LACES EDUCATIONAL COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Comp&ny R¢8l$trgtlon Nurnber 6752476 Chlrlty No.1127961 LACES EDUCATIONAL COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Contents Page Referenee and administrative details Trustees Annual Report Independent Reviewer's Report Statement of Financial Activities Balance Sh¢¢t Notes to the Financial Statements 8-9 LACES EDUCATiof4AL COMPANY LIMITED BY GUARANTEE REFERENCE AND ADMINISTRA TJVE DETAILS YEAR ENDED 31 MARCH 2024 Regl$tered offlee l The Son¢tuary Wesiminster London SWIP3JT Charity rcgistr*iion number 1127961 Comp4ny registrntion number 6752476 Solleltors Le¢ Bolton Monier-williams l The Sanciuary WesimiD5ter London SWIP3JT Independent revlewer N. ColaFo F.C.A. TC BSG Valentine Limiied Chanered A¢tountanis Lynion Hou5¢ 7- 12 Tavistock Square London WCI H 9BQ THE TRUSTEES The tnJ5t¢¢5 and directors who served ihe chariry during the period were as follow5.. Mr Petrr Frederick Barton Beesley Mr Howard John Dellar Mr Bary Manin Macken2Le Mrs Margarei Jane Fuiford Secretary Mr Howard John Dellar LACES EDUCATIONAL COMPANY LIMITED BY GUARANTEE TRUSTEES. ANNUAL REPORT YEAR ENDED31 MARCH 2024 REPORTOF THE TRUSTEES FOR THE PERIOD ENDING 31 MARCH 2024 The trustees are pleased to present iheir annual director5. wilh ihe financial stalements of ihe charity for the year ended 31 March 2024. The financial staltments compl), with ihe Chariii¢5 Act 2011, the Companie5 Aci 2006, the Memorandum and Articles of A550ciation, and Accounting and Reporting by Charilies". Siaiemen¢ of Recommended Praciice applicable io charities preparing their accoun15 in accordance wilh (he Financial Reporting Siandard applicable in the UK and Republic of Ireland (FRS 1021. OWECTIVES AND ACTIVITIES The objects of Laces Educa11￿4] are ihe advancemeni of educaiion throughout the ivorld and relaied projects. STRUCTURL GOVERNANCE AND MANAGEMENT Naliire offhe charity ondiis govertying dociimenls Lace5 Educaiional is constituted as a company limited by guardniee in England and Wales wilh regisiered nuinber 6752476 and is registered wilh lh¢ Charity Commission in England and Wale5 With number 1127961. The Laces Educational goveming documenis ar¢ its memorandum and article5 of association. Majiogeiiieiir La￿ Educaiionul The charity is managed by a board of direaors who are also the charity's Irusttts. all ofwhom serve on a volLanLary b&sis. The trustees reiire by ro￿tion ai each Annual General Meeiing. The Trusiees have had due regard io the guidance on public benefil published by the Charity Commission in ext￿ls1ng their power5 and dtsiies. FINANCIAL REVIEW Toial income for 2024 was £100,847 (2023 £62.702). Total expenditure for the perityj was 2024 £148.593 {2023 £115218). Ai the end of March 2024. the results showed ioial funds carried forward of£io.14612023 157,892). Reserves policj, Lace5 Educalional reserves policy is to relain a sufficieni level of reserves io enable the charity to maintain its operating activities and continue providing ils services taking account of wjieniial risks and contingencies rhai may arise from lime io time. The policy is reviewed annually by ihe trusiees and re5¢ryes are reviewed regularly throughoui the year. LACES EDUCATIONAL COMPANY LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT (continued) YEAR ENDED 31 MARCH 2024 STATEMENTOF DIRECTORS. RESPONSIBILITIES Under charity law, Ihe Irustees shall pr¢par¢ proper finan¢ial siaiements for each financial year. In preparing those rinancial siaiemenis, generally accepted a¢¢ounting praciice requires ihat irusiee5.' select Sultable accounting poli¢i¢s and then apply them consistently: make judgements and estimates ihat are reasonable and piwdent- and prepare the fEnancial siaiemenis on a going concem basis unless it is inappropriate to presume ihat the ¢harity will coniinue its activiiies. The tnjsiees are required to act within the frai￿eWOrk of tnjst IAW. They are responsible for keeping proper a¢cottnting records. They have general reswnsibility for taking surh steps as are reasonably open to them io Safeguard the asseis of Ehe chariry and ¢0 preveni and detect fraud and oth¢r irregularities. In addition, ¢hc ¢ruslees have ref¢rr¢d io the guidance in the Chariiy Commission's generdl guidance on publi¢ benefii wh¢n r¢vicwing th¢ aims and objeciives of Ihe charity and in planning ils futur¢ a¢iiviti¢s. In partieular the trustees consider how planned a¢iiviiies will coniribu(e ro the aims and obje¢¢ives they hav¢ set. SMALL COMPANY PROVISIONS This report has been prepared in accordance wilh the provisions applicable to ¢ompanies eniitled to ihe small companie5 exemption. Registered olliee l The San¢iuary Westmins¢er London SWIP 3JT Signed by order of Ihe directors Mr Howard John Dellar ,Ll. LACFS EDUCATIONAL COMPANY LIMITED BV GUARANTEE INDEPENDENT REVIEWER'S REPORT YEAR ENDED 31 MARCH 2024 I report on the accounls of the charity for ihe year ended 31 March 2024. which are sel out on pa&es 6-9. Respeelive responsibilities of direelors and examiner The charity'5 direciors {who are also trusiees of ihe charity) are responsible for ihe prepardiion of the account5. The charity's directors consider Ihal an audii is noi required for ihis year (under seciion 144(2) of ihe Charities A¢L 201 I Iihe 201 l Act)) and (hai an independent examination is needcd. Having saiisfied myselFthat the charity is subject io audil under company law and is eligible for independcnl examination, il is my respon5ibilily IO.. examine the •¢eounis under seclion 145 of ihe 2011 Aci: to follow ihe procedures laid down in ihe general Dirrfiions given by the Chariiy Commission under section 145151 Ib) of Ihe 2011 A¢t: ¥nd 10 slaie wheiher particular mailers have come io my aiieniion. Basis of indepcndent exAmin¢rs' report My examirtaiion wa5 Ca￿led oui in accordance wilh ihe general Dire¢iioii$ given by the Chariiy Commissioners. An examinaiion include5 review of ihc accouniin8 records kepi by ihe ¢harity and a comparison of the ac¢ouiiis PTe5enied wilh Ihose Tecord$. li also includes consideration ofany unu5u31 iiems or di5c105UT¢S in ihe accoun¢5 and seeking explanaiion5 from you as direclors concernin8 any su¢h mailers. The pr￿edureS und¢rfaken do noi provide all ihe evidence ihai would be required in on audii. and con5equenily no opinion is given as 10 wheiher the accouThlS preseni a 'irue and fair, view and ihc report 1$ limiied io those malters sei oul in the $18icineni below. Independent examinen, statement lrt ¢onneciion wilh my examination. no Inaiier has come io my aiieniion.. il which gives me reasonabl¢ cause 10 believe ihai in an), maierial respecis. the requiremenis.. io keep a¢¢oun¢in8 records in accordance wilh seclion 386 ofihe Companies Aei 2￿6,. and io prepare accounis which ac¢ord wilh ihe a¢¢ounlin8 re¢ord& comply wilh ihe o¢couniing requirements of Scciion 396 of Ihe Companies Act 2006 and with the meihods and principles of the Siatemenl or Recommended Practice: Acci)unting and Reporting by ch￿1(1¢$. have noi been mei or b) to which, in my opinion. Attention should be drnwn in order io enable a proper under￿anding of ihe accourtls to bc reached. iy. Colafo F.C.A. TC BSG ValeDiine Limited Chartered Accountants Lynton House 7- 12 Tavisi*xk Square London WC I H 9BQ LACES EDUCATIONAL COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2024 UnrestrScted Funds 2024 Unrestrleted Funds 2023 Notes INCOMING RESOURCES liicoming reFource5fruiH generaledfuiids Donations received 80.000 50,000 Gift aid HMRC refund 20.847 12,702 TOTAL INCOMING RESOURCES 100,847 62.702 RESOURCES EXPENDED Cosi ofgeiier411iigfund5 Granls Tnade Adminisiraiion expenses (141,523) (7,070) {108.636) (6.582) TOTAL RESOURCES EXPENDED (148,593) {115.218) NET (OUTGOING) RESOURCES FOR THE YEAR Réeoiicillftlinn offuiids (47,746) (52.516) Total funds brought forward 57,892 110.408 Total fund5 C￿led forward 10,146 57.892 The notes on page$ 8 and 9 forni part of the financial stat¢¥n¢n15 LACES EDUCATIONAL COMPANY LIMITED BY GUARANTEE BALANCE SHEET AS AT31 MARCH 2024 Unrestricted Fund5 2024 Unreslricted Funds 2023 CURRENT ASSETS Cash al baDk and in hand 16.686 63,150 TOTAL CURRENT ASSETS CURRENT LIABILITIES Other crediiors {3.6001 12,940} 14,118) 11,140) Accruals TOTAL CURRENT LIABILITIES (6,540) (5,258) NET ASSETS 10,146 57,892 Repre%eiileil by.. UNRESTRicfED FUNDS 10,146 57.892 These financial 5tal¢iiienis have be¢n prepared in accordance wilh the provision5 applicable io companies subject to the small companies regime and in accordance with FRS 102 'The financial Reporting Standard applitable in the UK and Republie of Ireland-. For the year ended 31 March 2024 the company was entitld to exemption from audit under477 of ihe Compani¢s Aei 2006 relating 10 small compani¢s. Direciors, responsibililies.. The members have nol rcqllired ihe coinpany lo obiain an audii of its accounts for the year in queslioii in accordance ivi¢h sectioii 476: and The direciors acknowledge their responsibiliiies for complying ivith the requiremenls of ihe Aci with respeci io accounling records and the preparation of a¢counl5. The5¢ ao¢ounts werc approved by the directors and are signed on their behalf by.. Mr Hoivard John D¢llar Dire¢¢(Trr Company re¥isiraiion number.. 6752476 The noies on page 8 and 9 forni part of the financial stalements LACES EDUCATIONAL COMPANY LIMITED BY CUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED JI MARCH 2024 Gener￿1 Informatlon The company is a private company limited by guaran(ee, regisiered in Englond and Wales. Th¢ address ofihe regisiered office 15 1 The Sanciuary. Wesiminsier, London SWI P 3JT. 2. Staternent of compllanee These finHncial siatemenis have been prepar¢d in compli8n¢e wilh Se¢tion IA of FRS 102. The Financial Reporting Siandard applicable in the UK And ihe Republic of Ireland. Accountlng polleles B4sls of preparatlon The financial siaiemenis have been prep8red on ihe hisiorical cosi basis, as modified by the revaluation of certain financial ass¢is and liabili¢ics and inveslincnl properties measured at fair value through profit or los$. The financial staiernen15 are prepared in 51erling, which is ihe functional currency ofthe entity, DIKlosure e%¢mpllon$ The eniity saiisfies ihe ¢ri¢¢fio of beinu o qualifying entity as defined in FRS 102. No ¢ash flow slatement has been pr¢seni¢d for ih¢ ¢ompany. JudEemenl$ and key sources of e$llmailon un¢erlAlnty Th¢ preparation of (he financial 5taleinents require5 manageinent 50 make judgements, estimates and assumptions ihat affect (he amounts repoTied. These eslirnates and jud8emenis are continually reviewed nd are based on expeTicnce and oiher faciors, includin8 expeciaiions of fuiurc evenis Ihai are believed to be reasonable under the circumstances. Ch8rltable Ineome All charitable income is ac¢ounted for in the siatemeni of financial aciivity ivhen the Charity is legally enliiled ro ihe income and Ihe amoun¢ can be quanlified with reasonable a¢curacy, Expendlture All expenditure is accounied for on an accruals basis and allocaied to the appropriate headin8 in the accoun￿. All V AT has been included as part of Ilie cosi lo which li relates. Trustees, remunerAtlon Trustee's remuneration during the year amounted to £nil (2023: £nil). 4. Charltable Income 2024 2023 Donations received Gift aid HMRC refund 80,000 20,847 50,000 12,702 100.847 62,702 LACES EDUCATIONAL COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 2024 2023 S. Adrninistratlon expenscs Accountancy fees Leg01 and professional ftts 11,800) 15.270) I1.8￿) (4,7821 (7.070) (6.5821 Dlrectors, advances, credits and 8uar*n¢tt$ Th¢r¢ were no iransaclions with direciors in the year ended 31 March 2024 or ihe previous year. Related party ¢rans•¢ilons There were no relaied porty iransaciions during th¢ year ended 31 March 2024 or the previous year apan from ihe following.. Accountancy ftts amounling io £1.80012023.. £1.800) were paid in Ihe year to TC BSG Valeniine Limiied. Mr Bary Martin Mackenzie is a Consuliani of TC BSG Valenline Limited and o Injsiee of ihe Charity. l.egal and professional fees amountin8 10 £5,270 (2023.. £4.782) w¢re paid in ihe y￿r io Lee Bolion Monier-williams LLP. Mr Ho%v8rd John Dellar is a panner in Lee Bolion Monier-William5 LLP and olx) a irusitt ofihe chariiy. Members. Ilabllitles The company is a limiied liability company. The liability ofeach member is liiniied to noi more Ihon £ l O.