Registered charity number: 314203
## THE LLOYD FOUNDATION
Report of the Managing Trustees and Financial Statements for the year ended 31 August 2021
THE LLOYD FOUNDATION
## Contents
Trustees’ Report for the year ended 31 August 2021 ............................................................................ 2 Reference and Administrative Details of the Charity, its Trustees and Advisors ........................... 2 Structure, Governance and Management ...................................................................................... 3 Charitable Objectives and Activities ............................................................................................... 3 Operational Management and Policies .......................................................................................... 4 Financial Review .............................................................................................................................. 5 Achievements and Performance ..................................................................................................... 6 Objectives for the Coming Year ...................................................................................................... 7 Statement of Trustees' Responsibilities .................................................................................................. 8 Independent Examiner’s Report to the Trustees of The Lloyd Foundation ........................................... 9 Statement of Financial Activities for the year ended 31 August 2021 ................................................. 10 Balance Sheet as at 31 August 2021 ..................................................................................................... 11 Notes to the Financial Statements for the year ended 31 August 2021 .............................................. 12
1
THE LLOYD FOUNDATION
## Trustees’ Report for the year ended 31 August 2021
The Trustees present their report and independently examined financial statements for the year ended 31 August 2021,
The accounts have been prepared in accordance with the accounting policies set out on pages 12-14 and comply with the Charities Act 2011 and the Statement of Recommended Practice: Accounting and Reporting by Charities 2005 (SORP).
Reference and Administrative Details of the Charity, its Trustees and Advisors
|Charity name:|The Lloyd Foundation||
|---|---|---|
|Registered charity number:|314203||
|Trustees:|Mr Niaz Alam|co-opted 3 December 2020|
||Mr John Baxter-Brown|nominated by Churches Together|
|||in Britain and Ireland|
|||appointed 1 September 2020|
||Ms Sarah Broughton, OBE|nominated by the Foreign,|
|||Commonwealth and|
|||Development Office|
||Mrs Hilary A Dibble|Chair|
||Mr David J Fitton, CMG||
||Mrs Lyndsey M Kelly-Aberle|nominated by the British Council|
||Mr David C Martin|nominated by the British Council|
||Mrs Valerie Smart|Chair, Finance Committee|
||Mr David W Taylor|Vice-Chair|
||Mrs Pamela Thomas|co-opted 24 June 2021|
|Secretary:|Mrs Rachel C Boggs||
|Registered Office:|Flat 2, Pool House||
||Main Street||
||Pool in Wharfedale||
||Otley LS21 1LH||
|Bankers:|Barclays Bank UK PLC||
||Leominster||
||Herefordshire||
|Investment Brokers:|Redmayne Bentley LLP||
||9 Bond Court||
||Leeds LS1 2JZ||
|Independent Examiner:|Ms Gill Freeman ACA||
||Milsted Langdon LLP||
||Winchester House||
||Deane Gate Avenue||
||Taunton||
||Somerset TA1 2UH||
2
THE LLOYD FOUNDATION
Structure, Governance and Management
## _Structure_
The Lloyd Foundation (the Foundation) is an unincorporated grant making charity, established by a Scheme of arrangement and first registered with the Charity Commission on 23 October 1972 (registered charity number 314203) and governed under the scheme dated 1 October 2001 (amended 2015 and 2021).
## _Trustees_
The Foundation may have up to ten Trustees, four nominated (1 by the Secretary of State for Foreign & Commonwealth Affairs, 2 by the British Council and 1 by Churches Together in Britain and Ireland) and up to a further six co-opted.
Trustees are appointed for a four-year period after which the nominating body and/or the Trustee are asked whether they wish to serve for another term. There is no limit to the number of terms which may be served.
## _Induction and training_
An ‘induction pack’ has been collated to ensure that new Trustees meet the eligibility criteria, as defined by the Charity Commission, and understand their role and responsibilities to The Foundation as a Trustee. The pack also includes the Scheme and latest schedule, current policy documents, most recent Annual Report and Financial Statements, and minutes from the three latest Trustee meetings.
Trustees are encouraged to keep abreast of relevant charity legislation as it pertains to the Foundation and to attend briefing/training sessions where appropriate.
## Charitable Objectives and Activities
The Lloyd Foundation is governed by a Scheme dated 1 October 2001 (amended 2015 and 2021) that replaces the Scheme dated 23 October 1972, made by the Secretary of State for Education and Science amalgamating the Lloyd (English School Cairo) Trust and the Lloyd Scholarship Fund.
The Trustees shall apply the net income of the Foundation, after the payment of administration expenses, as authorised under the Scheme for: -
- a) the award to beneficiaries of scholarships, bursaries or maintenance allowances as set out in the Scheme;
- b) the advancement of the education of beneficiaries in such other ways as the Trustees may from time to time determine;
- c) the award of bursaries for purposes of education to teaching members of the staff of schools outside the United Kingdom which are conducted in accordance with British educational principles and practice, and
- d) the payment of a gratuity or pension to, or the provision of other assistance for, any person who for at least five years or at the time of its closure was a member of the staff of the former English School, Cairo, and who by reason of age, ill health or otherwise is in necessitous circumstances.
Except for (d) above, the persons qualified to be beneficiaries under the Foundation are young persons under the age of 25 who:
- a) are in need of financial assistance, and
- b) have a father or mother who is a British citizen (as defined by relevant nationality legislation) ordinarily living outside the United Kingdom, or, if dead, was such a citizen at the time of death. (In exceptional circumstances, this may be waived at the discretion of the Trustees).
3
THE LLOYD FOUNDATION
## Operational Management and Policies
The Board meets at least four times a year to exercise strategic direction, fulfil its governance responsibilities, make decisions on the awarding of grants and oversee the affairs of the charity. Day to day administration is delegated to the Administrator, in consultation when necessary with the Chair and/or Chair of the Finance Committee. The Covid-19 pandemic has meant the Trustees have necessarily met virtually, via MS Teams, in September and December 2020 and March and June 2021. The meeting in September 2021 was however held with seven trustees in person and three joining remotely.
## _Policies_
The Trustees wish to manage the Foundation to optimise their ability to support their beneficiaries. Accordingly, the following policies underpin the operational and financial processes of the Foundation. All policies are reviewed annually in December, except for regulatory changes which may occur during the year which are reviewed at the next appropriate meeting.
## _Risk Management_
The Trustees regularly review the major risks to The Lloyd Foundation and confirm that systems have been established to mitigate and control such risks governing all operational and financial risks.
## _Data Protection_
Following a full audit and review of data processing, the Trustees are satisfied that all necessary steps have been taken to ensure compliance with the General Data Protection Regulations 2016 by the time these came into force. Data processing and data protection are part of the risk register which is reviewed annually with all policies.
## _Public benefit_
When reviewing the aims and objectives of the charity, and in planning its activities, the Trustees have complied with the duty in section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.
## _Grant-making policy_
The Trustees consider each application in at least two stages: first, the extent to which it fits within the Foundation’s terms of reference; and second, to consider the financial implications both for the family and the charity. All successful applicants must provide the Administrator with copies of all school reports, which allows Trustees to monitor the ongoing academic and social progress of the beneficiaries.
Trustees do not consider that any system can meet every eventuality and take reasonable precautions to ensure that well-being of the children and young people they agree to support is given the highest priority.
## _Vulnerable Beneficiaries_
Trustees consider that the Foundation’s approach to individual applications assures a good level of enquiry into each family’s circumstances, specifically the needs of the children and the appropriateness of the proposed means of education.
4
THE LLOYD FOUNDATION
## Financial Review
The Trust's principal source of income continues to be derived from its investments. During the year total income amounted to £170,698 (2020: £165,734).
Expenditure during the year totalled £169,257 (2020: £234,924) of which the main component was grants made totalling £146,888 to 49 beneficiaries from 33 families (2020: £210,732 to 56 children from 38 families).
New grant awards totalling £20,598 were agreed by the Trustees during the year for immediate payment.
Future commitments of £126,290 (2020: £96,500) include continuing assistance to 39 existing beneficiaries together with grants to 9 new applicants. Future investment income is expected to cover existing and future commitments to grants.
At the balance sheet date, the Foundation had total investments of £3,621,760 (2020: £2,986,213) and net current assets of £95,790 (2020: £164,607) making the total capital and reserves £3,717,550 (2020: £3,150,820).
## _Investment Policy._
There are no restrictions on the Charity’s power to invest. The investment strategy is reviewed and set annually by the Trustees at each December meeting. The Trustees have appointed Redmayne Bentley to manage the Foundations' investment on an advisory basis and the Trustees provide the investment managers each year with specific guidelines. The Investment managers provide custody of assets and produce a valuation and performance statements quarterly or when required by the Trustees. The Foundation has a Finance Committee currently formed from four of the Trustees, which considers suggestions from the Investment Managers and gives instructions as appropriate.
The Foundation has approximately £3.6 million of investment assets in an investment portfolio and aims to distribute grants in accordance with the available income.
The investment objective for the portfolio is to balance income and capital returns. The assets are managed to maintain at least the real capital value of the Foundation’s portfolio, whilst generating a sustainable level of investment income to support the current charitable activities. The targeted income level for the portfolio is set annually by the Trustees.
The Foundation’s assets can be invested widely according to the general power of investment and are diversified by asset class, and by security. Asset classes include cash, bonds, equities, property, commodities and any other assets that are deemed suitable for the Foundation by the Trustees.
The Finance Committee sets a strategic target for asset allocation for the Investment Portfolio, which is set currently as medium/low risk to achieve the long-term investment objectives of balancing capital and income returns.
The Foundation does not have an Ethical or ESG policy but Trustees reserve the right to exclude or limit the investments which may present significant conflict with the aims of the Foundation and/or could significantly damage its reputation. The Trustees take the view that strong corporate governance favours all stakeholders, not just shareholders but employees, suppliers and the wider communities that companies operate within. Investments in companies or funds are made with key questions on governance and sustainability of the business practice in mind and the Trustees reserve the right to vote on such matters as they arise.
5
## THE LLOYD FOUNDATION
## _Reserves policy_
The Foundation's reserves comprise two parts. The first derives from the unrealised gains arising from the excess of the market values of investments over their original costs. The second part represents the accumulated result of realised gains and net surpluses on resources, as follows:
|Investments at cost (Note 4 to the accounts)
Investments at market value (Note 4 to the accounts)
Unrealised gains from excess of valuation over cost
Realised gains and accumulated surpluses
Total reserves, comprising Funds shown on the balance sheet|**2021**
2020
**£**
£
2,591,252
2,678,082
3,621,760
2,986,213|
|---|---|
||1,030,508
308,131
2,687,042
2,842,689|
||**3,717,550**
3,150,820|
The Trustees are of the opinion that it is inappropriate to take account of unrealised gains until such time as they are realised. The minimum level of realised reserves should be sufficient to support investment in approved securities to the extent that the investments produce income adequate, taking one year with another, to absorb the direct charitable expenditure and the costs of the management and administration of the charity.
Realised reserves at 31 August 2021 stood at £2,687,042 (2020: £2,842,689) and are considered to be at an appropriate level to maintain the investment portfolio.
## Achievements and Performance
The Trustees’ key objectives in 2020/21 were:
- To recruit two new Trustees
- To continue to strengthen the presence and reach of the Foundation
- Further develop the website
- Outreach to previous recipients of grants (individuals and educational organisations)
- `o` Outreach to similar charitable organisations
- To revise the application form to improve the accuracy of information sought from applicants and to move towards implementing a fully online application, assessment and renewal process and, use the data gathered to widen Trustees’ understanding of the scope of the Foundation’s work
- To consider Environmental, Social and Governance (ESG) issues while taking a sustainable and responsible approach to managing the Foundation’s investment portfolio
- To require, wherever possible, that grants are paid direct to educational institutions rather than named individuals to ensure funds are used in line with the charitable objects of the Foundation
Progress in achieving some of these objectives was hampered by the continuing impact of the Covid19 pandemic and the necessary restrictions on meeting in person. However, two new trustees, Niaz Alam and Pamela Thomas, were co-opted to the board during the year under report bringing valuable knowledge and experience in finance and education respectively.
The Foundation’s website has been enhanced further by the inclusion of testimonials and pictures from past and present grant recipients, which show what a difference our support has made.
6
THE LLOYD FOUNDATION
Continued involvement with the Educational Trusts Forum and attendance at their meetings has been
mutually beneficial through pooling information about Shad cases and has also resulted In direct
referrals from other trusts when an applicant met our criteria.
A review of ESG issues was undertaken and thi5 is reflected in chan8es made to the investment policy.
Considerable progress was also made with grant payments for children at overseas sthools. During
the year under report grants for 20 beneficiaries111 families) attending school abroad were made to
the family albeit in all but 2 cases via a UK bank account. At the start of 2021122 however, the grants
for 10 children (from 7 families) were made direct to the school. on receipt of their invoits. the same
procedu as for those at a UK school. A further 2 familles still receive grants Into a UK bank account
and only l into an overseas accounL All new grants awarded are being pald to the school.
Objectives for the Comin8 Year 2021122
The followin8 objertive5 have been carried forward from last year".
To revise the application form to improve the atcuracy of information sought from applicants
and to move towards implementin8 a fully online application. assessment and renewal
process and. to use the data gathered to widen Trustees, understanding of the scope of the
Foundation's work
To continue to strengthen the presence and reach of the Foundation through
Further development of the webslte to include onllne application
o Outreach to previous recipients of grants (individuals and educatlonal organisationsl
Outreach to similar charitable organisations
In addition, the Trustees have identified the following new objectives:
th
To utilise the opportunity presented by the 50 Anniversary of the Foundation in October
2022 to celebrate its achievements and build relations with schools. trusts and foundations
To review the most appropriate legal structure for the charlty for the future. and consider in
particular, whether to convert to being a Charitable incorporated Organisation ICIOI
By order of the board of Trustees on 24 March 2022
Signed:
H A Dlbbk IMTr}
Chalr
THE LLOYD FOUNDATION
## Statement of Trustees' Responsibilities
The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with the 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:
- act in accordance with the scheme and the rules of the charity, within the framework of trust law.
- select suitable accounting policies and then apply them consistently.
- make judgments and estimates that are reasonable and prudent.
- state whether the recommendations of the SORP FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements.
- prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue its activities.
The Trustees are responsible for keeping proper accounting records, sufficient to disclose at any time, with reasonable accuracy, the financial position of the charity at that time, and to enable the Trustees to ensure that, where any statements of accounts are prepared by the Trustees under section 132(1) of the Charities Act 2011, those statements of accounts comply with the requirements of regulations under that provision. The Trustees have a general responsibility for taking such steps as are reasonably open to the Trustees to safeguard the assets of the charity and to prevent and detect fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.
8
THE LLOYD FOUNDATION
Independent Examiner's Report to the Trustees of The Lloyd Foundation
I report to the charity trustees on my examination of the accounts of the charity for the year ended
31 August 2021 which are set out on pages 10 to 17.
Respertwe responsibilitie5 of trustees ond examiner
As the charitls trustees of The Uoyd Foundation you are responsible for the preparation of the
accounts In accordance with the requirements of the Charities Act 20111'the ACVI.
Havlng satlsfied myself that the accounts of the Charity are not required to be audited and are
eligible for independent examination. I report in respect of my examlnatlon of The Lloyd
Foundation's accounts carried out under section 145 of the 2011 Act and in carrying out my
examination I have followed all the applicable Dirertions given by the Charity Commission under
sertion 14515llbl of the Act.
Independent examinerfs statement
I have completed my examination. I confirm that no material matter5 have come to my attention in
connertion with the examination giving me cause to believe that in any material respect:
accounting records were not kept in respect of the Lloyd Foundation as required by section
130 of the Act; or
the accounts do not accord wtth those records; or
the accounts do not comply wlth the accountlng requirements concerning the form and
content of accounts set out in the Charities (Accounts and Reports) Regulations 2tX)8 other
than any requirement that the accounts give a 'true and fair view, which 15 not a matter
considered as part of an independent examination.
4. 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 Reportin8 Standard
applicable in the UK and Republic of Ireland {FRS 102}.
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 understsnding of the
accounts to be reached.
Chartered Accountant
Milsted Langdon LLP
Winchester House
Deane Gate Avenue
Taunton
Somerset
TAI 2UH
## THE LLOYD FOUNDATION
## Statement of Financial Activities for the year ended 31 August 2021
|**Note**
**Income and endowments:**
Investment Income
Other Income
Interest Income
Donation
Gift Aid reclaimed
**Total Income and endowments:**
**Expenditure:**
Charitable activities
2
Raising Funds
3
**Total Expenditure:**
**Net Income/(Expenditure)**
**Investments:**
Net Gain on Investments
4
**Total Investments**
**Net Movement in Funds**
Fund Balances brought forward
**Fund Balances carried forward**|**Unrestricted**
**Funds**
**Endowment**
**Funds**
**Total**
**Funds**
**2021**
**2021**
**2021**
**£**
**£**
**£**
166,944
-
166,944
4
-
4
3,000
-
3,000
750
-
750
**170,698**
**-**
**170,698**
168,777
-
168,777
480
-
480
**169,257**
**-**
**169,257**
**1,441**
**-**
**1,441**
347,193
218,096
565,289
**347,193**
**218,096**
**565,289**
**348,634**
**218,096**
**566,730**
1,519,477
1,631,343
3,150,820
**1,868,111**
**1,849,439**
**3,717,550**|**Unrestricted**
**Funds**
**Endowment**
**Funds**
**Total**
**Funds**
**2020**
**2020**
**2020**
**£**
**£**
**£**
165,717
-
165,717
17
-
17
-
-
-
-
-
-|
|---|---|---|
|||165,734
-
165,734|
|||234,444
-
234,444
480
-
480|
|||234,924
-
234,924|
|||(69,190)
-
(69,190)
(253,928)
(141,788)
(395,716)|
|||(253,928)
(141,788)
(395,716)|
|||(323,118)
(141,788)
(464,906)
1,842,595
1,773,131
3,615,726|
|||1,519,477
1,631,343
3,150,820|
10
THE LLOYD FOUNDATION
Balance Sheet
as at 31 August 2021
Note
2021
2020
Flxed Assets."
Investments
3.621,760
2.986,213
Current Assets
Debtors
Redmayne Bentley Deposit Account
Barclays Current Account
Barclays Deposit Account
Total Current Assets
23,118
63.060
133.617
10,565
230.360
24,189
133,799
95,351
10,563
263,902
Creditors:
amounts falling due wtthln one year
134.570
199,2951
Net Current AssetsllLiabilitie51
95,790
164,607
Total Assets less Current Uabllltles
3,717,550
3,150,820
Capltsl and Reserves
Unrestricted Funds
Endowment Funds
Totsl Capltsl and Reserves
1,868,111
1,849,439
3,717,550
1,519,477
1,631,343
3,150,820
Approved by the Trustees on 24 March 2022 and signed on thelr behall by
Mrs HA Dibble
Chair of Trustees
The Accounting Policies and Notes on pages 12-17 form an integral part of these Financial Statements
li
THE LLOYD FOUNDATION
Notes to the Financial Statements for the year ended 31 August 2021
## 1. **Accounting policies**
## a. 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 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1st January 2019) - (Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The Lloyd Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
## b. Going concern
The Trustees have prepared financial projections taking into consideration the current economic climate and its potential impact on the sources of income and planned expenditure. They have a reasonable expectation that adequate financial resources are available to enable the Foundation to continue in operational existence for the foreseeable future and have adequate contingency plans if income streams are reduced. The financial statements have therefore been prepared on the basis that the Foundation is a going concern.
c. Income
Income is recognised when the Foundation has entitlement to the funds, any performance conditions relating to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably.
Donations, grants, gifts and lettings income are recognised when receivable.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably; this is normally upon notification of the interest paid or payable by the bank.
Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the Foundation has been notified of the executor's intention to make a distribution.
## d. Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount can be measured reliably. All expenditure is accounted for on an accruals basis.
## e. Administration and support costs
Expenditure on administration and support costs includes staff costs of the administrator, equipment and the supply of services.
## f. Governance costs
These include the costs attributable to the Charity’s compliance with constitutional and statutory requirements, including independent examination, strategic management and Trustees’ meetings and reimbursed expenses. These costs are included under costs of charitable activities.
## g. Raising funds
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
12
THE LLOYD FOUNDATION
Notes to the financial statements for the year ended 31st August 2021 continued
## Principal accounting policies (continued)
h. Grants payable
Grants payable are donations to individuals to further the charitable purposes of the Foundation. Grants are considered carefully when the budget is prepared. There is no certainty that any grant will be paid in future years, or that the amount will remain the same.
i. Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## j. Investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The Charity does not acquire put options, derivatives or other complex financial instruments.
The main form of financial risk faced by the Charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between the sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities
k. Cash and deposits
Cash at bank and in hand includes cash in hand and deposits repayable within 24 hours without penalty at the balance sheet date. Short term deposits include deposits with a short maturity of three months or less from the date of acquisition or opening of the deposit account.
l. Fund accounting
Unrestricted funds are available to spend on activities that further any of the purposes of the Foundation.
Designated funds are unrestricted funds which the Trustees have decided at their discretion to set aside for a particular purpose.
Restricted funds are funds which the donor has specified are to be used solely for a particular area of the Foundation’s work or for purchases of specific assets for use by the Foundation.
Endowment Funds are those investments that the Trustees have no power to convert into distributable funds but have the authority to apply the income derived as they see fit within the rules of the Scheme.
13
THE LLOYD FOUNDATION
Notes to the financial statements for the year ended 31st August 2021 continued
Principal accounting policies (continued)
m. Taxation
As a registered charity the Lloyd Foundation is exempt from taxation in respect of income or capital gains to the extent that such income or gains are applied exclusively to charitable purposes. The Foundation receives no similar exemption for VAT
n. Current asset measurement
Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid. Tax recoverable is included at the amount receivable at the balance sheet date.
Creditors are recognised where there is a present obligation resulting from a past event that will probably result in the transfer of funds to a third party, and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at the settlement amount.
14
## THE LLOYD FOUNDATION
Notes to the financial statements for the year ended 31st August 2021 continued
## **2. Charitable activities**
|**. Charitable activities**||||||||
|---|---|---|---|---|---|---|---|
|||**Unrestricted**|
**Restricted**|
**Total**|**Unrestricted**|
**Restricted**|
**Total**|
||**Note**|
**funds**|**funds**|**2021**|**funds**|**funds**|**2020**|
|||||**£**|||**£**|
|Grants awarded (current)||**20,598**|**-**|**20,598**|114,232|**-**|114,232|
|Grants committed (future)|11|**126,290**|**-**|**126,290**|96,500|**-**|96,500|
|Governance costs|8|**3,417**|**-**|**3,417**|4,617|**-**|4,617|
|Support costs|9|**18,472**|**-**|**18,472**|19,095|**-**|19,095|
|||**168,777**|**-**|**168,777**|234,444|**-**|234,444|
## **3. Costs of raising funds**
|**. Costs of raising funds**||
|---|---|
|Broker’s Fees|**Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
**2021**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
**2020**
**£**
**£**
**480**
**-**
**480**
480
**-**
480|
||**480**
**-**
**480**
480
**-**
480|
## **4. Fixed Assets Investments**
|**Quoted Investments**
Market Value at 1 September
Additions
Disposals
Realised Investment Gains/(Losses)
Unrealised Investment Gains/(Losses)
**Market value at 31 August**
**Historical Cost at 31 August**
**Analysis of Quoted Investments**
Fixed Interest
Equities
Unit Trusts
**Investments comprising more than 5% of the portfolio**
M&G Securities
RSA Insurance Group
Sequoia Economic Infrastructure Fund|**2021**
**£**
**2,986,213**
**243,857**
**(173,599)**
**48,141**
**517,148**
**3,621,760**
**2,591,252**
**2021**
**£**
**684,374**
**2,583,624**
**353,762**
**3,621,760**
**2021**
**%**
**7.5**
**5.9**
**5.2**|**2020**
**£**
3,445,412
444,286
(507,769)
9,398
(405,114)|
|---|---|---|
|||2,986,213|
|||2,678,082|
|||**2020**
**£**
650,914
2,118,722
216,577|
|||2,986,213|
|||**2020**
**%**
7.3
6.9
6.0|
15
## THE LLOYD FOUNDATION
Notes to the financial statements for the year ended 31st August 2021 continued
## **5. Debtors**
|**. Debtors**|||
|---|---|---|
|Accounts Receivable
Accrued Interest|**2021**
**£**
**15,550**
**7,568**
**23,118**|**2020**
**£**
16,642
7,547|
|||24,189|
## **6. Creditors**
|**. Creditors**|||
|---|---|---|
|**Note**
Accounts Payable
11
Accruals|**2021**
**£**
**133,010**
**1,560**
**134,570**|**2020**
**£**
97,735
1,560|
|||99,295|
## **7. Analysis of net assets between Funds**
|Unrestricted Funds
Endowment Funds
Total Funds|**Investments**
**Net**
**Current**
**Assets**
**Total Net**
**Assets**
**2021**
**Investments**
**Net**
**Current**
**Assets**
**Total Net**
**Assets**
**2020**
**£**
**£**
**£**
**£**
**£**
**£**
**1,801,146**
**66,965**
**1,868,111**
1,468,231
51,246
1,519,477
**1,820,614**
**28,825**
**1,849,439**
1,517,982
113,361
1,631,343|
|---|---|
||**3,621,760**
**95,790**
**3,717,550**
2,986,213
164,607
3,150,820|
## **8. Governance costs**
|**. Governance costs**||||||||
|---|---|---|---|---|---|---|---|
|||**Unrestricted**|
**Restricted**|**Total**|**Unrestricted**|
**Restricted**|**Total**|
||**Note**|
**funds**|**funds**|**2021**|**funds**|**funds**|**2020**|
|||||**£**|||**£**|
|Accountancy Fees|10|**2,153**|**-**|**2,153**|1,560|**-**|1,560|
|Training||**180**|**-**|**180**|-|**-**|-|
|Trustees’ Meetings Costs||**690**|**-**|**690**|1,710|**-**|1,710|
|Trustees’ Travel Expenses||**25**|**-**|**25**|1,016|**-**|1,016|
|Trustees’ Other Expenses||**369**|**-**|**369**|331|**-**|331|
|||**3,417**|**-**|**3,417**|4,617|**-**|4,617|
16
## THE LLOYD FOUNDATION
Notes to the financial statements for the year ended 31st August 2021 continued
## **9. Support costs**
|Secretary’s Services
Secretary’s Travel Expenses
Bank Charges
Insurance
Telephone & Broadband
Postage
Sundries
IT Software and Consumables
Membership Fees and
Subscriptions|**Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
**2021**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
**2020**
**£**
**£**
**15,940**
**15,940**
15,197
**-**
15,197
**-**
**-**
932
**-**
932
**384**
**384**
288
**-**
288
**1,073**
**1,073**
1,063
**-**
1,063
**293**
**293**
294
**-**
294
**-**
**-**
11
**-**
11
**-**
**-**
676
**-**
676
**463**
**463**
344
**-**
344
**319**
**319**
290
**-**
290|
|---|---|
||**18,472**
**18,472**
19,095
**-**
19,095|
## **10. Net Surplus for the Year**
|This is stated after charging:
Independent examiner’s fee
Other fees
Total|**2021**
**£**
**1,560**
**593**
**2,153**|**2020**
**£**
1,560
-|
|---|---|---|
|||1,560|
## **11. Supplementary Information - Grants**
The grants approved by the Trustees to 31 August 2021 that relate to future academic years were £126,290 and are included in the accounts payable (2020: £96,500).
## **12. Staff costs**
There were no employees during 2021 (2020: none).
## **13. Trustee remuneration**
No Trustee received any remuneration during the year. One trustee received reimbursement of their expenses amounting to £394 (2020: four, £1,347).
## **14. Related party transactions**
There were no related party transactions during the year.
## **15. Taxation**
The charity’s activities fall within the exemptions afforded by the provisions of the Income and Corporation Taxes Act 1988. Accordingly, there is no taxation charge in these accounts.
17