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2025-04-05-accounts

Charity registration number 235225 (England and Wales)

THE CHARLES LLOYD FOUNDATION

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

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
Mitchell Charlesworth
Suites C,D,E, & F
14th Floor The Plaza
100 Old Hall Street
Liverpool
L3 9QJ
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 - 18

THE CHARLES LLOYD FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2025

The trustees have pleasure in presenting their report and the financial statements of the charity for the year ended 5 April 2025.

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the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.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:

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.

THE CHARLES LLOYD FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

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:

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 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 recognise a number of requests are for help towards significant projects and it takes time to secure the required funding and will often span a number of years.

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 £96,397 comprised income from the charity's investments. Expenditure totalled £84,892. The charity incurred an overall loss on investments of £64,266 leaving a deficit of £52,761.

At 5 April 2025 there was £2,383,714 held in the endowment fund and £237,527 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.

THE CHARLES LLOYD FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

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 (as amended 18 September 2024). 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 Davies 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 2026

THE CHARLES LLOYD FOUNDATION

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 5 APRIL 2025

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:

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.

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 2025.

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.

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:

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

Mitchell Charlesworth Suites C,D,E, & F 14th Floor The Plaza 100 Old Hall Street Liverpool L3 9QJ

Dated: 30 January 2026

THE CHARLES LLOYD FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025

Current financial year

**Unrestricted ** Endowment Total Total
funds funds
2025 2025 2025 2024
Notes £ £ £ £
Income from:
Investments 3 96,397 - 96,397 85,442
Total income 96,397 - 96,397 85,442
Expenditure on:
Raising funds 4 - 19,221 19,221 17,547
Charitable activities 5 65,671 - 65,671 48,121
Total expenditure 65,671 19,221 84,892 65,668
Net (losses)/gains on investments 10 - (64,266) (64,266) 154,232
Net movement in funds 30,726 (83,487) (52,761) 174,006
Fund balances at 6 April 2024 206,801 2,467,201 2,674,002 2,499,996
Fund balances at 5 April 2025 237,527 2,383,714 2,621,241 2,674,002

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

All income and expenditure derive from continuing activities.

THE CHARLES LLOYD FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

Prior financial year

**Unrestricted ** Endowment Total
funds funds
2024 2024 2024
Notes £ £ £
Income from:
Investments 3 85,442 - 85,442
Total income 85,442 - 85,442
Expenditure on:
Raising funds 4 - 17,547 17,547
Charitable activities 5 48,121 - 48,121
Total expenditure 48,121 17,547 65,668
Net gains/(losses) on investments 10 - 154,232 154,232
Net movement in funds 37,321 136,685 174,006
Fund balances at 6 April 2023 169,480 2,330,516 2,499,996
Fund balances at 5 April 2024 206,801 2,467,201 2,674,002

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

All income and expenditure derive from continuing activities.

THE CHARLES LLOYD FOUNDATION

BALANCE SHEET

AS AT 5 APRIL 2025

2025 2024
Notes £ £ £ £
Fixed assets
Investments 11 2,698,146 2,694,907
Current assets
Cash at bank and in hand 10,135 32,873
Creditors: amounts falling due within 13
one year (87,040) (53,778)
Net current liabilities (76,905) (20,905)
Total net assets 2,621,241 2,674,002
The funds of the charity
Endowment funds 14 2,383,714 2,467,201
Unrestricted funds
Designated funds 15 237,527 206,801
General unrestricted funds - -
237,527 206,801
Total charity funds 2,621,241 2,674,002

The accounts were approved by the Trustees on 30 January 2026

Mr T V Ryan Trustee

THE CHARLES LLOYD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

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.

THE CHARLES LLOYD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

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.

THE CHARLES LLOYD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

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. There are no critical accounting estimates or judgements in these accounts.

3 Investments

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Income from listed investments 96,397 85,442

4 Raising funds

Endowment Endowment
funds funds
2025 2024
£ £
Investment management fees 19,221 17,547
19,221 17,547

THE CHARLES LLOYD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

5 Charitable activities

Unresticted
Unresticted
Unresticted
funds funds
2025 2024
£ £
Grant funding of activities (see note 6) 60,733 42,000
Share of governance costs (see note 7) 4,938 6,121
65,671 48,121
Grants payable
2025 2024
£ £
Grants to institutions:
St Anne's Parish Church 20,000 -
St David’s Tywyn - 27,000
St Mary's Cathedral, Wrexham 50,000 -
Church of God Holy Spirit (9,267) -
St Winefred's Holywell - 15,000
60,733 42,000

6 Grants payable

Grants committed to in a prior year totalling £9,267 are no longer payable and have therefore been reversed in 2025.

7 Support costs

Support costs
Support
Governance		 2025 Support
Governance		 2024
costs costs costs costs
£ £ £ £ £ £
Legal and professional - 1,782 1,782 - 3,037 3,037
Independent examination - 1,616 1,616 - 1,584 1,584
Accountancy fees - 1,540 1,540 - 1,500 1,500
- 4,938 4,938 - 6,121 6,121
Analysed between
Charitable activities - 4,938 4,938 - 6,121 6,121

Legal and professional fees of £1,782 (2024: £3,037) 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 CHARLES LLOYD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year, or was reimbursed expenses (2024: £Nil).

9 Employees

There were no employees during the year (2024: None).

10 Net gains/(losses) on investments

Endowment Endowment Endowment
funds funds
2025 2024
£ £
Revaluation of investments (84,226) 147,548
Gain/(loss) on sale of investments 19,960 6,684
(64,266) 154,232

11 Fixed asset investments

Listed Cash in Total
investments portfolio
£ £
Cost or valuation
At 6 April 2024 2,676,945 17,962 2,694,907
Additions 338,847 - 338,847
Valuation changes (84,226) - (84,226)
Disposals (251,248) (134) (251,382)
At 5 April 2025 2,680,318 17,828 2,698,146
Carrying amount
At 05 April 2025 2,680,318 17,828 2,698,146
At 05 April 2024 2,676,945 17,962 2,694,907

THE CHARLES LLOYD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

12 Financial instruments 2025 2024
£ £
Carrying amount of financial assets
Debt instruments measured at amortised cost 27,962 50,835
Equity instruments measured at fair value through the SOFA 2,680,319 2,676,945
Carrying amount of financial liabilities
Measured at amortised cost 87,040 53,778
13 Creditors: amounts falling due within one year
2025 2024
£ £
Trade creditors - 1,873
Grant commitments payable within one year 79,000 44,267
Accruals and deferred income 8,040 7,638
87,040 53,778

THE CHARLES LLOYD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

15 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 6 April At 6 April Income Expenditure Expenditure Transfers Transfers At 5 April At 5 April
2024 2025
£ £ £ £ £
St Mary's Cathedral Wrexham 159,126 - (50,000) 128,401 237,527
St David's Tywyn 47,675 - - (47,675) -
General funds - 96,397 (15,671) (80,726) -
206,801 96,397 (65,671) - 237,527
Previous year: At 6 April Income Expenditure Transfers At 5 April
2023 2024
£ £ £ £ £
Designated funds 169,480 - (15,000) 52,321 206,801
General funds - 85,442 (33,121) (52,321) -
169,480 85,442 (48,121) - 206,801

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 applications for repairs to corpus and crucifix and renovations to the Bishops' house and their anniversary project. A grant application for their anniversary project of £50,000 has been committed with the potential for additional support for this project from remaining unrestricted funds leaving a balance of £237,527 remaining in designated funds at the year end.

St David's Tywyn - awaiting confirmation of the project proceeding, if this does not the funds to be returned to general unrestricted reserves to support other projects.

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THE CHARLES LLOYD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

17 Related party transactions

As per note 7, 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, was also an executive director of Quilter Cheviot, the Charity’s investment managers until his retirement on 31 March 2025. The amounts paid to Quilter Cheviot are disclosed in note 7 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.