2023-04-05-accounts - The C L Loyd Charitable Trust

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C L LOYD'S CHARITABLE TRUST FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2023

C L LOYD’S CHARITABLE TRUST

I N D E X

Year ended 5 April 2023

	Page
General information	2
Trustees’ report	3
Statement of Trustees’ responsibilities	4
Independent examiner’s report	5
Statement of financial activities	6
Balance sheet	7
Notes to the financial statements	8

C L LOYD’S CHARITABLE TRUST

G E N E R A L I N F O R M A T I O N

Year ended 5 April 2023

Settlor C L Loyd Date of settlement 6 November 1972 under deed Registered number 265076 Trustees T C Loyd Mrs A C Loyd Independent examiner G P Smye-Rumsby ACA CTA Dixon Wilson 22 Chancery Lane London WC2A 1LS Investment manager Rathbone Investment Management 8 Finsbury Circus London EC2M 7AZ Hon Secretary and principal office T C Loyd Lockinge Estate Office Ardington Wantage Oxon OX12 8PP Bankers Coutts & Co 440 Strand London WC2R 0QS

C L LOYD'S CHARITAOLE TRusr TRUSTEES REPOR T Year •Thd S Aprll 2023 The pbjettfve of the Trurt Is to provide grants for charlttble purposes In the Unl¢ed Klrydom and elsewher& The Trystees havlng regard to the Publ1¢ Benefit Guldan¢e publlshed by the Chdty Commlsslon In ¥¢ordance vAth $ectlon 17 of the Ch2rltles Att 2011. Conslder that the Purp and ace& of the tharlty SI3fy the requlrements of the publ1¢ bend¢ ¢es¢ set out In secdon 4 of the same ACL A¢hlevem*nts and perfomian¢• A [1st of dSstrfbudons made In the year ended S Aprfl 2023 appears In note S to the financ121 statements. Durfng the y¢ar the tNstees coThdnued to make donadon$ to a rary of charhable orpnisations t¢)tslllng UI&S6712022 - £49.295). Of thts amoun1 £82.567 {2021- £26.QW) was pld to1o¢al ¢harlfabl¢ org4n15atlons. Flnanclal revl¢w The Trustees are sat1511ed wth the Ilnan¢W poshlon of the Charlty. At the end of the year. the Investnwnt pordollo VAS valued at £3,171,94112022- £3,444.185)- The Tte8S have noted the staDJtory duty of care required by the Trustee Art 2000, in reknon to their hokllng sulrable Investments and the ne8d for dNerslflcatbon of Investments so far Is approprfate to the clrcumstsnces of the TrusL The investment policy seeks to baTree capital growth and Income with a medlum rlsk profile. The APCIMS Ballnce Index is used as a benchmark against which the fund mawer Is assessed on perfornNnc& The porthlS0 under- performed the APCIMS Bafanced Ind In the year. The Tru5tee5' policy 15 to distribute income a5 soon a5 practicabl& There wa5 an income reserve of £18.29012022 - £57,834) at the year emd. Endowrnent fund investments are held to ¥ener3te incom4 from whach 8rants are awarded. The rharity doES not opernte an'ethlcal InYe51rnent polirf,. The Trustees have a5se5sed the Impa£¢ ol the owing conflic¢ in Ukraine and it5 effett on financi markets on the ability of the Charity to convnue as 4 going concern. There were reallsed and unrealised net losses In the year of 1301,498 (2022 - £94,448 gains) as shown in Nore 6 to the finan¢il statements. The Charity 5ti11 retain5 very considerable reserves. The TnJstees hve therefore prepared the financial statements pn the Koing concern bdsi%. Th¢ Trust ts an unlntorporat¢d trusL construrted under a Trust Deed dated 6 November 1972 and 15 a rewred charity, number 265076. The Trnst's principal office is shown on p4e 2. The Trurtees are T C Ltsyd and Mr5 A C Loyd. The Trurt [5 CO[rised of endable Endowment Funds, from which lund5 can be distributsd to charlty whhout conditi'ons, and Unre5tritted Funds made up of accumulated income Spent at the year end. Trnnsfers can be effe¢¢ed from the Endowment Funds to the Unrestricted Funds to cover any shortfall of income. Trustees are appointed by the current Trustees in accordance the provisions of the Trurtee A¢¢ 1925. The induction of any new Trustee, whKh invofvo5 awareness of the history and approach of the charity and their responsibilities. lies the Tru5tee5. The Trustee$ meet from dme to tirne to consider goals and review inye5tjn rnserves and risk manègement pollcles. Although the Tnjstees make some grants with formal application5, they norrnalty require organisations to submit a request saying how the fvnds coutd be used, what wjId be achieved, and how this would add to publsc benefiL Grnnts are only glven co recozntsed Maonal charitie5 and to local charities of which the Trustee5 have first-hand knowledge tt they are property and efficIen run. The day to day admlntstfdtson of the chartty 1$ carried out by the Trustees and the Investynent poll¢y 1$ Implemented by the Snv¢stment manager shown on page 2. The malor rtsks to vknkh the Twrt may be &¥posed. ts fjdentfjfied by the Trustees. haye been reviewed to confirm that syrtems where approprlat< exirt to mfjtsDte those risks. On b¢halfof the frust¢es TCLOYD Trustee z[z 2024

C L LOYD’S CHARITABLE TRUST

S T A T E M E N T O F T R U S T E E S ’ R E S P O N S I B I L I T I E S

Year ended 5 April 2023

Trustees’ responsibilities in relation to the financial statements

The Trustees are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. 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 period. In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles of the Charities SORP;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any 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 business.

The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy 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.

C L LOYD’S CHARITABLE TRUST

I N D E P E N D E N T E X A M I N E R ’ S R E P O R T

Year ended 5 April 2023

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF C L LOYD’S CHARITABLE TRUST

I report to the trustees on my examination of the accounts of the Trust for the year ended 5 April 2023.

Responsibilities and basis of report

As the charity trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). You are satisfied that an audit is not required for this year under charity law and that an independent examination is needed.

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable directions given by the Charity Commission under section 145(5)(b) of the Act. Dixon Wilson, a firm of Chartered Accountants of which I am a partner, has provided bookkeeping services to the Trust and I have applied the FRC’s Revised Ethical Standard in carrying out my examination.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the accounts present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.

Independent examiner’s statement

I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
the accounts do not accord with those records; or
the accounts 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; or
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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

…………………………………

G P SMYE-RUMSBY ACA CTA Dixon Wilson 22 Chancery Lane London WC2A 1LS 5 February …………………. 2024

C L LOYD’S CHARITABLE TRUST

S T A T E M E N T O F F I N A N C I A L A C T I V I T I E S

Year ended 5 April 2023

Expendable Unrestricted Endowment Note funds funds £ £ Income and endowments from: Donations and legacies 1,863 - Investments 3 59,059 - Total income and endowments 60,922 - Expenditure on: Raising funds - 13,555 Charitable activities 4 99,806 - Total expenditure 99,806 13,555 (Losses) / gains on investments 6 - (301,498) Net income (38,884) (315,053) Transfer between funds (660) 660 Net movement in funds (39,544) (314,393) Reconciliation of funds: Total funds brought forward at 6 April 2022 57,834 3,515,044 Total funds carried forward at 5 April 2023 (page 7) 18,290 3,200,651	Total 2023 £ 1,863 59,059 60,922 13,555 99,806 113,361 (301,498) (353,937) - (353,937) 3,572,878 3,218,941	Total 2022 £ - 57,583 57,583 15,017 52,380 67,397 94,448 84,634 - 84,634 3,488,244 3,572,878

A breakdown of prior period financial activities by fund is shown in note 2.

C L LOYD'S CHARITABLE TRUST ALANCE SHEET At 5 April 1023 2023 2022 Plx¢d assets Investsrtents 3,171,941 3.444.185 Cumnt w•ts Debtor5 Cash at bank and in hand 498 135.353 10 53.5 535 135,851 CrlIt0 amourbts falllng due vAthkn ¢)nè ar Net cuThent ats {6.5CQ) 47,(w)) (7,158) 128.693 Totsl *sséts lesg currert Ilabllltl•s 3.21&941 3,572,878 Trurt Funds (paze 6) Unrestrirted funds ExF¢ndJbl¢ Endowment fund5 Total charity fvnd$ 18290 3,200,651 57.834 3515,044 3218.941 3.572.878 The financial statements on pages 6 to 12 were approved by the Trustees on d on their behalf ty. 2 February 2024 and were TCLOYD MRS A C LOYD 0210212024

C L LOYD’S CHARITABLE TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 5 April 2023

1. Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing accounts in accordance with the Financial Reporting Standard 102 (FRS 102), the applicable UK Accounting Standards and the Charities Act 2011.

The financial statements have been prepared under the historic cost convention, with the exception that investments are included at market value.

The financial statements are presented in pounds sterling which is the functional currency of the Trust and rounded to the nearest £.

Funds

Both Unrestricted funds and Expendable Endowment funds are available for use at the discretion of the Trustees in furtherance of the general charitable objectives. Expendable Endowment funds are capital funds held to generate income to fund donations and are shown separately from Unrestricted funds in these accounts for the purposes of management.

Income

Investment income is recognised when the charity becomes entitled to dividend and interest income in the period in which it is earned.

Expenditure

Investment management fees are recognised when incurred and are charged to capital.

Grants

Grants are recognised when the charity is committed to making the donation.

Investments

Realised and unrealised gains and losses on investments are shown net in the statement of financial activities. Investments are held at fair value, which is the market bid price at the balance sheet date.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. Financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Public benefit

The charity is a public benefit entity.

C L LOYD’S CHARITABLE TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 5 April 2023

2. Prior period financial activities by fund Expendable Unrestricted endowment funds funds £ £ Income and endowments from: Investments 57,583 - Total income and endowments 57,583 - Expenditure on: Raising funds - 15,017 Charitable activities 52,380 - Total expenditure 52,380 15,017 Gains on investments - 94,448 Net income 5,203 79,431 Net movement in funds 5,203 79,431 Reconciliation of funds: Total funds brought forward at 6 April 2021 52,631 3,435,613 Total funds carried forward at 5 April 2022 57,834 3,515,044	2. Prior period financial activities by fund Expendable Unrestricted endowment funds funds £ £ Income and endowments from: Investments 57,583 - Total income and endowments 57,583 - Expenditure on: Raising funds - 15,017 Charitable activities 52,380 - Total expenditure 52,380 15,017 Gains on investments - 94,448 Net income 5,203 79,431 Net movement in funds 5,203 79,431 Reconciliation of funds: Total funds brought forward at 6 April 2021 52,631 3,435,613 Total funds carried forward at 5 April 2022 57,834 3,515,044	Total £ 57,583	Total £ 57,583
		57,583
		15,017 52,380
		67,397
		94,448
		84,634
		84,634 3,488,244
		3,572,878

3. Investment income Investment income comprises: Income from securities listed on the London Stock Exchange Income from securities listed on other exchanges Interest on cash deposits	2023 £ 45,728 13,077 254 59,059		2022 £ 48,402 9,180 1
			57,583

4. Charitable activities

The charity did not undertake any activity directly but met its charitable purposes by making donations and grants.

Donations and grants (note 5) Accountancy fee Independent examination fee Bank charges Unrelieved foreign tax	96,567 1,900 800 373 166 99,806	49,295 1,795 800 490 -
		52,380

During the year, the Trust had no employees (2022 - nil) and the Trustees received no remuneration or reimbursement of expenses (2022 - £nil). No related party transactions occurred in the reporting period.

C L LOYD’S CHARITABLE TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 5 April 2023

5. Charitable institutions receiving grants Arthur Rank Hospice Children Heard and Seen Country Buildings Protection Trust Fawley PCC Grange Festival Grove Parochial Church Council Grow Holy Trinity Church Leukaemia Care Mobility Trust Oxfordshire Historic Churches Trust Parkinsons.me The Back-Up Trust The Charlie Waller Memorial Trust The Earth Trust The Tate Foundation The Watermill Theatre Wantage Care			2022 £ 95 - 20,000 - 5,200 2,000 2,000 - - 10,000 - 4,000 2,000 1,000 1,000 2,000 - -
			49,295

6. Investments Market value at 6 April 2022 Additions Disposals Net (losses) / gains Market value at 5 April 2023	3,444,185 601,604 (572,350) (301,498) 3,171,941	3,355,515 908,757 (914,535) 94,448
		3,444,185

(continued)

C L LOYD’S CHARITABLE TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 5 April 2023

6. Investments (continued)

Investments are held in the following categories of securities:

2023
£
Quoted
Overseas equities
1,160,702
Overseas fixed interest
88,480
UK equities and unit trusts
1,614,287
UK fixed interest
308,472

3,171,941

The historical cost of investments at 5 April 2023 was £2,993,939 (2022 - £3,030,656).
The following securities each made up more than 5% of the total value of investments in the stated years.
Security
Shares held
Value
No.
£
2023
Link Fund Solutions Trojan S Income Fund
79,000
248,708
2022
iShares Plc S&P 500
6,300
218,138
JP Morgan US Equity Income K Fund
140,000
212,800
Link Fund Solutions Trojan S Income Fund
79,000
253,756
Fundsmith LLP Equity I Income Fund
32,000
178,451

2022
£
1,506,888
80,236
1,727,769
129,292

3,444,185
Portfolio
%
7.8
6.3
6.2
7.4
5.2

7. Debtors Prepayments and accrued income	2023 £ -	2022 £ 498
8. Creditors: amounts falling due within one year Accountancy and independent examination fees Investment management fee accrual	2023 £ 3,000 3,500 6,500	2022 £ 3,658 3,500 7,158

C L LOYD’S CHARITABLE TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 5 April 2023

9. Trust Funds

Movement in Trust Funds			Net incoming/	Transfer
	Balance at	(outgoing)	Gains and	between	Balance at
	6 April 2022	resources	losses	funds	5 April 2023
		£	£	£	£
Unrestricted funds	57,834	(38,884)	-	(660)	18,290
Expendable Endowment funds	3,515,044	(13,555)	(301,498)	660	3,200,651
	3,572,878	(52,439)	(301,498)	-	3,218,941
				Expendable
			Unrestricted	Endowment	Total at
			funds	funds	5 April 2023
Analysis of Trust Funds			£	£	£
Fixed asset investments			-	3,171,941	3,171,941
Net current assets			18,290	28,710	47,000
			18,290	3,200,651	3,218,941

10. Financial assets

The following are financial assets and liabilities that qualify as basic financial instruments and are initially recognised at transaction value, being subsequently measured at their amortised cost.

Financial assets Cash at bank and in hand Financial liabilities Accountancy and independent examination fees Investment management fee accrual	2023 £ 53,500 53,500 3,000 3,500 6,500	2022 £ 135,353
		135,353
		3,658 3,500
		7,158

The following are financial assets that qualify as basic financial instruments and are initially recognised at their transaction value, being subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

Financial assets Quoted investments	3,171,941 3,171,941	3,444,185
		3,444,185