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|ReferenceandadministrativedetailsoftheTrust,itsTrusteesandadvisers||
|---|---|
|Trustees’report||
|Independentauditor'sreportonthefinancialstatements||
|Statementoffinancialactivities||
|Balancesheet||
|Statementofcashflows||
|Notestothefinancialstatements|13-25|





|Trustees|LockwellTrusteeLimited,CorporateTrustee|
|---|---|
||ThefollowingaredirectorsoftheCorporateTrustee:|
||MrJANCampbell|
||MsGECampbell|
||MrsJCChalmers,Chair|
||MrJMCampbell|
||DrCMPercy|
||MissACampbell|
||MrMCampbell|
||MissEGChalmers|
||MsJKBrown|
||MissRECampbell|
||MrCGPercy|
|Charityregistered||
|number|245061|
|Principaloffice|SpringfieldHouse|
||SpringfieldRoad|
||Horsham|
||WestSussex|
||RH122RG|
|Independentauditor|KrestonReevesLLP|
||CharteredAccountants|
||StatutoryAuditor|
||SpringfieldHouse|
||SpringfieldRoad|
||Horsham|
||WestSussex|
||RH122RG|
|Bankers|LloydsBankPlc|
||1WestStreet|
||Horsham|
||WestSussex|
||RH121PA|
|InvestmentAdvisors|CloseBrothersAssetManagement|
||10ExchangeSquare|
||PrimroseStreet|
||London|
||EC2A2BY|





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# 20/11/2023 



## 

|||Unrestricted|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2023|2023|2022|
||Note|£|£|£|
|Incomefrom:|||||
|Donationsandlegacies||23,000|23,000|100,000|
|Investments||712,997|712,997|487,577|
|Totalincome||<br>735,997|<br>735,997|<br>587,577|
|Expenditureon:|||||
|Raisingfunds||83,562|83,562|65,355|
|Charitableactivities||1,507,088|1,507,088|1,383,043|
|Totalexpenditure||<br> <br>1,590,650|<br> <br>1,590,650|<br> <br>1,448,398|
|Netexpenditurebeforenet(losses)/gainson|||||
|investments||(854,653)|(854,653)|(860,821)|
|Net(losses)/gainsoninvestments||(590,254)|(590,254)|1,389,482|
|Netmovementinfunds||<br> <br>(1,444,907)|<br> <br>(1,444,907)|<br> <br>528,661|
|Reconciliationoffunds:|||||
|Totalfundsbroughtforward||22,499,539|22,499,539|21,970,878|
|Netmovementinfunds||(1,444,907)|(1,444,907)|528,661|
|Totalfundscarriedforward||<br>21,054,632<br>|<br>21,054,632<br>|<br>22,499,539<br>|





## 

||||2023||2022|
|---|---|---|---|---|---|
||Note||£||£|
|Fixedassets||||||
|Investments|10||21,199,311||22,498,173|
||||21,199,311||22,498,173|
|Currentassets||||||
|Debtors|11|28,398||117,874||
|Cashatbankandinhand||44,903||55,097||
|||73,301||172,971||
|Creditors:amountsfallingduewithinone||||||
|year|12|(182,980)||(126,605)||
|Netcurrentliabilities/assets|||(109,679)||46,366|
|Totalassetslesscurrentliabilities|||21,089,632||22,544,539|
|Creditors:amountsfallingdueaftermore||||||
|thanoneyear|13||(35,000)||(45,000)|
|Netassetsexcludingpensionasset|||21,054,632||22,499,539|
|Totalnetassets|||21,054,632||22,499,539|
|Charityfunds||||||
|Restrictedfunds|||-||-|
|Unrestrictedfunds||||||
|Generalfunds||21,054,632||22,499,539||
|Totalunrestrictedfunds|||21,054,632||22,499,539|
|Totalfunds|||21,054,632||22,499,539|





## 

||2023|2022|
|---|---|---|
|Cashflowsfromoperatingactivities|||
|Netcashusedinoperatingactivities|(1,046,211)|6,818,193|
|Cashflowsfrominvestingactivities|||
|Proceedsfromsaleofinvestments|1,766,678|1,404,146|
|Purchaseofinvestments|(730,661)|(8,221,382)|
|Netcashprovidedby/(usedin)investingactivities|1,036,017|(6,817,236)|
|Changeincashandcashequivalentsintheyear|(10,194)|957|
|Cashandcashequivalentsatthebeginningoftheyear|55,097|54,140|
|Cashandcashequivalentsattheendoftheyear|44,903|55,097|
|Thenotesonpages13to25formpartofthesefinancialstatements|||





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|4.|Incomefromdonationsandlegacies|
|---|---|
||Legacies|
||Legacies|
|5.|Investmentincome|



|Unrestricted|Total|
|---|---|
|funds|funds|
|2023|2023|
|£||
|23,000|23,000|
|Unrestricted|Total|
|funds|funds|
|2022|2022|
|£|£|
|100,000|100,000|



||Unrestricted|Total|
|---|---|---|
||funds|funds|
||2023|2023|
||£|£|
|Incomefromlocallistedinvestments|384,586|384,586|
|Investmentincome-foreignlistedinvestments|254,784|254,784|
|Investmentincome(CPAgrossinterestreceivable)|3,826|3,826|
|Investmentincome-otherlocalinvestments|23,925|23,925|
|Investmentincome-otherforeigninvestments|45,876|45,876|
||712,997|712,997|



||Unrestricted|Total|
|---|---|---|
||funds|funds|
||2022|2022|
||£|£|
|Incomefromlocallistedinvestments|109,494|109,494|
|Investmentincome-foreignlistedinvestments|307,403|307,403|
|Investmentincome-localcash|83|83|
|Investmentincome-otherlocalinvestments|19,726|19,726|
|Investmentincome-otherforeigninvestments|50,871|50,871|
||487,577|487,577|





## 

## 

## 

|Grantsto|Total|
|---|---|
|Institutions|funds|
|2023|2023|
|£|£|
|1,479,500|1,479,500|
|Grantsto|Total|
|Institutions|funds|
|2022|2022|
|£|£|
|1,355,500|1,355,500|





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||Grant|||
|---|---|---|---|
||fundingof|Support|Total|
||activities|costs|funds|
||2023|2023|2023|
||£|£|£|
|Directcosts|<br>1,479,500|<br>27,588|<br>1,507,088|
||Grant|||
||fundingof|Support|Total|
||activities|costs|funds|
||2022|2022|2022|
||£|£|£|
|Directcosts|1,355,500|27,543|1,383,043|
|Analysisofsupportcosts||||
||||Total|
|||Activities|funds|
|||2023|2023|
|||£|£|
|Supportcosts-bankcharges||144|144|
|Supportcosts-Auditors’nonauditcosts||14,271|14,271|
|Governancecosts||13,173|13,173|
|||27,588|27,588|
||||Total|
|||Activities|funds|
|||2022|2022|
|||£|£|
|Supportcosts-bankcharges||99|99|
|Supportcosts-Auditors’nonauditcosts||13,172|13,172|
|Governancecosts||14,272|14,272|
|||27,543|27,543|





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## 

||2023|2022|
|---|---|---|
||£|£|
|FeespayabletotheTrust'sauditorfortheauditoftheTrust'sannual|||
|accounts|14,271|14,272|
|FeespayabletotheTrust'sauditorinrespectof:|||
|Allnon-auditservicesnotincludedabove|13,173|13,172|



## 

## 

||Listed||||
|---|---|---|---|---|
||investments|Cash|Total||
||£|£|£||
|Costorvaluation|||||
|At6April2022|22,083,975|414,198|22,498,173||
|Additions|730,661|-|730,661||
|Disposals|(1,766,678)|314,779|(1,451,899)||
|Revaluations|(577,624)|-|(577,624)||
|At5April2023|<br> <br>20,470,334|<br> <br>728,977|<br> <br>21,199,311|<br>|
|Netbookvalue|||||
|At5April2023|20,470,334|728,977|21,199,311||
|At5April2022|<br>22,083,975<br>|<br>414,198<br>|<br>22,498,173<br>|<br> <br>|
|Attheyearend,thehistorical|costofthelistedsecuritiesheldbytheTrust|<br>is£15,403,353(2022||-|
|£16,409,960).|||||
|Withinlistedsecuritiesareoverseasinvestmentswithafairvalueof£13,361,283(2022-£12,563,731).|||||
|AllotherlistedinvestmentsareatfairvaluewithintheUnitedKingdom.|||||





## 

## 

|11.|Debtors|||
|---|---|---|---|
|||2023|2022|
||Duewithinoneyear|||
||Prepaymentsandaccruedincome|24,918|14,395|
||Taxrecoverable|3,480|3,479|
||Legaciesreceivable||100,000|
|||28,398|117,874|
|12.|Creditors:Amountsfallingduewithinoneyear|||
|||2023|2022|
|||£|£|
||Othercreditors|145,500|85,000|
||Accrualsanddeferredincome|37,480|41,605|
|||182,980|126,605|
|13.|Creditors:Amountsfallingdueaftermorethanoneyear|||
|||2023|2022|
||Othercreditors|35,000|45,000|
|14.|Analysisofnetassetsbetweenfunds|||
||Analysisofnetassetsbetweenfunds-currentyear|||
|||Unrestricted|Total|
|||funds|funds|
|||2023|2023|
|||£|£|
||Fixedassetinvestments<br>Tradeinvestments<br>Currentassets<br>Creditorsduewithinoneyear<br>Creditorsdueinmorethanoneyear|20,470,334<br>728,977<br>73,301<br>(182,980)<br>(35,000)|20,470,334<br>728,977<br>73,301<br>(182,980)<br>(35,000)|
||Total|21,054,632|21,054,632|





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||Unrestricted|Total|
|---|---|---|
||funds|funds|
||2022|2022|
||£|£|
|Fixedassetinvestments|22,083,975|22,083,975|
|Tradeinvestments|414,198|414,198|
|Currentassets|172,971|172,971|
|Creditorsduewithinoneyear|(126,605)|(126,605)|
|Creditors dueinmorethanoneyear|(45,000)|(45,000)|
||22,499,539|22,499,539|



## 

## 

||||||||||2023|2022|
|---|---|---|---|---|---|---|---|---|---|---|
||||||||||£||
|Net<br>income/expenditure|for|the|<br>year|(as|<br>per|Statement|of|Financial|||
|Activities)|||||||||(1,444,907)|528,661|
|Adjustmentsfor:|||||||||||
|Unrealisedloss/(gains)on|investments||||||||991,822|(1,576,557)|
|Decreaseindebtors|||||||||85,793|7,845,266|
|Increaseincreditors|||||||||46,375|20,823|
|Netcashprovidedby/(used||in)|operating||activities||||(320,917)|6,818,193|



## 

|||2023|2022|
|---|---|---|---|
|||£||
|Cash|inhand|44,903|55,097|
|Total|cashandcashequivalents|44,903|55,097|





## 

## 

|Cashat|bankand|in|hand|At|6April<br>2022<br>£<br>55,097|Cashflows<br>£<br>(10,194)|At5April<br>2023<br>£<br>44,903|
|---|---|---|---|---|---|---|---|
||||||<br>55,097|<br>(10,194)|<br>44,903|



## 

|Thegrantcommitmentsdetailedbelowarenotrecognisedasaccrualsbecauseasat|Thegrantcommitmentsdetailedbelowarenotrecognisedasaccrualsbecauseasat|theyearendno|theyearendno|
|---|---|---|---|
|obligationsexisted<br>inrespectofthesegrants.TheTrust hadnotindicated|itsintentionstothegrant|||
|recipients,thereforenovalidexpectationwascreatedwiththeotherparties.||||
||2023||2022|
||£||£|
|At5April2023theTrusthadcommitmentsasfollows:||||
|Commitmentsinrespectofgrantsapprovedforprojectswhichhave||||
|notbeenaccruedinthefinancialstatementsbutwillformpartof||||
|grants:||||
|Withinoneyear|52,000||65,000|
|Betweenoneandtwoyears|-||40,000|
||52,000||105,000|
|ReconciliationoftheGrantCommitments|2023||2022|
|||£|£|
|Openinggrantcommitment|105,000||72,000|
|ChargedtotheStatementofFinancialActivityintheyear|(90,000)||(65,000)|
|Newgrantcommitmentsintheyear|37,000||98,000|
||52,000||105,000|





## 

|Totalcharitablegrantspayableandcommitted|2023|2022|
|---|---|---|
||£|£|
|Accrued|180,500|130,000|
|Commitment(above)|52,000|105,000|
||232,500|235,000|



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