Charity registration number: 314203
## The Lloyd Foundation
Annual Report and Financial Statements for the Year Ended 31 August 2025
## **The Lloyd Foundation**
## **Contents (continued)**
|Reference and Administrative Details|1|
|---|---|
|Trustees' Report|2 to 7|
|Statement of Trustees' Responsibilities|8|
|Independent Examiner's Report|9|
|Statement of Financial Activities|10|
|Balance Sheet|11|
|Notes to the Financial Statements|12 to 20|
## **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 Pamela Thomas Mr David Fitton Ms Lilian Nsemwa-Li, appointed 5 January 2025 **Grants Manager** Dominic Hill **Charity Registration Number** 314203 **Registered Office** Milsted Langdon LLP Winchester House Deane Gate Avenue Taunton TA1 2UH **Independent Examiner** Milsted Langdon LLP Chartered Accountants Winchester House Deane Gate Avenue Taunton TA1 2UH **Investment Brokers** Redmayne Bentley LLP 3 Wellington Place Leeds LS1 4AP **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 2025.
## **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:
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.
All 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).
## _**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.
## **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 Grants Manager, 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 Foundation's policies underpin its operational and financial processes. All policies are reviewed regularly, except for regulatory changes which may occur during the year, and which are reviewed at the next 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.
## _**Data protection**_
The Trustees regularly review how the Foundation manages data and are satisfied that all necessary steps have been taken to ensure compliance with the General Data Protection Regulations 2016.
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 Grants Manager 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 2024/25 were:
• 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.
- A charity-legal team from Stone King LLP was appointed to guide the Foundation to successfully change the objects of the charity correctly. Work was undertaken throughout 2024-25 and this workstream is on course and expected to be successfully completed early in the 2025-26 reporting year. Trustees have yet to decide on the legal status of the Foundation and whether it should become a CIO. This will be reviewed again in 2025-26.
• 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.
- The Trustees successfully applied this definition when making decisions on new and renewal grant applications throughout the year, ensuring that those most in need were awarded grants.
• To appoint a new Trustee and implement new IT and cyber security procedures.
- Ms Lilian Nsemwa-Li was successfully recruited as the Foundation’s sixth Trustee in January 2025.
- The Trustees appointed Techwyse, an IT and security provider in November 2024 to run the charity’s IT systems. The contract with this company provides Next-Generation virus protection, email quarantine services, 24-hour threat monitoring, backup and storage facilities on UK servers to ensure business continuity in the event of a cyber-attack or loss of systems, and technical support.
Page 3
## **The Lloyd Foundation**
## **Trustees' Report (continued)**
## **Financial review**
The Trust’s principal source of income continues to be derived from its investments. During the year total income amounted to £173,366 (2024: £188,614).
Expenditure during the year totalled £421,794 (2024: £121,053) of which the main component was grants made totalling £348,152 (2024: £63,237 to 39 beneficiaries from 21 families). There were future commitments of £201,639 (2024: £138,013) 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 £3,403,807 (2024: £3,376,761), tangible fixed assets of £1,170 (2024: £1,463) and net current assets of £247,145 (2024: 318,409) making the total capital and reserves £3,574,867 (2024: £3,696,633).
## _**Investment policy**_
There are no restrictions on the Charity’s power to invest. The investment strategy is reviewed and set regularly by The Trustees. The Trustees have appointed Redmayne Bentley LLP to manage the Foundation’s investments on a discretionary basis. The Investment Managers provide custody of the assets and produce a valuation and performance statements quarterly or when required by the Trustees. The Foundation’s Finance Committee was dissolved when the portfolio changed to one being managed on a Discretionary Mandate with a Moderate level of Risk.
The Foundation has approximately £3.4 million (2024: £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 Investment Managers.
The Trustees instructed the Investment Managers to manage the investment portfolio at low/medium risk to achieve the long-term investment objectives of balancing capital and income returns.
The Foundation does not have an explicit Ethical or ESG policy however, Trustees reserve the right to instruct the Investment Managers to exclude or limit any 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 any such matters as they arise.
Page 4
## **The Lloyd Foundation**
## **Trustees' Report (continued)**
## _**Policy on reserves**_
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 over time, as follows:
|follows:|||
|---|---|---|
|Investments at cost
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|**2025**
**£**
2,576,001
3,403,807
827,806
2,747,061
3,574,867|**2024**
**£**
2,559,437
3,376,761|
|||817,324
2,879,309
3,696,633|
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. It reviews each potential beneficiary and typically grants 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 Trustees hold an ‘Away Day’ to review the long-term strategy and direction of the Foundation at least every two years, or as necessary through legislation changes or other matter which requires such a review.
Free reserves at 31 August 2025 stood at £1,795,078 (2024: £1,959,421) and consist of unrestricted funds less tangible fixed assets. They are considered to be at an appropriate level to maintain the investment portfolio.
Page 5
## **The Lloyd Foundation**
## **Trustees' Report (continued)**
## **Plans for future periods**
## _**Aims and key objectives for future periods**_
- To complete the work begun in 2024-2025 to change the charity’s objects. The lion’s share of the work has been completed, and Trustees are confident this will be completed before the end of the 2025-26 year.
- To scope, cost, and agree a new website for the Foundation and to appoint a suitable provider, following research and presentations by potential providers to carry out the work.
- To scope, cost and agree a new Case Management System (CMS) for the Foundation and to appoint a suitable provider, following a ‘beauty parade’ to carry out the work. The CMS will make the application process a more efficient and smooth experience for applicants, will assist Trustees in making evidence-based decisions on cases and will help the Grants Manager to perform his responsibilities more efficiently.
- To work with the charity’s investment managers and accountants to conduct work on The Lloyd Foundation’s endowment to ensure that safeguarding the endowment’s market value is in line with the charity SORP.
- To vacate the charity’s document storage facility in Devon following the ‘scan and shred’ work that has been undertaken by the Chair. This will reduce the charity’s costs.
- To consider the level of grant giving in order to rebalance some of the Foundation's reserves.
## **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 and/or 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 briefing/training sessions where appropriate.
Page 6
## **The Lloyd Foundation**
## **Trustees' Report (continued)**
## _**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 2020).
## **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 for 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 11 June 2026 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 statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state 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 11 June 2026 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 2025.
## **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(5)(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 TA1 2UH
16 June 2026
Page 9
## **The Lloyd Foundation**
## **Statement of Financial Activities for the Year Ended 31 August 2025**
|**Note**
**Income and Endowments from:**
Donations and legacies
2
Investment income
3
Total income
**Expenditure on:**
Raising funds
4
Charitable activities
5
Total expenditure
Gains/losses on investment
assets
Net (expenditure)/income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
16|**Unrestricted**
**funds**
**£**
-
173,366
173,366
(26,430)
(395,364)
(421,794)
88,212
(160,216)
(160,216)
1,956,464
1,796,248|**Endowment**
**funds**
**£**
-
-
-
-
-
-
38,450
38,450
38,450
1,740,169
1,778,619|**Total**
**2025**
**£**
-
173,366
173,366
(26,430)
(395,364)
(421,794)
126,662
(121,766)
(121,766)
3,696,633
3,574,867|**Total**
**2024**
**£**
5,000
183,614|
|---|---|---|---|---|
|||||188,614|
|||||(18,307)
(102,746)|
|||||(121,053)
177,942|
|||||245,503|
|||||245,503
3,451,130|
|||||3,696,633|
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2024 is shown in note 16.
The notes on pages 12 to 20 form an integral part of these financial statements. Page 10
## **The Lloyd Foundation**
## **(Registration number: 314203) Balance Sheet as at 31 August 2025**
|**Note**
**Fixed assets**
Tangible assets
10
Investments
11
**Current assets**
Debtors
12
Cash at bank and in hand
13
**Creditors: Amounts falling due within one year**
14
**Net current assets**
**Total assets less current liabilities**
**Creditors: Amounts falling due after more than one year**
15
**Net assets**
**Funds of the charity:**
**Endowment funds**
**Unrestricted income funds**
Unrestricted funds
**Total funds**
16|**2025**
**£**
1,170
3,403,807
3,404,977
440
378,363
378,803
(131,658)
247,145
3,652,122
(77,255)
3,574,867
1,778,619
1,796,248
3,574,867|**2024**
**£**
1,463
3,376,761|
|---|---|---|
|||3,378,224|
|||383
343,600|
|||343,983
(25,574)|
|||318,409|
|||3,696,633
-|
|||3,696,633|
|||1,740,169
1,956,464|
|||3,696,633|
The financial statements on pages 10 to 20 were approved by the trustees, and authorised for issue on 11 June 2026 and signed on their behalf by:
......................................... Mrs Valerie Smart Chairman and trustee
The notes on pages 12 to 20 form an integral part of these financial statements. Page 11
## **The Lloyd Foundation**
## **Notes to the Financial Statements for the Year Ended 31 August 2025**
## **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 otherwise stated in the relevant note(s) to these accounts.
## **Exemption from preparing a cash flow statement**
As allowed by the Charities SORP (FRS 102) 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 endowments**
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.
## _**Donations and legacies**_
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.
## _**Raising funds**_
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
Page 12
## **The Lloyd Foundation**
## **Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)**
## _**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.
## **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.
## **Depreciation and amortisation**
Depreciation is provided on tangible 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 Depreciation method and rate** Furniture and equipment 5 year straight line
## **Fixed asset investments**
Fixed asset investments, other than programme related investments, are included at market value at the balance 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.
Page 13
## **The Lloyd Foundation**
## **Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)**
## **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**
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 liability 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.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
## **Fund structure**
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.
## **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.
Page 14
## **The Lloyd Foundation**
## **Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)**
## **2 Income from donations and legacies**
|Donations and legacies;
Legacies|**Total**
**2025**
**£**
-
-|**Total**
**2024**
**£**
5,000|
|---|---|---|
|||5,000|
£Nil (2024 - £5,000) of the income above was attributable to unrestricted funds and £Nil (2024 - £Nil) attributable to restricted funds.
## **3 Investment income**
|Interest receivable and similar income;
Interest receivable on bank deposits
Other income from fixed asset investments|**Unrestricted**
**funds**
**General**
**£**
5,092
168,274
173,366|**Total**
**2025**
**£**
5,092
168,274
173,366|**Total**
**2024**
**£**
6,006
177,608|
|---|---|---|---|
||||183,614|
£173,366 (2024 - £183,614) of the income above was attributable to unrestricted funds and £Nil (2024 - £Nil) attributable to restricted funds.
## **4 Expenditure on raising funds**
## **a) Investment management costs**
|Other investment management costs;
Amounts payable to investment managers|**Unrestricted**
**funds**
**General**
**£**
26,430
26,430|**Total**
**2025**
**£**
26,430
26,430|**Total**
**2024**
**£**
18,307|
|---|---|---|---|
||||18,307|
£26,430 (2024 - £18,307) of the income above was attributable to unrestricted funds and £Nil (2024 - £Nil) attributable to restricted funds.
Page 15
## **The Lloyd Foundation**
## **Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)**
## **5 Expenditure on charitable activities**
|**Note**
Grant funding of activities
Allocated support costs
6
Governance costs
6|**Unrestricted**
**funds**
**General**
**£**
348,152
30,230
16,982
395,364|**Total**
**2025**
**£**
348,152
30,230
16,982
395,364|**Total**
**2024**
**£**
63,237
27,585
11,924|
|---|---|---|---|
||||102,746|
£395,364 (2024 - £102,746) of the income above was attributable to unrestricted funds and £Nil (2024 - £Nil) attributable to restricted funds.
£348,152 (2024 - £63,237) of the grant funding activities related to grants made to individuals. During the year there were £Nil (2024 - £Nil) grants made to institutions.
## **6 Analysis of governance and support costs**
## **Charitable activities expenditure**
|**Basis of**
**allocation**
Secretary's services
As per activity
Secretary'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
Membership fees and
subscriptions
As per activity
Charitable donations
As per activity
Depreciation of office
equipment
As per activity|**Unrestricted**
**funds**
**General**
**£**
19,500
1,598
955
1,333
668
1,031
3,985
367
500
293
30,230|**Total**
**2025**
**£**
19,500
1,598
955
1,333
668
1,031
3,985
367
500
293
30,230|**Total**
**2024**
**£**
18,755
3,685
1,015
870
1,391
719
527
257
-
366|
|---|---|---|---|
||||27,585|
Page 16
## **The Lloyd Foundation**
## **Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)**
## **Governance costs**
|Independent examiner fees
Examination of the financial statements
Other fees paid to examiners
Legal fees
Other governance costs|**Unrestricted**
**funds**
**General**
**£**
2,520
5,659
3,336
5,467
16,982|**Total**
**2025**
**£**
2,520
5,659
3,336
5,467
16,982|**Total**
**2024**
**£**
2,844
4,915
-
4,165|
|---|---|---|---|
||||11,924|
## **7 Net incoming/outgoing resources**
Net (outgoing)/incoming resources for the year include:
|Depreciation of fixed assets
Independent examiner's fees
Other fees paid to examiners|**2025**
**£**
293
2,520
5,659|**2024**
**£**
366
2,844
4,915|
|---|---|---|
## **8 Trustees remuneration and expenses**
During the year the charity made the following transactions with trustees:
Two trustees received reimbursement of travel and telephone expenses amounting to £2,344 (2024: two, £5,594).
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 17
## **The Lloyd Foundation**
## **Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)**
## **9 Taxation**
The charity is a registered charity and is therefore exempt from taxation.
## **10 Tangible fixed assets**
|**10 Tangible fixed assets**||||
|---|---|---|---|
|**Cost**
At 1 September 2024
At 31 August 2025
**Depreciation**
At 1 September 2024
Charge for the year
At 31 August 2025
**Net book value**
At 31 August 2025
At 31 August 2024
**11 Fixed asset investments**
Other investments
**Other investments**
**Cost or Valuation**
At 1 September 2024
Revaluation
Additions
Disposals
At 31 August 2025
**Net book value**
At 31 August 2025
At 31 August 2024||**Furniture and**
**equipment**
**£**
1,829
1,829
366
293
659
1,170
1,463
**2025**
**£**
3,403,807
**Listed**
**investments**
**£**
3,376,761
93,399
576,627
(642,980)
3,403,807
3,403,807
3,376,761|**Total**
**£**
1,829
1,829
366
293
659
1,170
1,463
**2024**
**£**
3,376,761|
||||**Total**
**£**
3,376,761
93,399
576,627
(642,980)
3,403,807
3,403,807
3,376,761|
Page 18
## **The Lloyd Foundation**
## **Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)**
## **12 Debtors**
|Prepayments
**13 Cash and cash equivalents**
Cash at bank
**14 Creditors: amounts falling due within one year**
Trade creditors
Accruals
**15 Creditors: amounts falling due after one year**
Accruals
**16 Funds**
**Balance at 1**
**September**
**2024**
**£**
**Incoming**
**resources**
**£**
**Unrestricted funds**
General
1,956,464
173,366
**Endowment funds**
Permanent
1,740,169
-
**Total funds**
3,696,633
173,366|**2025**
**£**
440
**2025**
**£**
378,363
**2025**
**£**
-
131,658
131,658
**Resources**
**expended**
**£**
**Other**
**recognised**
**gains/(losses)**
**£**
(421,794)
88,212
-
38,450
(421,794)
126,662||**2024**
**£**
383|
|---|---|---|---|
||||**2024**
**£**
343,600|
||||**2024**
**£**
19,154
6,420|
||||25,574|
||||**2025**
**£**
77,255|
||||**Balance at**
**31 August**
**2025**
**£**
1,796,248
1,778,619|
||||3,574,867|
Page 19
## **The Lloyd Foundation**
## **Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)**
|**Unrestricted funds**
General
**Endowment funds**
Permanent
**Total funds**|**Balance at 1**
**September**
**2023**
**£**
1,789,828
1,661,302
3,451,130|**Incoming**
**resources**
**£**
188,614
-
188,614|**Resources**
**expended**
**£**
**Other**
**recognised**
**gains/(losses)**
**£**
(121,053)
99,075
-
78,867
(121,053)
177,942|**Balance at**
**31 August**
**2024**
**£**
1,956,464
1,740,169|
|---|---|---|---|---|
|||||3,696,633|
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.
## **17 Analysis of net assets between funds**
|Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Creditors over 1 year
Total net assets
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets|**Unrestricted**
**funds**
**General**
**£**
1,170
1,773,605
230,386
(131,658)
(77,255)
1,796,248
**Unrestricted**
**funds**
**General**
**£**
1,463
1,776,896
203,679
(25,574)
1,956,464|**Endowment**
**funds**
**Permanent**
**£**
-
1,630,202
148,417
-
-
1,778,619
**Endowment**
**funds**
**Permanent**
**£**
-
1,599,865
140,304
-
1,740,169|**Total funds**
**at 31 August**
**2025**
**£**
1,170
3,403,807
378,803
(131,658)
(77,255)|
|---|---|---|---|
||||3,574,867|
||||**Total funds**
**at 31 August**
**2024**
**£**
1,463
3,376,761
343,983
(25,574)|
||||3,696,633|
## **18 Related party transactions**
Other than those disclosed in note 8, there were no related party transactions in the year.
Page 20