£	£	£	£	£	£	£	£	£
Permanent endowments
Permanent endowment fund	1,852,630	957 957	(14,525)	513,650	2,352,712	- -	(17,143)	151,243	2,486,812
	1,852,630		(14,525)	513,650	2,352,712		(17,143)	151,243	2,486,812

• 16 -

THE CHARLES LLOYD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

16 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Balance at 6 April 2020 £	Balance at 6 April 2020 £	Transfers Balance at 6 April 2021 Resources expended	Transfers Balance at 6 April 2021 Resources expended	Transfers Balance at 6 April 2021 Resources expended	Transfers Balance at 5 April 2022	Transfers Balance at 5 April 2022
	£	£	£	£	£	£
			80,000 80,000
Designated funds	55,000	25,000		(4,000)	53,350	129,350
	55,000	25,000		(4,000)	53,350	129,350

Money has been designated for grant applications that are currently being considered by the trustees for the following pending applications;

St Mary's Cathedral Wrexham - Grant application for repairs to corpus and crucifix. £26,675 was designated during the year leaving the project with £66,675 at the year end.

St Winifride's Holywell - Grant application for new church heating system, £15,000 has been designated for

this project.

St David's Tywyn - Grant application for Presbytery roof and Steeple windows, £4,000 was spend during the year and a further £26,675 designated leaving the project with £47,675 at the year end.

• 17 -

THE CHARLES LLOYD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

17 Analysis of net assets between funds	17 Analysis of net assets between funds	17 Analysis of net assets between funds	17 Analysis of net assets between funds
Unrestricted funds Designated funds Endowment funds 2022 2022 2022 £ £ £ Fund balances at 5 April 2022 are represented by: Investments - 129,350 2,420,938 Current assets/(liabilities) - - 65,874 - 129,350 2,486,812				Total Unrestricted funds Designated funds Endowment funds				Total 2021 £ 2,428,886 3,826 2,432,712
	2022	2022	2022	2022	2021	2021	2021
	£	£	£	£	£	£	£
	-	129,350	2,420,938	2,550,288	-	80,000	2,348,886
	-	-	65,874	65,874	-	-	3,826
	-	129,350	2,486,812	2,616,162	-	80,000	2,352,712

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THE CHARLES LLOYD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

18 Related party transactions

As per note 8, payments were made to Allington Hughes Law for services in relation to the administration of the Foundation. Mr S Davies, a trustee, is a director at Allington Hughes Law.

Mr R C A Thorn, a trustee, is also an executive director of Quilter Cheviot, the charity's investment managers. The amounts paid to Quilter Cheviot are disclosed in note 5 and are at a commercial rate and allowable under the trust deed.

There were no other related party transactions.

The trustees are also the key management of the charity.

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