LLOYDS TSB FOUNDATION FOR THE CHANNEL ISLANDS
CHAIRMAN'S STATEMENT
REVIEW OF THE YEAR (Annual Reports and Accounts are available from the Executive Director on request)
CHAIRMAN’S REVIEW OF THE YEAR
I am delighted to report on my third year as Chairman of the Foundation, and to take this opportunity to pay tribute to the dedication and hard work of the 4 foundations throughout the year.
The results for the year are shown in the financial statements on pages 16 to 28.
The covenanted income to the Foundation for 2008 was £1,141,528 compared to that of £1,139,993 in 2007. The number of grant applications which were evaluated was 51 as compared with 68 in 2007.
It was gratifying that in a year in which the Foundation celebrated its 24th year of supporting charities in the Channel Islands the Trustees were able to make donations to charities totalling £1,358,375. A list of the charities Trustees supported is found in Note 14 on pages 27 to 28; there is a brief description of the purpose to which the money was granted. Of these, 19 donations were made in Jersey in the sum of £589,068 and 20 in the Bailiwick of Guernsey in the sum of £694,307. In addition, one donation was made to Channel Island-wide for an amount of £10,000 and two donations to International charities totalling £65,000. In addition, 73 donations totalling £25,473 were paid through the Staff Matched Giving Scheme.
Among the wide range of activities that are supported, Trustees have continued to recognise the growing needs of young people who face particular difficulties and were pleased to have the opportunity to support the Guernsey Cheshire Homes with a donation of £180,000 over three years to assist with staff salaries. Funds have now been granted to the Friends of the Priaulx library for the installation of the new lift.
We also delighted to recognise the growing needs of young people and supported a grant of £75,000 to Guernsey Youth LBG towards the internal refurbishment at their new centre. In line with the foundation’s commitment towards non statutory funded Education services, we were delighted to fund the Dyslexia Day Centre in Guernsey, the cost going towards secondary tuition teachers.
In Jersey, we were pleased to assist Centre Point Trust to the extent of £40,000 and Jersey MENCAP towards the running costs of Maison Allo to the extent of £140,000.
The staff of the Lloyds TSB Group in the islands have continued to raise funds for their favourite charities with the support of the Foundation’s Matched Giving Scheme. I am pleased that over £25,473 was raised by staff during 2008 aided by matched giving grants. On behalf of the Trustees, I thank those staff who took part in the scheme.
During November we undertook two very successful seminars in Jersey and Guernsey where the guest speaker Dr. Justin Davis-Smith, Chief Executive of Volunteering England facilitated a very much hands on presentation as to how to improve the volunteer network of Charities. This was extremely well received, with excellent feedback from the delegates.
It was with regret that Jocelyn Boughton, the Director of Finance and Administration of the Foundation for England and Wales resigned during the year.
It has been a good year for the Foundation which has seen much progress and I am grateful to my fellow Trustees for their continued help and advice.
We are an independent Foundation, very proud of our relationship with Lloyds Banking Group and especially Lloyds TSB Offshore in the Channel Islands and its management team. I thank the management and staff for their interest and support for our work in the islands.
We enjoy a close relationship with our sister Foundations and in particular the Foundation for England and Wales, and I record my grateful thanks for their continued help and support.
During 2008 the Trustee board agreed to a change in accounting policy, recognising the full cost of multi year grants in the year that they are approved. In recognition of the Foundation’s expectation that these grants will be paid. As a result, a prior year adjustment has been recognised in the accounts, resulting in the Foundation’s previously reported reserves of £96,941 at 31 December 2007 being reduced by £612,198. As at 31 December 2008 the reserves are in deficit at £438,007.
The Foundation’s operations have been affected by the current economic downturn, a result of the deed of covenant with the Lloyds Banking Group being based on a three average of the Groups profits. I expect the Foundation’s income to reduce in the coming years, with a need to return our reserves to a positive position. This will impact the Foundation’s ability to provide the volume of grants that were provided in previous years. The Foundation has been working with those charities it supports on the islands, communicating this message and supporting them in seeking alternative funding, wherever possible. We will continue our commitment to Channel Island Charities, enabling them to help change peoples lives for the better. The commitment to the International Grant Giving will be retained in principle but due to reduced income levels it is unlikely that previous levels will be maintained.
Andrew Ozanne
Chairman of Trustees