Charity registration number.. 314203 The Lloyd Foundation Annual Report and Financial Statements for the Year Ended 31 August 2024
The Lloyd Foundation Contents (continued) Reference and Administrative Details Trustees, Report 2to7 Statement of Trustees, Responsibilities Independent Examinerfs Report statement of Financial Activities 10 Balance Sheet Notes to the Financial Statements 12to21
The Lloyd Foundation Reference and Administrative Details Chair Mrs Valerie Smart Trustees Ms Sarah Broughton Mrs Lyndsey Kelly-Aberle, resigned 1 September 2024 Mrs Valerie Smart Mr Niaz Alam Mrs Sarah Howard, resigned 23 November 2023 Mrs Pamela Thomas Mr David Fitton Grants Manager Dominic Hill Charlty Registratlon Number 314203 Registered Office Milsted Langdon LLP Winchester House Deane Gate Avenue Taunton TA12UH Independent Examiner Milsted Langdon LLP Chartered Accountants Winchester House Deane Gate Avenue Taunton TA12UH Investment Brokers Redmayne Bentley LLP 9 Bond Court Leeds LS1 2JZ Bankers Barclays Bank UK PLC Grange Court Leominster Herefordshire HR6 8NL Page 1
The Lloyd Foundation Trustees. Report The trustees present the annual report together with the financial statements of the charity for the year ended 31 August 2024. Objectives and activities Objects and aims The Trustees shall apply the net income of the Foundation, after the payment of administration expenses, as authorised under the Scheme for.. al the award to beneficiaries of scholarships, bursaries or maintenance allowances as set out in the Scheme., bl the advancement of the education of beneficiaries in such other ways as the Trustees may from time to time determine., cl 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. All persons qualified to be beneficiaries under the Foundation are young persons under the age of 25 who.. al are in need of financial assistance, and bl have a father or mother who is a British citizen las 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). 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. Operatlonal management and pollcles 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 Trustees. 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 estsblished to mitigate and control such risks. Data protection Following a full audit and review of dats processing, the Trustees are satisfied that all necessary steps have been tsken to ensure compliance with the General Data Protection Regulations 2016 by the time these came into force. Page 2
The Lloyd Foundation Trustees. Report (continued) Grant making policies 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. 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. 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. Achievements and performance The Trustees, key objectives in 2023124 were.. To move the investment portfolio from Advisory mandate to a fully Discretionary Portfolio Management Service and to dissolve the Finance Committee role. All Trustees will consider the investment portfolio on a quarterly basis with the investment managers. To review the most appropriate legal structure for the charity for the future, including the possibility of conversion to a Charitable Incorporated Organisation {ClOI. To review the process by which Trustees are recruited, their responsibilities and terms of office to facilitate the smooth running of the Foundation. Following formal discussions with the Investment Managers during 2023 the Investment Portfolio was successfully moved to a fully Discretionary Portfolio Management Service and the Finance Committee role was dissolved as planned. Regulatory restrictions and the lack of in-depth research made decision making slow and increased investment risk. Subsequently the Trustee completed a Risk Profile Questionnaire and a discretionary Management Agreement was signed by The Finance Commitee in November 2023. The objective remains a balanced fund with a requirement for capital preservation in line with inflation and agreed income target. The Trustees continue to obtain an Investment Management Report ahead of each of the quarterly meetings to consider the portfolio performance and risk. The Investment Managers attended a recent meeting of the Trustees to discuss the ongoing management and performance of the funds, and this will take place annually, or at the discretion of the Trustees. The legal structure of the charity has been considered at length by the Trustees over the course of the year. A final decision on conversion to a CIO has not been made and remains under review with other changes the Trustees wish to make. The review process by which Trustees are recruited, their responsibilities and terms of Offi to facilitate the smooth running of the Foundation was not completed and will be carried over to 2024125. Page 3
The Lloyd Foundation Trustees. Report (continued) Objectives for the coming year Two of last year's objectives are on-going and have been carried forward. In addition, the following new objectives have been identified for 2024125.. To review and make changes where necessary to the Objects of the Charity, to ensure that it is operating as effectively as possible in the contemporary charitable environment. To review support to existing and future beneficiaries to ensure that the Foundation's definition of Financial Need is fairly and properly applied when considering new applications and applications for renewals of a grant. Appoint a new Trustee and implement new IT and cyber security procedures. A charity-legal team from Stone King has been appointed to guide the Foundation to meet the new objects for 2024125 and, assist with the transition to CIO status should the Trustees decide to proceed with that change. Financial review The Trust's principal source of income continues to be derived from its investments. During the year total income amounted to £188,614 {2023'. £185,734). Expenditure during the year totalled £121,053 (2023.. £115,734) of which the main component was grants made totalling £63,237 to 39 beneficiaries from 21 families (2023.. £90,181 to 41 beneficiaries from 29 families}. There were future commitments of £138,013 (2023. £72,400} made to new and existing beneficiaries by the year end. Future investment income is expected to cover existing and future commitments to grants. At the balance sheet date, the Foundation had total investments of £3,376,761 (2023.. £3,096,713), tangible fixed assets of £1,462 (2023.. £Nill and net current assets of £318,409 12023.. £354,417) making the total capital and reserves £3,696,633 (2023. £3,451,130). Page 4
The Lloyd Foundation Trustees. Report (continued) 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 a Dealing With Advice {DWA) 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 had a Finance Committee formed from three of the Trustees, which considered suggestions from the Investment Managers and gave instructions as appropriate. Details of the changes adopted may be reviewed under Achievements above. The Foundation has approximately £3.4 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 formerly set a strategic target for asset allocation for the Investment Portfolio, at mediumllow 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 andlor 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. Policy on reserves The Foundation's reserves comprise 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 over time, as follows.. 2024 2023 Investments at cost 2,559,437 3,376,761 817,324 2,879,309 3,696,633 2,462,672 3,096,713 634,041 2,817,089 3,451,130 Investments at market value Unrealised gains from excess of valuation over cost Realised gains and accumulated surpluses Total reserves, comprising funds shown on the balance sheet Page 5
The Lloyd Foundation Trustees. Report (continued) 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. A review of the Reserve Policy has been undertaken to ensure its relevance to recent changes in legislation, strategy, and clarity- The foundation does not commit funds in any one trustee meeting for the entire span of a child's educational life. We review each potential beneficiary and typically grant funds for no more than two years at a time. Renewals are then reviewed annually by the Trustees. Approximately three years, reserves are held to cover all beneficiaries, bursaries, transitional grants, and operating costs. The Foundation does not undertake any form of fundraising and relies solely on investment income and potential legacies. The Lloyd Foundation undertakes an 'Away Day, to review the long-term strategy and direction of the Foundation at least every years, or as necessary if legislation requires such a review. Free reserves at 31 August 2024 stood at £1,959,421 12023.. £1,789,828} and consist of unrestricted funds less tangible fixed assets. They are considered to be at an appropriate level to maintain the investment portfolio. Structure. governance and management Recruitment and appointment of trustees The Foundation may have up to ten Trustees, four nominated {1 by the Secretary of State for Foreign, Commonwealth and Development 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 andlor the Trustee is 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 of trustees An online 'induction pack, is provided to ensure that new Trustees 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 briefingltraining sessions where appropriate. Organisational 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 20201. Page 6
The Lloyd Foundation Trustees. Report (continued) Financial instruments Objectives and policies The charity's activities expose it to a number of financial risks. The charity's policies are reviewed and approved by the board of trustees, who also set out written principles explaining how these policies contribute to effective risk management. The charity does not use derivative financial instruments for speculative purposes. Major risks and management of those risks The trustees have a duty to identify and review the risks to which the trust is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees regularly conduct a review of the major risks to which the trust is exposed and systems have been established to mitigate these risks. Internal risks are minimised by the implementation of procedures for the authorisation of all transactions and projects and to ensure consistent quality of delivery ft)r all operational aspects of the trust's objectives. These procedures are periodically reviewed to ensure that they continue to meet the needs of the trust. The charity's investment portfolio is exposed to market risk, which is the risk that the fair value or future cash flows of financial instruments will fluctuate due to changes in market prices. This includes exposure to interest rate movements, equity price volatility, and broader economic conditions. The trustees manage this risk by maintaining a diversified portfolio and reviewing investment performance regularly with the support of professional investment managers. The annual report was approved by the trustees of the charity on 19 June 2025 and signed on its behalf by.. Mrs Valerie Smart Chairman and trustee Page 7
The Lloyd Foundation Statement of Trustees. Responsibilities The trustees are responsible for preparing the trustees, report and the financial statements in accordance with the United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. The law applicable to charities requires the trustees to prepare financial ststements 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 in the Charities SORP., make judgements and estimates that are reasonable and prudent., stste whether applicable accounting standards have been followed, subject to any material 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 proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees 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. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Approved by the trustees of the charity on 19 June 2025 and signed on its behalf by.. Mrs Valerie Smart Chairman and trustee Page 8
The Lloyd Foundation Independent Examiner's Report to the trustees of The Lloyd Foundation I report to the trustees on my examination of the accounts of The Lloyd Foundation for the year ended 31 August 2024. Responsibilities and basis of report As the charity's trustees of The Lloyd Foundation you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {'the Act,). Having satisfied 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 examination of the 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 Directions given by the Charity Commission under section 145(51{b) of the Act. Independent examiner's statement 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.. 1. accounting records were not kept in respect of The Lloyd Foundation as required by section 130 of the Act., or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the accounting 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. I 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 understanding of the accounts to be reached. Robert Cadwallader FCA Milsted Langdon LLP Chartered Accountants Winchester House Deane Gate Avenue Taunton TA12UH 23 June 2025 Page g
The Lloyd Foundation Statement of Financial Activities for the Year Ended 31 August 2024 Unrestricted funds Endowment funds Total 2024 Total 2023 Note Income and Endowments from: Donations and legacies Investment income 5,000 183,614 5,000 183,614 185,734 Total income 188,614 188,614 185,734 Expenditure on: Raising funds Charitable activities (18,3071 102,746 118,3071 102,746 1428) 115,306 Total expenditure Gainsllosses on investment assets (121,0531 1121,053) (115,7341 99,075 78,867 177,942 133,582 Net incomel{expenditurel 166,636 78,867 245,503 63,582 Net movement in funds 166,636 78,867 245,503 163,582) Reconciliation of funds Total funds brought forward 1,789,828 1,661,302 3,451,130 3,514,712 Total funds carried forward 15 1,956,464 1,740,169 3,696,633 3,451,130 All of the charity's activities derive from continuing operations during the above periods. The funds breakdown for 2023 is shown in note 15. The notes on pages 12 to 21 form an integral part of these financial statements. Page 10
The Lloyd Foundation (Registration number: 314203) Balance Sheet as at 31 August 2024 2024 2023 Note Fixed assets Tangible assets Investments 10 1,463 3,376,761 3,378,224 3,096,713 3,096,713 Current assets Debtors Cash at bank and in hand 12 13 383 343,600 343,983 25,256 419,779 445,035 Credltors: Amounts falllng due wlthln one year Net current assets 14 25,574 90,618 318,409 354,417 Net assets 3,696,633 3,451,130 Funds of the charity: Endowment funds 1,740,169 1,661,302 Unrestricted income funds Unrestricted funds 1,956,464 1,789,828 Total funds 15 3,696,633 3,451,130 The financial statements on pages 10 to 21 were approved by the trustees, and authorised for issue on 19 June 2025 and signed on their behalf by.. Mrs Valerie Smart Chairman and trustee The notes on pages 12 to 21 form an integral part of these financial statements. Page 11
The Lloyd Foundation Notes to the Financial Statements for the Year Ended 31 August 2024 1 Accounting policies Statement of compliance The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. Basis of preparation The Lloyd Foundation meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otheNise stated in the relevant notelsl to these accounts. Exemption from preparing a cash flow statomont As allowed by the Charities SORP IFRS 1021 the trustees have opted not to include a statement of cash flows due to the size of the charity. Going concern The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. Income and endowmonts Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability. Donatlons and lagacles Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured. Investment income Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. All resources expended are inclusive of irrecoverable VAT. Page 12
The Lloyd Foundation Notes to the Financial Statements for the Year Ended 31 August 2024 {continued) Raising funds These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds. Charitable activities Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Grant provisions Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable. Support costs Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage. Governance costs These include the costs attributable to the charity's compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses. Irrecoverable VAT Irrecoverable VAT is charged against the category of resources expended for which it was incurred. Taxation The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Tangible fixed assets Individual fixed assets costing £100.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreciation and amortisation Depreciation is provided on tsngible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows.. Asset class Furniture and equipment Depreciation method and rate 5 year straight line Page 13
The Lloyd Foundation Notes to the Financial Statements for the Year Ended 31 August 2024 {continued) Fixed asset investments Fixed asset investments, other than programme related investments, are included at market value at the balan sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal. Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. Fund structuro Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity. 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. Page 14
The Lloyd Foundation Notes to the Financial Statements for the Year Ended 31 August 2024 {continued) Financial instruments Recognition and measurement The charity only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the charity and their measurement basis are as follows., Fixed asset investments - initially recognised at cost and subsequently measured at fair value at the balance sheet date. Changes in fair value are recognised in the Statement of Financial Activities. Realised gains and losses are calculated based on disposal proceeds compared to original cost. These investments are classified as other financial instruments under FRS 102 Section 12, as they do not meet the criteria for basic financial instruments. Financial assets trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank - is classified as a basic financial instrument and is measured at face value. Financial liabilities trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument. 2 Income from donations and Iogacios Unrestricted funds General Total 2024 Total 2023 Donations and legacies., Legacies 5,000 5,000 5,000 5,000 £5,000 {2023 £Nil) of the income above was attributable to unrestricted funds and £Nil (2023 £Nil) attributable to restricted funds. Page 15
The Lloyd Foundation Notes to the Financial Statements for the Year Ended 31 August 2024 {continued) 3 Investment income Unrestricted funds General Total 2024 Total 2023 Interest receivable and similar income., Interest receivable on bank deposits Other income from fixed asset investments 6,006 177,608 183,614 6,006 177,608 183,614 558 185,176 185,734 £183,614 (2023 - £185,734) of the income above was attributable to unrestricted funds and £Nil (2023 £Nill attributable to restricted funds. 4 Expenditure on raising funds a) Investment management costs Unrestricted funds General Total 2024 Total 2023 Other investment management costs., Amounts payable to investment managers 18,307 18,307 428 18,307 18,307 428 £18,30712023 - £4281 of the expenditure above was attributable to unrestricted funds and £Nil12023 £Nill attributable to restricted funds. Page 16
The Lloyd Foundation Notes to the Financial Statements for the Year Ended 31 August 2024 {continued) S Expenditure on charitable activities Unrestricted funds General Total 2024 Total 2023 Note Grant funding of activities Allocated support costs Governance costs 63,237 27,585 11,924 102,746 63,237 27,585 11,924 102,746 90,630 20,189 4,487 115,306 £102,74612023 £115,306) of the expenditure above was attributable to unrestricted funds and £Nil (2023 - £N ill attributable to restricted funds. £63,237 12023 £90,630) of the grant funding of activities related to grants made to individuals. During the year there were £Nil12023 - £Nill grants made to institutions. 6 Analysls of governance and support costs Charitsble activities expenditure Unrestrictod funds Total Total 8asls of allocation Secretsry's services As per activity Secretsry's travel expenses As per activity Bank charges As per activity Insurance As per activity Telephone and broadband As per activity Sundry expenses As per activity IT software and consumables As per activity Printing, postage and ststionery As per acts'vity Membership fees and subscriptions Depreciation of office equipment General 2024 2023 18,755 3,685 1,015 870 1,391 719 527 18,755 3,685 1,015 870 1,391 719 527 16,131 512 589 1,103 326 538 621 44 As per activity 257 257 325 As per activity 366 366 27,585 27,585 20,189 Page 17
The Lloyd Foundation Notes to the Financial Statements for the Year Ended 31 August 2024 {continued) Governance costs Unrestricted funds General Total 2024 Total 2023 Independent examiner fees Examination of the financial statements Other fees paid to examiners Other governance costs 2,844 4,915 4,165 2,844 4,915 4,165 2,544 1,943 11,924 11,924 4,487 7 Net incomingloutgoing resources Net incoming resources for the year include.. 2024 2023 Depreciation of fixed assets Independent examiner's fees Other fees paid to examiners 366 2,844 4,915 2,544 8 Trustees remuneratlon and expenses During the year the charity made the following transactions with trustees.. Two twstees received reimbursement of travel, stationery and telephone expenses amounting to £5,594 {2023. 0, £835). During the year, there were no gifts purchased for retired trustees (2023.. £371 purchased for 3 retired trustees) No trustees, nor any persons connected with them, have received any remuneration from the charity during the year. No trustees have received any other benefits from the charity during the year. Page 18
The Lloyd Foundation Notes to the Financial Statements for the Year Ended 31 August 2024 {continued) 9 Taxation The charity is a registered charity and is therefore exempt from taxation. 10 Tangible fixed assets Furniture and equipment Total Cost Additions 1,829 1,829 At 31 August 2024 1,829 1,829 Depreclation Charge for the year 366 366 At 31 August 2024 366 366 Net book value At 31 August 2024 1,463 1,463 11 Fixed assot investments 2024 2023 Other investments 3,376,761 3,096,713 Other investments Llsted investments Total Cost or Valuation At 1 September 2023 Revaluation Additions Disposals 3,096,713 3,096,713 141,052 141,052 727,550 727,550 588,554 588,554 At 31 August 2024 3,376,761 3,376,761 Net book value At 31 August 2024 3,376,761 3,376,761 At 31 August 2023 3,096,713 3,096,713 Page 19
The Lloyd Foundation Notes to the Financial Statements for the Year Ended 31 August 2024 {continued) 12 Debtors 2024 2023 Trade debtors Prepayments Other debtors 21,054 383 4,202 383 25,256 13 Cash and cash equivalents 2024 2023 Cash at bank 343,600 419,779 14 Creditors: amounts falling due within one year 2024 2023 Trade creditors Accruals 19,154 6,420 88,398 2,220 25,574 90,618 15 Funds Balance at 1 September 2023 Other Balance at Incoming Resources recognised 31 August resources expended gainslllosses) 2024 Unrestricted funds General 1,789,828 188,614 1121,053) 99,075 1,956,464 Endowment funds Permanent 1,661,302 78,867 1,740,169 Total funds 3,451,130 188,614 121,053 177,942 3,696,633 Page 20
The Lloyd Foundation Notes to the Financial Statements for the Year Ended 31 August 2024 {continued) Balance at 1 September 2022 Other Balance at Incoming Resources recognised 31 August resources expended gainslllosses) 2023 Unrestricted funds General 1,792,690 185,734 (115,734) (72,862) 1,789,828 Endowment funds Permanent 1,722,022 (60,720) 1,661,302 Total funds 3,514,712 185,734 3,451,130 115,734 133,582 The specific purposes for which the funds are to be applied are as follows.. Unrestricted funds are available to be spent for any of the purposes of the Charity. Endowment funds are part of the Charity's investment portfolio. Income derived from these investments can be spent on any of the Charity's charitable objectives. 16 Analysis of net assets between funds Unrestrictod funds General Endowment funds Permanent Total funds at 31 August 2024 Tangible fixed assets Fixed asset investments Current assets Current liabilities 1,463 1,776,896 203,679 25,574 1,463 3,376,761 343,983 25,574 1,599,865 140,304 Total net assets 1,956,464 1,740,169 3,696,633 Unrestricted funds General Endowment funds Permanent Total funds at 31 August 2023 Fixed asset investments Current assets Current liabilities 1,559,461 320,985 90,618 1,537,252 124,050 3,096,713 445,035 90,618 Total net assets 1,789,828 1,661,302 3,451,130 17 Related party transactions Other than those disclosed in note 8, there were no related party transactions in the year. Page 21