C L LOYD'S CHARITABLE TRUST FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2024
C L LOYD'S CHARABLE TRUST l N D E X Year ended 5 April 2024 Page General information Trustees. report Statement of Trustees, responsibilities Independent examlner's report Statement of flnanclal a¢livilies Balance sheet Notes to the financlal stslements
C L LOYD'S CHARITABLE TRUST GENERAL INFORMA TION Year end•d 5 April 2024 Settlor CLLoyd Date of settlemont 6 November 1972 under deed Regislerad number 265076 Trustees TCLoyd Mrs A C Loyd Ind•p•nd*nt •¥amlner G P Smye•Rumsby ACA CTA Dixon Wilson 22 Chancery Lane London WC2A 1 LS Investm•nt manager Rathbone Investment Managerrent 8 Fin5bury Circus London EC2M 7AZ Hon Secretary and prln¢lpal offlce TCLoyd Lockinge E51ale Office Ardington Wantsge Oxon OX12 8PP Bankers Coutts & Co 440 Strand London WC2R OQS
C L LOYD'S CHARITABLE TRUST TRUSTEES REPOR T Year ended S April 2024 Obl•etlv•s and aetlvltlè$ The objective of th8 Trust is to provlda grants for charftsblo purposes in the United Kingdom and elsewhere. The Tnjstees, having regard to the Public Benefit Guidance published by th8 Charity Comrnis5ion in accordance with section 17 of the Charities Act 2011. consider that the purpose and activities of the charity satisfy the requirements of the public benefit lesl sel out in section 4 of the same Act. Achlev8monts and p•rformanc• A list of distributions made in the year ended 5 April 2024 appèars in notè 5 tts thè financial statements. During the year the trustees continu6d to maka donations to a rang8 of charitable organisations tolalling £70,863 12023- £96,567). Of this omount. £60,863 12023- £82.5671 was paid to local charitable organisations. Flnanclal revlew Thè Trustaas are satisfied with the financial posiiion of the charty. At the end ol th& year. thg inveslJnent portfolio was valued at £3.377,416 {2023- £3.171,9411. The Trustees have noted the stalulory duty of care required by the Trustee Act 20Cx). in relation to th8ir holding $ultablÈ Investments and the need for diversification of investments so lar as is appropriate to the circumstsnces of the Trust. The investment policy seeks lo balan¢e Capllal growth and income with a medium risk profile. The APCIMS Balancèd Indpx is used a5 a benchmark against which the fund manager is assessed on performance. Th8 portfolio undar-perfomad the APCIMS Balanced Index in the year. The Truslee8' policy is to distribute income as soon as practicable. There was an income r8s8rve of £14,380 12023- £18,2901 at the year end. Endowment fund Investments are held to generate incorne, from which grants are awarded. Tho choty doès not opèr8t* an-trthi¢81 Inve8lment policy.. The Trustees have assessed the impact of the ongoing conflict in Ukraine and its effed on financial markets on th8 ability ol the Charity to continue as a going concern. Thèr6 wara r8alisad and unrèalised net gains in the year of £196,784 12023- £301,498 losses) as shown in Note 6 to the financial 5talem8nts. The Charity sts'll retains very considerable reserves. The Trustees have Iheiefore prepared the financial slalements on the going Conrn basis. structuro, govemancè and manag•m•nt The Trtjst is an unincorporated trust, constructed under a Trust Deed datèd 6 Novèmbèr 1972 and is a r&3istered charity, number 265076. The Trust's principal offiee is shown on page 2. Th8 Trust8e5 are T C Loyd and Mrs A C Loyd. The Tmst 1s comprised of Expendablo Endowment Funds, from which funds can be distributed lo charity without conditons, and Unrestricted Funds made up of accumulated income unspent at the year end. Transfgrs be effected from the Endowment Funds to the Unresirtcted FLsnds to cover any shortfall of incorne. Trustees are appointed by the current Trustees in accordance with the provisions ol the Trusiee Act 1925. Thè Induction of any new Trustee. which involves awareness of the history and approach of the charity and their responslbllilles, lies with the Trustees. The Trustees rneel from lime to lime to consider goals and review investments, reserves and risk mana9ement poli&S. Altho(tgh the Trustees make some grants with no fom)al apICatiOns, they nomally roqyire org8nisalions to submit a request saying how the funds could be used. what would b& achieved, 8nd how this would add to public benefit. Grants are only given to reeognised national charits85 and to Ioc81 ¢harilies of which the Trustees have first-hand knowledge that they are properly and efficiently run. The day io day administration of the charity is c8rri8d out by the Trustees and the inveslrnent policy is implemented by the investment manager shown on page 2. The major risks to which the Trust rnay be exposed, as identified by the Trustees, have been reviewèd to onfim) that systems, where appropriate, exis to mitigate those risks. On behalf of the Trustees TCLOYD Trustee 4 Fèbruary 2025
C L LOYD'S CHARITABLE TRUST ST A TEMENT OF TRUSTEES R E SP O N S I 8 I L l Tl ES Year •nd•d S Aprll 2024 Tru5tees' responsibilities in relation to flnan¢l•l ststements The Trustee5 are responsible for preparing the Tfuslees, report and the financial slalemenls in accordance with applicable law and United Kingdom Accounting Standard5. The law applicable lo charities in England and Wales requires the Trustèes lo prepare financial 51alements for each financial year which give a true and fair view of the stale of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial 5ts1ements, the Trustees are required to.. seled suitable acwunting policies and then apply them consislendy.. observe the methods and principles of the Charities SORP., make judgements and accounting eslimales that are reasonable and prudent., slate whether applicable accounting standards have been followed, subject lo any departuras disclosed and explained in the financial $18lements', and prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the charity will continue in business. The Trustees are responsible for keeping accounting record5 which disclose with reasonable accuracy the financial position ol the charity and enable them lo ensure that the financial ststemenls 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 irregularleS.
C L LOYD'S CHARITABLE TRUST INDEPENDENT EXAMINER'S REPOR T Year ended 5 April 2024 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF C L LOYD'S CHARITABLE TRUST I report lo thè trustees on my examination of the accounts of the Trust for the year ended 5 April 2024. R•sponsIbilleS and basis of report As the charity Iru51ees of the Trust, you are restKpnsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 I'lhe Act'l. 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 14515llbl of the Act. Dixon Wilson, a fiTm of Chartered Accountants of which I am a partner, has provided bookkoeping seNices to the Trust and I have applied Ihe FRC'S Revised Ethical Standard in carrying out my examination. An independent examination doas not involve gathering all the evldence that would be required in an audit and consequently does not cover all the matters that an auditor considers giving their opinion on the accounts. Th8 planning and conducl of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, l express no opinion as to whether the accounts present a 'lrue fairf view and my report is limited to those specific matters sel OLtI in the independent examinerfs stslement. Independent examlner's statement l am qualified lo undertake the examination by being a quallfled member of the Institute of Chartered Accounlanls in England and Wales. I have completed my examination. I confirm that no mat8rial matters have come lo my att8ntton In connection with the examination giving m8 cause to beli8ve that in any material respect.. accounting records were not kept in respect of th8 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 con¢oming the form and content of accounts sel 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 conSided ay part of an independent examinab'on., or the accounts have not been prepared in accordance with the methods and principles of the Stsl8met)t of Recommended Practsce for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reportlng Standard applicable in the UK and Republic of Ireland IFRS 1021- I have no ¢on¢&rns and have come across no matters in connection with Ihe 8xaminalion to whi¢h att9ntion should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. GPSMY -RUMSBY ACA CTA Dixon Wilson 22 Chancery Lane London WC2A 1 LS 04 Fobruary . 2025
C L LOYD'S CHARABLE TRUST ST A TE M E NT O F F I N AN C I AL ACT I V I T I E S Year ended 5 April 2024 Expendable Unre$tri¢ted Endowment funds funds Total 2024 Total 2023 Not8 Income and endowments from.. Donations and legacies Investment income 1,863 59,059 71.393 71.393 Total Incom• and endowments 71.393 71,393 60.922 Expenditure on: Raising funds Charitable activities 13.524 13.524 13,555 74,504 74.504 99,806 Total exponditure 74,504 13,524 88,028 113,361 (Losses) I gains on investments Net incom81(exndItur•) 196,784 196.784 (301,498) (353,937) 13,111) 183,260 180,149 Transfor bet8n funds 1799} 799 Net movement In lund$ {3.910) 184,059 180,149 (353,937) Reconciliatlon of fvnds: Total funds brought forward al 6 April 2023 Total funds carrled forward at 5 Aprll 2024 Ipage 71 18,290 3,200.651 3,218,941 3.572,878 14.380 3,384,710 3.399,090 3.218,941 A breakdown of prior period financial activitl8s by fund is Shown in note 2.
C L LOYD'S CHARITABLE TrUST BALANCE SHEET At 5 April 2024 2024 2023 Fixed assets Investments 3,377,416 3, 171,941 Curr¢nt a$$ets Cash al bank and in hand 28,174 16,5001 21.674 53,500 Creditors- amounts falling dug withln one year Not current assets (6.500) 47,000 Total assets less current liabllltles 3,399,090 3,218,941 Trust Funds Ipage 6) Unrtslricted funds Expèndable Endowment funds Total charity funds 14,380 3,384,710 18,290 3.200,651 3.399,090 3,218,941 The financial statements on pages 6 to 12 w8r8 approvgd by the Trustees on 4 February and were signed on their behalf by-. 2025 TCLOYD Trustee MRS A C LOYD Tiuslee
C L LOYD'S CHARABLE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Year ended 5 April 2024 A¢¢ountiThg policies Ba$1$ of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo ¢harilie5 preparing accounts in accordance with the Financial Reporting Standard 102 IFRS 1021, the appliGable UK Accounting Standards and the Charilies Ac12011. 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 prosented in pounds sterling which is the functional currency of thg Trust and rounded lo the nearest £. Fund$ Both Unreslricled funds and Expendable Endowment funds are available for use at the discretion of thè Trustees in furtherance of the general charitable objectives. Expendable Endowment funds are capitsl funds held to generate income to ftjnd donations and are shown separately from Unr&strict@d fLJnds in these accounts for the purposes of management. Income Investment Income is recognised when the charity becomes enlilled to dividend and interest income in the period in which11 is earned. Expondlturo Investment management fees are reeognised when in¢urred and are charged lo capital. Grants Grants are recognised when the charity is committed lo making the donation. Investments Realised and unrealised gains and losses on investments are shiwn net in the ststemenl of financial activities. Investmgnts are hèld at fair value, which is the market bid price al the balance sheet date. Flnan¢lal Instruments Financial instruments are classified and accounted for, according lo the SLJbslance of the contractual arrangem8nt, 8$ financial assets, financial liabilities or equity instruments. Financial instruments are initially recognised al the amount receivable or payable in¢luding any related transaction costs. Publlc b*nefit The charity is a public benefrt entity.
C L LOYD'S CHARITABLE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Yéar •nd•d 5 April 2024 Prlor period financial actlvltles by fund Expendable endowment funds Unrestrlctsd funds Total Incomè and •ndowments from.. Investments 60,922 60,922 Total income and endowments 60,922 6Q,922 Expondltur• on: Raising funds Charitable activities 13,555 13.555 99.806 99,806 Total expend5ture 99,806 13,555 113,361 Gains on investments 1301.4981 1315,053) 1301,4981 1353,9371 Net income 138,8841 Transf•r b•fvtsèn fund$ 16601 660 N•t mov•m•nt In funds 139,5441 1314.3931 {353,9371 Reeonciliation of funds: Total funds brought forward at 6 April 2022 Total funds tarrl•d forward at 5 April 2023 57.834 3,515,044 3,572,878 18,290 3,200.651 3.218,941 Inv•stment sncome 2024 2023 Invèstmènt In¢ome comprises: Income from securities listed on the London Stock Exchange Income from SèeUTlties listed on other exchanges Interest on cash deposits 49,044 21,862 487 45.728 13.077 254 71,393 59.059 Charltable actlvStles The charity did not undertake any activty directly but met its charitab19 purpo$8s by making donations and grants. 2024 2023 DonatH)ns and grants (note 51 Accountancy feg Indèp&ndent examination fee Bank charges Unrelieved foreign tax 70,863 2,035 800 491 315 96,567 7,900 373 166 74.504 99,806 During the year, tha TfU8t had no employees12023- nil) and the Trustees received no r8munèration or rgimbursoment of expenses12023- £nill. No related party transactions oc¢urrgd in the rgporting peiiod.
C L LOYD'S CHARITABLE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Year ended 5 April 2024 Charftabl• Snstltutlons receivlng grants 2024 2023 Arthur Rank Hosplce Children Heard and Seen Country Buildlngs Prolectlon Trust Fawley PCC Grange Festival Grow Holy Trinity Church Leukaemia Care oxfordshi Historic Churches Trust Parkinsons.me The Back-up Trust The Tale Foundation The Watermill Theatre Wanlage Care 1.000 1.000 50,000 21,567 5.000 2,000 1,000 1,000 1,000 5.000 2.000 2.000 4.000 1.000 32,000 19.863 5,000 2.000 4,000 2,000 5,000 70,863 96,567 Investm8nts 2024 2023 Market valug al 6 April 2023 Additions Disposals Not110$s8sI I gains Market value at 5 April 2024 3,171,941 821,Q56 1812.3651 196,784 3,377,416 3.444,185 601,604 (572.350) (307,498) 3.171,941 Investments are held in the following categ(eS of securities.. Quoted Overseas equities Overseas fixed InteSt UK equities and unit trusts UK fixed interest 1,213,300 273,588 1,577,328 313,200 3.377,416 1,160,702 88,480 1,614,287 308,472 3,17f,941 The historical cost of inve51menls al 5 April 2024 was £3.176.25712023 - £2,993,9391- Iconlinued} 10
C L LOYD'S CHARITABLE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Year ended 5 April 2024 Investments {¢ontlnuedl The following securities each made up more than 5% of the total value of investments in the staled years. Securlty Shares hold Value No. Portfolio 2024 2023 Llnk Fund Solutions Trojan S Income Fund 79,000 248,708 Creditors: amounts falling due within one year 2024 2023 Accountancy and independent examinalvjn fees Investment monagemenl fee accrual 3,000 3,500 6,500 3,000 3,500 6,500 Trust Funds Movernent in Trust Funds Net incoming Balancè at l {outgolngl 6 April 2023 resource$ Transfer between funds Gains and losses Balance at S April 2024 Unrestricted funds Expendable Endowment funds 18,290 3.200,651 13,111) 113,5241 116,6351 17991 799 14.380 3.384.710 196.784 196.7e4 3.218,941 3.399,090 Expendable Endowment lunds Unr¢stri¢ted fund3 Total at 5 April 2024 Analysls of Trust Funds Fixed as5el investments Net current assets 3.377,416 7,294 3,377.416 21.674 14,380 14,380 3.384,710 3,399,090 11
C L LOYD'S CHARABLE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Year •nded 5 April 2024 Fln8n¢i41 assets The following are financial assets and liabilities that qualify as basic financial instruments and are initially recryJnised al transaction value, being subsequently measured at their amortised cost. 2024 2023 Finan¢ial a$5ets Cash al bank and in hand 28,174 53.500 28.174 53,50Q Financial liabilities Accountancy and independgnl examSnalion fees Investment managemenl fee accrual 3.000 3.500 3,000 3,500 6,500 6.500 The following are financial assets that qualify as basic financial instruments and are initially recognised al Ihelr transaction value, being subsequently measured al their fair value as at the balance sheet dale using the closing quoted market price. Flnanclal assets Quoted investments 3.377.416 3, t71,941 3.377,416 3, t71.941 12