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|YEAR ENDED 31 DECEMBER 2022
Contents||
|---|---|
|REFERENCE AND ADMINIS TRATIVE DETAILS|3|
|CHAIR'S REVIEW OF THE YEAR|5|
|TRUSTEES' REPORT AND STRATEGIC REPORT|8|
|INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF||
|LLOYDS BANK FOUNDATION
FOR THE CHANNEL ISLANDS|20|
|STATEMENT OF FINANCIAL ACTIVITIES|24|
|BALANCE SHEET|25|
|STATEMENT OF CASH FLOWS|26|
|NOTES TO THE FINANCIAL STATEMENTS|27|
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|f the two main object
eeds.|s o|f the Foundation:
|Education
an|d Training,
or|Social and|Community|
|---|---|---|---|---|---|---|
|Issue|||2022|2022|2021|2021|
||||No. of|Grants|No. of|Grants|
||||Grants|6|Grants|6|
|Support for Children|and Young People||1|66,000|8|269,699|
|Health
including
Mental||Health|5|233,850|5|189,000|
|Support for People with||Disabilities|||5|249,944|
|Community
Support||||73,500|3|83,000|
|Training,
employment|and lifelong||||3|105,000|
|learning|||||||
|Support for Older People|||2|109,501|||
|Victim Support||||||70,000|
|Advice and advocacy||||40,000|||
|Offenders
/ Ex-offenders||||||35,000|
|Relationships
including||caring||||35,000|
|Homelessness||||90,000||35,000|
||||12|612,851|29|1,071,643|
|Cost of living grants||||81,375|||
|Matched
giving donations||||11,988||5,169|
|Total||||686,214||1,076,812|
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|Risk|||How|we manage
it|||
|---|---|---|---|---|---|---|
|Virtually||all
the|~|The funding
agreement
includes|a minimum|level —this was|
|income||arising||increased
in 2021 from F460,500|to6614,000|effective from 2022|
|from|a|single|~|The funding
agreement
requires|nine year's notice to be given||
|source,||Lloyds|~|Funding
is available
from reserves to maintain||grant giving or the|
|Banking|Group pic|||grant giving budget is adjusted|||
|Investment||losses|~|Regular monitoring
of performance|||
||||~|Diversified
portfolio|||
||||~|Advice from Investment
Manager|—Cazenove|Capital|
|Impact|— is
the||~|Regular feedback from grant holders|||
|Foundation
the desired||making
impact|~
~|Training
and support
for grant holders
Monitoring
ofgrant holders|||
||||~|Regular review ofgrant making
strategy|||
|Key person||failure|~|Support from Lloyds Foundation|for England|&Wales|
||||~|Support ofExecutive Director by|Chair and Trustees||
||||~|Regular communications
and monitoring|||
|ITsecurity|||~|Training
in cyber security|||
||||~|Access controls|||
||||~|Back-up and recovery processes|||
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|||Note|Unrest-|Total|Unrest-|Total|
|---|---|---|---|---|---|---|
||||ricted||ricted||
||||2022|2022|2021|2021|
||||6|6|E|6|
|Income from:|||||||
|Donations||3|778,650|778,650|868,690|868,690|
|Investment
income||6|24,043|24,043|23,583|23,583|
|Total|||802,693|802,693|892,273|892,273|
|Expenditure
on:|||||||
|Investment
fees|||11,371|11,371|13,654|13,654|
|Charitable
activities||4a|822,292|822,292|1,173,317|1,173,317|
|Total|||833,663|833,663|1,186,971|1,186,971|
|Net (expenditure)|||||||
|before gain on|||||||
|investment|||(30,970)|(30,970)|(294,698)|(294,698)|
|Net unrealised|(loss)l||||||
|gain on investments||6|(149,342)|(149,342)|128,612|128,612|
|Net (expenditure)|||(180,312)|(180,312)|(166,086)|(166,086)|
|Net movement|in||(180,312)|(180,312)|(166,086)|(166,086)|
|funds|||||||
|Reconciliation|of||||||
|funds|||||||
|Funds brought|forward||1,648,776|1,646,776|1,814,862|1,814,862|
|Funds carried
forward||10|1,468,464|1,468,464|1,648,776|1,648,776|
##
|S AT 31 DECENI|B|ER 2022||||
|---|---|---|---|---|---|
||||Note|Total|Total|
|||||2022|2021|
|||||E|6|
|Fixed assets:||||||
|Tangible assets|||5|||
|Investments|||6|1,654,798|1,791,499|
|Total fixed assets||||1,654,798|1,791,499|
|Current assets:||||||
|Debtors||||9,503|917|
|Cash at bank and|in|hand||209,126|86,210|
|Total current assets||||218,629|87,127|
|Liabilities:||||||
|Creditors: Amounts||falling due within one year|8|(346,124)|(197,450)|
|Net current
liabilities||||127,495|110,323|
|Total assets less|current liabilities|||1,527,303|1,681,176|
|Creditors: Amounts||falling due after more than|9|(58,839)|(32,400)|
|one year||||||
|Total net assets||||1,468464|1,648,776|
|The funds ofthe|charity:|||||
|Unrestricted
funds|||10|1,468,464|1,648,776|
|Total chari
funds||||1,468,464|1,648,776|
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|EAR ENDED 31 DECEMBER 2022|||||||
|---|---|---|---|---|---|---|
|||||Notes|2022|2021|
||||||F|6|
|Cash flows from operating
activities|||||||
|Net cash
enerated
from/ used in|o eratin||activities|A|111,514|490,954|
|Cash flows from investing
activities:|||||||
|Income from investments|||||24,043|23,583|
|New investment
and reinvested
income|||||(382,244)|(596,753)|
|Proceeds from sales ofinvestments|||||443,637|976,103|
|Movements
on term deposits|||||(74,034)|20,724|
|Net cash generated
from investing|activities||||11,402|423,657|
|Change
in cash and cash equivalents||in the|reporting||122,916|(67,297)|
|ear|||||||
|Cash and cash equivalents
at the|beginning||ofthe||86,210|153,507|
|re ortin
ear|||||||
|Cash and cash equivalents
at the|end|ofthe|reporting|(B)|209,126|86,210|
|ear|||||||
|(A) NET CASH FLOWS USED IN|OPERATING ACTIVITIES||||||
||||||2022|2021|
||||||E||
|Net (expenditure)
for the reporting|year||||(180,312)|(166,086)|
|Adjustments
for:|||||||
|Income from investments|||||(24,043)|(23,583)|
|(Increase)/decrease
in debtors|||||(8,586)|240|
|Increase(decrease)
in creditors|||||175,113|(172,913)|
|Losses/
ains
on investments|||||149,342|128,612|
|Net cash
enerated
from/ used in|o eratin||activities||111514|490,954|
|(B)ANALYSIS OF CASH AND CASH||EQUIVALENTS|||||
||||||2022|2021|
||||||E|6|
|Cash
in hand|||||209,126|86,210|
|Total cash and cash e uivalents|||||209,126|86,210|
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|OTES TO THE FINANCIAL STATEMENT|S (cont.)||||
|---|---|---|---|---|
|2.
DONATIONS|||||
||Unres-|Total|Unres-|Total|
||tricted|2022|tricted|2021|
||E|E|F|6|
|Donations
from Lloyds Banking Group|||||
|Covenant
income|626,685|626,685|784,390|784,390|
|Cost of living supplement|61,400|61,400|||
|Operating
costs contribution|75,000|75,000|75,000|75,000|
|Events and publications|6,265|6,265|||
|Donated services|||||
|External audit fees paid by Lloyds|9,300|9,300|9,300|9,300|
|Bankin
Grou|||||
||778,650|778,650|868,690|868,690|
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|a) Ch|aritable
activities|||||
|---|---|---|---|---|---|
|||Grants|Other|Support|2022|
||||Charitable|Costs||
|||f|activities
6|||
|Grants Programmes||||||
|Jersey||411,611||69,341|500,952|
|Guernsey||177,900||36,542|214,442|
|Cost of living grants||61,375||12,607|73,982|
|||650,886||138,490|789,376|
|Other activities||||||
|Matched|Giving|11,988||2,463|14,451|
|Training|and events||18,465|-|18,465|
|||11,988|18,465|2,463|32,916|
|Total||662,874|18,465|140,953|822,292|
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|4.ANALYSIS OF EXPENDITURE|4.ANALYSIS OF EXPENDITURE|(cont.)|||||
|---|---|---|---|---|---|---|
|a) Charitable
activities (cont.)|||Grants|Other|Support|2021|
||||Charitable||Costs||
||||activities||||
||||6|5|||
|Grants Programmes|||||||
|Jersey|||295,008||37,332|332,340|
|Guernsey|||397,907||45,885|443,792|
|Covid 19emergency|grants Jersey||175,000||20,180|195,180|
|Covid 19emergency|grants Guernsey||140,000||16,144|156,144|
|Alderney|||35,000||4,036|39,036|
|||1,042,915|||123,577|1,166,492|
|Other activities|||||||
|Matched
Giving|||5,169||596|5,765|
|Training
and Events||||1,060||1,060|
||||5,169|1,060|596|6,825|
|Total||1,048,084||1,060|124,173|1,173,317|
|b) Grant awards|||||||
|||||2022||2021|
|Grants awarded|||No.||No.|F|
|Grants
in Jersey|||8|434,951|15|498,736|
|Grants
in Guernsey||||177,900|13|537,907|
|Alderney|||||1|35,000|
|Cost of living grants||||61,375|||
|Total Grants|||12|674,226|29
1,071,643||
|Other activities|||||||
|Matched
Givin|||19|11,988|14|5,169|
|Total Grants and Matched Giving
the year||awarded|in|686,214|1,076,812||
|Less grants cancelled or refunded
ear||in the||(23,340)||(28,728)|
|Grants payable (Note 4c)||||662,874|1,048,084||
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|c) Grants payable|c) Grants payable|c) Grants payable|c) Grants payable|||||
|---|---|---|---|---|---|---|---|
|The table below shows
reconciliation||||between|grant amounts|approved
during|the year and|
|amounts
paid during|the year.|||||||
|||||||2022|2021|
||||||||E|
|Reconciliation
ofgrants||payable||||||
|Amounts
outstanding|at 1|January||||223,621|395,021|
|Grants approved/cancelled|||in year|||||
|Grants approved
in|the year|||||686,214|1,076,812|
|Grants cancelled|||||||14,364|
|Grants payable
in|the year|||||686,214|1,062,448|
|Grants
paid during
the year||||||522,320|1,233,848|
|Due within one year|(Note|8)||||328,676|191,221|
|Due after more than|one|ear|Note 9|||58,839|32,400|
|Amounts
outstandin
at||31|December|||387,515|223,621|
##
|d) Suppo|rt costs||||
|---|---|---|---|---|
|||Note|2022|2021|
|||||E|
|Staff costs||4e|64,266|64,452|
|Governance|costs|4f|29,159|22,171|
|Communications|||23,941|26,882|
|Other costs|||23,586|10,668|
|Total|||140,952|124,173|
|e) Staff|costs||||
||||2022|2021|
||||E||
|Wages and|salaries||60,000|60,000|
|Social Security costs|||4,020|3,960|
|Other costs|||246|492|
|Total|||64,266|64,452|
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|subsistence
and other expenses (202
|subsistence
and other expenses (202
|subsistence
and other expenses (202
|subsistence
and other expenses (202
|subsistence
and other expenses (202
|1:L2,339four Trust|ees).|||
|---|---|---|---|---|---|---|---|---|
|5.
TANGIBLE FIXEDASSETS|||||||||
||||||Computer||Total|Total|
||||||equipment|and|2022|2021|
||||||software||||
|||||||E|||
|Cost|||||||||
|At beginning|ofthe year|||||6,054|6,054|6,054|
|Dis osals|||||||||
|At end ofthe||ear||||6,054|6,054|6,054|
|Accumulated||Depreciation|||||||
|At beginning|ofthe year|||||6,054|6,054|6,054|
|Depreciation|||||||||
|Dis osals|||||||||
|At end ofthe||ear||||6,054|6,054|6,054|
|Net book value||at beginning|of|the year|||||
|Net book value at end ofthe||||ear|||||
|The fixed assets||are fully depreciated,|||and still in use.||||
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||||||||2022|2021|
|---|---|---|---|---|---|---|---|---|
|||||||||E|
|Investments||listed or traded|||on|a recognised stock exchange|1,441,137|1,674,049|
|Derivative|financial||instruments||||79,125|74,083|
|Cash held|b|investment||mana||ers|134,536|43,367|
|Total|||||||1,654,798|1,791,499|
|Movement||in the year|||||||
|As at 1 January|||||||1,791,499|2,062,961|
|Additions|||||||369,602|586,827|
|Disposals|||||||(443,637)|(976,103)|
|Net unrealised
(losses)/gains|||||||(182,050)|109,998|
|Net realised||gains|||||32,707|18,614|
|Reinvested||net income|||||12,642|9,926|
|Cash movements|||||||74,034|20,724|
|As at 31 December|||||||1,654,798|1,791,499|
||||||||2022|2021|
|Investment||income|||||6|6|
|Bank interest|||||||31|3|
|Dividends|||||||24,012|23,580|
|Total|||||||24 043|23,583|
|method|
s
and risk management
ar|
s
and risk management
ar|e included
in the trustees'
report.|||
|---|---|---|---|---|---|
||7.
DEBTORS|||||
|||||2022|2021|
||||||F|
|Other|debtors|||6,265||
|Pre a ment||||3,238|917|
|Total||||9,503|917|
||8. CREDITORS: amounts||falling due within one year|||
|||||2022|2021|
|||||6|6|
|Grants outstanding||(Note 4c)||328,676|191,221|
|Accruals||||5,239|5,500|
|Taxes and social||security||4,372||
|Trade|creditors|||7,837|729|
|Total||||346,124|197,450|
##
|NOTES|TO|T|HE FINANCIAL STATE|HE FINANCIAL STATE|HE FINANCIAL STATE|MENTS (co|nt.)|nt.)||
|---|---|---|---|---|---|---|---|---|---|
||9.||CREDITORS: amounts|||falling due|after more than one year|||
|||||||||2022|2021|
|Grants|outstandin|||Note 4c||||58,839|32,400|
|Total||||||||58,839|32,400|
|10.||MOVEMENT|||IN FUNDS|||||
|||||Balance at||Total|Total|Change
in|Balance at|
||||||1 Jan|incoming|resources|market value|31 Dec|
||||||2022|resources|expended|of|2022|
|||||||||investments||
||||||F||F.|6|F|
|Unrestricted|||funds||1,648,776|802,693|833,663|149,342|1,468,454|
|Total|||||1,648,776|802,693|(833,663)|(149,342)|1,468,464|
|||||Balance at||Total|Total|Change
in|Balance at|
||||||1 Jan|incoming|resources|market value|31 Dec|
||||||2021|resources|expended|of|2021|
|||||||||investments||
|||||||F|6|E|F|
|Unrestricted|||funds||1,814,862|892,273|1,186,971|128,612|1,648,776|
|Total|||||1,814,862|892,273|(1,186,971)|128,612|1,648,776|
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|Guernse|rants|2022|2022||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|Guernse|Communi||Savin s|53,500|Towards|a|art time|Mana
er|||
|Guernse|Mind|||50,000|Towards|Guernse||Mind'sstrate||ic
lan|
|Guernse|Volunta||Service|54,400|Towards|salaries for the|||Jubilee|Social Club|
|Relate Guernsey|||||Towards|core operating|||costs to achieve their||
|||||20,000|Business|Plan|||||
|Total a|roved for||Guernse|177,900|4
rants||||||
||||||Towards|the|impact|ofcost of living pressures|||
|Cost of livin
su||ort fundin||25,686|on charitable||fundin||||
|Total||||203,786|||||||
|Jerse|rants 2022||||||||||
|Caritas Jerse||||40,000|Towards|the|sala|ofthe CEO|||
||||||Towards|the|salary|ofthe Lead||Dementia|
|Dementia|Jerse|||55 101|Advisor|and|Counsellor||||
|Jerse
Action A ainst Ra e||||60 000|Towards|the|cost ofthe||Lead Counsellor||
|Jerse
Recove||Colic e||52 000|Towards|rent ofa trainin|||facilit||
|Kairos Art||||32,700|Towards|the|two ke|members||ofstaff|
|Macmillan|Cancer|Support|||Towards|the|Holistic Needs Assessment||||
|Jerse||||39 150|Service||||||
|The Shelter Trust||Jerse||90000|Towards|the|Vulnerable||women's
service||
||||||Towards|the|salaries of||the Educators for||
||||||delivery|ofthe education,|||group|and one to one|
|You Matter||||66,000|ro rammes||||||
|Total a|roved for||Jerse|434,951|8
rants||||||
||||||Towards|the|impact|ofcost of living pressures|||
|Cost oflivin
su||ortfundin||35,469|on charitable||fundin||||
|Total||||470,440|||||||