2025-04-05-accounts - The C L Loyd Charitable Trust

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C L LOYD'S CHARITABLE TRUST FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2025

C L LOYD’S CHARITABLE TRUST

I N D E X

Year ended 5 April 2025

	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 2025

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 CHARITABLE TRUST TRUSTEES REPOR T Year &nd•d 5 April 2025 Obl•etlv•s and actlvitie$ The objective of the Trust is to provid8 grants lor charitable purposes in the United Kingdom and elsewhère. The Trustees, having regard to the Public Banèfit GuidanGe published by the Charity Commission in accordance with section 17 of the Charities Act 2011, consider that the purpose and activities of the charity satisfy the reqU1ments of the public benefit test sel out in section 4 of the same Act. Achlevemonts and portomianeé A list of distributions made in the year 6nded S April 2025 appears in note 5 to the financial statements. During the year the trustees continuad to makè donations to a range of charitable organisalv)ns totalling £148,390 12024 E70,8631. Of this amount, £134,390 12024- £60,863) was paid lo local charitable organisations. Flnanclal revSew The Truslegs are satisfied with the financial position of the charity. At the end of thè yèar, tho invoslrnenl portfolio was valued at £3,173,915 12024 - £3,377,416). The Trust88s hav8 noted the statutory duty of care reqUId by thè Trustea Act 2000, in relation to their holding suitable investments and the need lor diversilicalion of investments so far as is appropriate to the circurnstances of the Trust. The investment policy seeks lo balance capital growth and income with a medium risk profile. The APCIMS 8alaneèd Index is used as a benchmark against which the fund manager is assessed on perfomiance. The portfolio undeT-performed the APCIMS Balanced Index in the year. The Trustees, policy is to distribute incoma as soon as practicable. There was an income reserve of £4,955 12024 - £14,380) at the year end. Endowrnent fund inv8stments are he to generate income, from which grants are awarded. The charity does not operate an 'elhical investment polic. The Trustees have assessed the Impact of the ongoing conflict in Ukraine and its effect on financial markets on the ability of the Charity to continue as a going concèin. There wer9 realised and unrealised net losses in the year of £84,463 12024 £196,784 gains) as shown in Not8 6 lo the financial statements. The Charily still retains very considerable reserves. The Trustees have Iherelore prepared the financial statements on thè going coneem basis. Structure, govèrnane• and manag¢m¥nt The Trust is an unincorporated trust, constructed under a Trust Deed dated 6 November 1972 and is a registered charity, number 265076. The Trust's principal office is shown on page 2. The Trustees are T C Loyd and Mrs A C Loyd. The Trust is comprised of Expendable Endowment Funds, from which funds can bo distributed to charity without conditions, and Unrestricted Funds made up of accumulated income un5p&nt at the yaar end. Transfars can be effected from the Endowment Funds to the Unrestricted Funds to cover any shortfall of income. Trustees are appointed by the current Trustees in accordance with the provisions of the Trustee Act 1925. The induction of new Trustee, which involves awareness of the history and approach of the charity and their responsibilities. lies with ihe Trustees. The Truslegs meet from time lo tirne to consider goals and review investments. resèNos and rlsk management policigs. Although the Trustees make some grants with no formal applicaiions, they normalty require organisations lo submit a request saying how the funds could be useager shovm on page 2. Thè major risks to which the Trust may be exposed, as identified by the Trustees, have been reviewed to confimi that systems, where appropriale, exist to itigat6 thosa risks. On behaw ol thè Trustees TCLOYD Trust8è 28 January 2026

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 2025

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 2025

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 2025.

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.

…………………………………

…………………. 2026

G P SMYE-RUMSBY ACA CTA Dixon Wilson 22 Chancery Lane London WC2A 1LS

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 2025

Expendable Unrestricted Endowment Note funds funds £ £ Income and endowments from: Investment income 3 64,170 - Total income and endowments 64,170 - Expenditure on: Raising funds - 14,360 Charitable activities 4 153,001 - Total expenditure 153,001 14,360 (Losses) / gains on investments 6 - (84,463) Net (expenditure) / income (88,831) (98,823) Transfer between funds 8 79,406 (79,406) Net movement in funds (9,425) (178,229) Reconciliation of funds: Total funds brought forward at 6 April 2024 14,380 3,384,710 Total funds carried forward at 5 April 2025 (page 7) 4,955 3,206,481	Total 2025 £ 64,170 64,170 14,360 153,001 167,361 (84,463) (187,654) - (187,654) 3,399,090 3,211,436	Total 2024 £ 71,393 71,393 13,524 74,504 88,028 196,784 180,149 - 180,149 3,218,941 3,399,090

All income and expenditure derive from continuing activities. A breakdown of prior period financial activities by fund is shown in note 2.

C L LOYD'S CHARITABLE TRUST BALANCE SHEET At S April 2025 2025 2024 Flxod a$sets Investments 3,173.91 S 3.3T7,416 Current assets Cash at bank and in hand 44.021 28,174 Creditors: amounts falling du• within on• year Not current assets 16,$00} 37,521 (8,500) 21,674 Total assets less current Ilabllltles 3,211.436 3,399,090 Trust Funds Ipage 6> Unre51ricled funds Expendable Endowment funds Total charlty fund$ 4,955 3.206,481 14,380 3,384,770 3,211,436 3,399,090 The financial statements on pages 6 to 11 were approved by the Trustees on Z y / 0 1 2026 and were signed on their behalf by= TCLOYD Trustee { IL MRS A C LOYD Trustee

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 2025

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 2025

2. Prior period financial activities by fund Expendable Unrestricted endowment funds funds £ £ Income and endowments from: Investments 71,393 - Total income and endowments 71,393 - Expenditure on: Raising funds - 13,524 Charitable activities 74,504 - Total expenditure 74,504 13,524 Gains on investments - 196,784 Net (expenditure) / income (3,111) 183,260 Transfer between funds (799) 799 Net movement in funds (3,910) 184,059 Reconciliation of funds: Total funds brought forward at 6 April 2023 18,290 3,200,651 Total funds carried forward at 5 April 2024 14,380 3,384,710	2. Prior period financial activities by fund Expendable Unrestricted endowment funds funds £ £ Income and endowments from: Investments 71,393 - Total income and endowments 71,393 - Expenditure on: Raising funds - 13,524 Charitable activities 74,504 - Total expenditure 74,504 13,524 Gains on investments - 196,784 Net (expenditure) / income (3,111) 183,260 Transfer between funds (799) 799 Net movement in funds (3,910) 184,059 Reconciliation of funds: Total funds brought forward at 6 April 2023 18,290 3,200,651 Total funds carried forward at 5 April 2024 14,380 3,384,710	Total £ 71,393	Total £ 71,393
		71,393
		13,524 74,504
		88,028
		196,784
		180,149
		- 180,149 3,218,941
		3,399,090

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	2025 £ 41,280 22,396 494 64,170		2024 £ 49,044 21,862 487
			71,393

4. Charitable activities

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

2025 £ Donations and grants (note 5) 148,390 Accountancy fee 2,744 Independent examination fee 800 Bank charges 491 Unrelieved foreign tax 576 153,001	2024 £ 70,863 2,035 800 491 315
	74,504

During the year, the Trust had no employees (2024 - nil) and the Trustees received no remuneration or reimbursement of expenses (2024 - £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 2025

5. Charitable institutions receiving grants Arthur Rank Hospice Country Buildings Protection Trust CRELD1 Warriors Fawley PCC Grange Festival Grow Mobility Trust Parkinsons.me St Peter and St Paul PCC The Tate Foundation The Watermill Theatre	2025 £ - 120,000 5,000 3,390 - 2,000 5,000 4,000 2,000 2,000 5,000 148,390		2024 £ 1,000 32,000 - 19,863 5,000 2,000 - 4,000 - 2,000 5,000
			70,863

6. Investments Market value at 6 April 2024 Additions Disposals Net (losses) / gains Market value at 5 April 2025	2025 £ 3,377,416 818,249 (937,287) (84,463) 3,173,915	2024 £ 3,171,941 821,056 (812,365) 196,784
		3,377,416

Investments are held in the following categories of securities:

Quoted Overseas equities Overseas fixed interest UK equities and unit trusts UK fixed interest	1,417,301 200,009 928,857 627,748 3,173,915	1,213,300 273,588 1,577,328 313,200
		3,377,416

The historical cost of investments at 5 April 2025 was £3,101,696 (2024 - £3,176,257). None of the securities made up more than 5% of the total value of investments in the current year and the previous year.

7. Creditors: amounts falling due within one year Accountancy and independent examination fees Investment management fee accrual	2025 £ 3,000 3,500 6,500	2024 £ 3,000 3,500
		6,500

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 2025

8. Trust Funds

Movement in Trust Funds		Net incoming		Transfer
	Balance at	/ (outgoing)	Gains and	between	Balance at
	6 April 2024	resources	losses	funds	5 April 2025
	£	£	£	£	£
Unrestricted funds	14,380	(88,831)	-	79,406	4,955
Expendable Endowment funds	3,384,710	(14,360)	(84,463)	(79,406)	3,206,481
	3,399,090	(103,191)	(84,463)	-	3,211,436
				Expendable
		Unrestricted		Endowment	Total at
			funds	funds	5 April 2025
Analysis of Trust Funds			£	£	£
Fixed asset investments			-	3,173,915	3,173,915
Net current assets			4,955	32,566	37,521
			4,955	3,206,481	3,211,436

9. 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	2025 £ 44,021 44,021 3,000 3,500 6,500	2024 £ 28,174
		28,174
		3,000 3,500
		6,500

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 3,173,915 3,173,915	3,377,416
	3,377,416