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