REGISTERED CHARITY NUMBER: 1169320
TRUSTEES' REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2023
FOR LAW FAMILY EDUCATIONAL TRUST
Martin and Company Audit Limited Chartered Accountants and Statutory Auditors 25 St Thomas Street Winchester Hampshire $023 9HJ
LAW FAMILY EDUCATIONAL TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2023
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Page
Reference and Administrative Details !
Trustees' Report 2 to 3
Statement of Trustees’ Responsibilities 4
Report of the Independent Auditors 5 to 7?
Statement of Financial Activities 8
Statement of Financial Position 9
Statement of Cash Flows 10
Notes to the Statement of Cash Flows Il
Notes to the Financial Statements 12 to 16
Detailed Statement of Financial Activities 17
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a
LAW FAM N
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31ST AUGUST 2023
TRUSTEES
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|---|---|
|P|Moss|
|P|Mould|
|AE|Law|
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|---|---|---|---|---|---|
|PRINCIPAL|ADDRESS|Caxton|Europe|Asset|Management|
|40|Berkeley|Square|
|London|
|WIJ|SAL|
|REGISTERED CHARITY|{169320|
|NUMBER|
|AUDITORS|Martin|and|Company|Audit|Limited|
|Chartered|Accountants|
|and|Statutory|Auditors|
|25|St|Thomas|Street|
|Winchester|
|:|Hampshire|
|$023|9HJ|
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LAW FAMILY EDUCATIONAL TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31ST AUGUST 2023 ———————————ee
The trustees present their report with the financial statements of the charity for the year ended 31st August 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective | January 2019).
The financial statements have been prepared to give a ‘true and fair! view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair' view. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended practice effective from Ist April 2005 which has since been withdrawn.
OBJECTIVES AND ACTIVITIES
Objectives and aims The objective of the Trust is to advance education and training in the United Kingdom by sponsoring and funding schools, higher educational entities, educational programmes, projects and facilities and to advance amateur sports to those in education.
Public benefit The Trustees confirm that they have taken account of the Charity Commission's general guidance on public benefit. The Law Family Educational Trust provides funding and support to schools and higher educational entities, educational programmes, projects and facilities
ACHIEVEMENT AND PERFORMANCE
Charitable activities The Laurus Trust is the principal beneficiary of the Charity. This is a Multi Academy Trust headquartered in Cheadle Hulme near Manchester. It encompasses the 4-18 age range in primary, secondary and sixth form contexts across Greater Manchester. It has an ambitious program of growth: three brand new free schools opened in September 2018, a further two schools in September 2019 and a further primary free school opened in September 2022. With the addition of this school the Trust has supported 8 schools in the 2022-23 Academic Year.
Grants totalling £2,849,202 were made in the year of which £2,763,402 were made to The Laurus Trust, a Multi-Academy Trust that runs academies in Stockport and surrounding area.
Grants made supported a) capital developments across the Trust and b) support programs that enrich and extended pupils’ experience at school. These include:
- Culture, Creativity and Rhetoric; - Spoken Language/Oracy; and - Sporting Excellence.
A total grant of £1,000,000 was pledged to the National Portrait Gallery in 2019. The fifth of five £200,000 instalments was paid this year. The grant is in support of the Inspiring People project specifically to sponsor the Learning Studio. A grants of £51,000 was awarded to the Education Policy Institute in the year to support the research project ‘Length of the School Day’. An additional £51,000 is payable on completion of the report. A further £72,000 is payable on the completion of the research project ' Progression and employment outcomes’. Since the year end the committed £57,000 due on the completion of the project ‘Exploring the association of extra-curricular provision and student outcomes’ was paid.
FINANCIAL REVIEW
Financial position At 31st August 2023 the charity had net a deficit in funds of £646. A Law (1nustee) continues to support the charity by making donations from the Law Family Charitable Foundation to ensure funds are sufficient to cover all committed and future expenditure.
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LAW FAMILY EDUCATIONAL TRUST
TRUSTEES’ REPORT FOR THE YEAR ENDED 31ST AUGUST 2023
—————ee
FINANCIAL REVIEW
Principal funding sources
The charity is wholly funded by the Law Family Charitable Foundation.
Reserves policy
It is the policy of the Trust to maintain the free reserves of the Trust at a level to provide sufficient funds to cover management, administration and support costs.
FUTURE PLANS
The Charity will continue to support the Laurus Trust by ensuring pupils in all its schools can benefit from the existing prograins described above. Trustees will consider making additional charitable donations to the Laurus Trust as appropriate. These may include theHigherdevelopmentEducationofopportunities.a Music Excellence program and scholarships to support graduates from the Laurus Trust to access
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is a charitable incorporated organisation and its powers are set out in its Constitution.
Recruitment and appointment of new trustecs
The Trustees of the charity are listed on the information page. New Trustees may be appointed by the settlor or existing Trustees. In appointing new Trustees the settlor or Trustees will take into account the benefits of appointing a person who is able by virtue of his or her personal or professional qualifications to make a contribution to the pursuit of the objects or management of the Charity. The Constitution provides for a minimum of three and maximum of 12 trustees. The Trustees meet at least three times a year to receive reports from its beneficiaries and discuss and implement policy. Decisions are made by a simple majority of votes cast at a meeting.
Risk management
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The Trustees have carried out a view of the charity's activities and the risks to which it 1s exposed and confirm that
controls.are in place to mitigate those risks.
Approved by ordef df fhe board of tristees on ABE I ZA and signed on its behalf by:
Lavw- Tristee .
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LAW FAMILY EDUCATIONAL TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31ST AUGUST 2023
rs
The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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- make judgements and estimates that are reasonable and prudent; - $tate whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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- 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 which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2031, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They 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.
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF LAW FAMILY EDUCATIONAL TRUST
Opinion
We have audited the financial statements of Law Family Educational Trust (the ‘charity’) for the year ended 31st August 2023 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable Jaw and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
giveapplicationa true andof resources,fair viewofforthethe stateyear ofthentheended; charity's affairs as at 31st August 2023 and ofits incoming resources and
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- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of[the][Charities][Act][2011,]
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (W/K)) and applicable law Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use ofthe going concem basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concem for a period ofat least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other infonnation. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. [f, based on the work we have performed, we conclude that there is a material misstatement of[this][other][information,][we][are][required][to][report][that][fact.] We have nothing to report in this regard,
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the trustees Report 1s inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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- the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF LAW FAMILY EDUCATIONAL TRUST
Responsibilities of trustees As explained more fully in the Statement of Trustees’ Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
in preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with [SAs (UK) will always detect a material misstatement when it exists, Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. [rregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory framework applicable to the charity via discussions with the trustees and our previous knowledge of the charity. This identified that the most significant laws and regulations relate to the form and content of the financial statements such as the Charities Act 2011, the Charities SORP (FRS !02) and Financial Reporting Standard 102. The charity complies with these laws and regulations by using appropriately qualified professionals to prepare the financial statements.
As part of our planning process we assessed susceptibility of the charity's financial statements to material misstatements, including how fraud might occur by making an assessment of the key risks. The key risks identified in respect of The Law Family Educational Trust are revenue recognition and eligibility of charitable giving. The trustees confirmed no actual, suspected or alleged cases of fraud.
Based on this assessment we designed our audit procedures to address these key risk areas with an emphasis on testing the income and gains on the investments, and the charitable donations made. -
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance, The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.[frc.org.uk/auditorsresponsibilities.][This][description][forms][part][of][ our][Report][of][ the] Independent Auditors.
pp
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_ OF DEPENDENT AUDITORS TO THE TRUSTEES OF LAW FAMILY EDUCATIONAL T
ea
Use of our report
This report ts made solely to the charity's trusices, as a body, im accordance with Part 4 of the Charities (Accounts and Reports) Regulattons 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them m an auditors’ report and for no other purpose. To the fullest extent permuted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Martin and Company Audit Limited
Chartered Accountants and Statutory Auditors
Eligible to act as an auditor im terms of Section 1212 of the Companies Act 2006
25 St Thornas Street
Winchester Hampshire $023 SHI
Date: AGH Ave. 2924
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LAW FAMILY EDUCATIONAL TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST AUGUST 2023
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|||||||
|---|---|---|---|---|---|
|2023|2022|
|Unrestricted|Total|
|fund|funds|
|as|restated|
|Notes|£|£|
|INCOME|AND|ENDOWMENTS|FROM|
|Donations|and|legacies|3|1,758,081|2,001,250|
|EXPENDITURE|ON|
|Charitable|activities|4|
|Education|and|training|2,858,427|1,826,887|
|NET|INCOME|EXPENDITURE)|(1,100,346)|174,363|
|RECONCILIATION|OF|FUNDS|
|Total|funds|brought|forward|
|As previously|reported|970,700|925,337|
|Prior|year|adjustment|10|129,000|-|
|As|restated|1,099,700|925,337|
|TOTAL|FUNDS CARRIED FORWARD|(646)|1,099,700|
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The notes form part of these financial statements
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LAW FAMILY EDUCATIONAL TRUST
STATEMENT OF FINANCIAL POSITION 31ST AUGUST 2023
| 2023 | 2022 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Unrestricted fund |
Total funds |
|||||||||||
| as restated | ||||||||||||
| Notes | £ | £ | ||||||||||
| CURRENT ASSETS | ||||||||||||
| Debtors | 1 | 1,082 | ||||||||||
| Cash at bank | 2,172 | 1,375,600 | ||||||||||
| 3,254 | 1,375,600 | |||||||||||
| CREDITORS | ||||||||||||
| Amounts falling due within | one year | 12 | (3,900) | (275,900) | ||||||||
| NETCURRENT ASSETS(LIABILITIES) | (646) | 1,099,700 | ||||||||||
| TOTAL ASSETS LESSCURRENT | ||||||||||||
| LIABILITIES | (646) | 1,099,700 | ||||||||||
| NETASSETS | (646) | 1,099,700 | ||||||||||
| FUNDS | 13 | |||||||||||
| Unrestricted funds .- |
(646) | 1,099,700 | ||||||||||
| TOTAL FUNDS | (646) | 1,099,700 | ||||||||||
| The financial |
statements | were | approved | by | the | Board | of | Trustees | and | authorised | for | issue on |
| dansresiong steviverereeeseseeery |
aNdwere | signedon | itsbehalf | by: |
The notes form part of these financial statements
Page 9
LAW FAMILY EDUCATIONAL TRUST
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST AUGUST 2023
| 2023 | 2022 | ||
|---|---|---|---|
| as restated | |||
| Notes | £ | £ | |
| Cash flows from operating activities | |||
| Cash generated from operations | l | (1,373,428) | 47,011 |
| Net cash (used in)/provided by operating activities | (1,373,428) | 47,011 | |
| Change in cash and cash equivalents in | |||
| the reporting period | (1,373,428) | 47,011 | |
| Cash and cash equivalents at the beginning ofthe reporting period |
1,375,600 | 1,328,589 | |
| Cash and cash equivaients at the end of | |||
| thereportingperiod | 2,172 | 1,375,600 |
The notes forn part of these financial statements
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LAW FAMILY EDUCATIONAL TRUST
NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST AUGUST 2023
i. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| OPERATING ACTIVITIES | ||||
|---|---|---|---|---|
| 2023 | 2022 | |||
| as restated | ||||
| £ | £ | |||
| Net (expenditure)/income forthe reporting period (as per the | ||||
| Statement of Financial Activities) | (1,100,346) | 174,363 | ||
| Adjustments for: | ||||
| Increase in debtors | (1,082) | . | ||
| Decrease in creditors | (272,000) | (127,352) | ||
| Netcash (usedin)/provided byoperations | (1,373,428) | 47,011 | ||
| 2. | ANALYSISOFCHANGES IN NETFUNDS | |||
| At 1.9.22 | Cash flow | At 31.8.23 | ||
| £ | £ | £ | ||
| Net cash | ||||
| Cash atbank | 1,375,600 | (1,373,428) | 2,172 | |
| 1,375,600 | (1,373,428) | 2,172 | ||
| Total | 1,375,600 | (1,373,428) | 2,172 |
The notes form part of these financial statements
Page 11
LAW FAMILY EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2023
i. STATUTORY INFORMATION
The Law Family Educational Trust 1s a charity registered in England and Wales. The charity's registered number and registered address can be found in the Trustees’ Report.
- ACCOUNTING POLICIES
Accounting conventions
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities Act 20!1. The financial statements have been prepared under the historical cost convention,
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended practice effective from Ist April 2005 which has since been withdrawn.
The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concem.
income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.The charity is wholly funded by the Law Family Charitable Foundation , a charity in which Andrew Law is a trustee.
Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, tt ts probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
All funds held by the charity are unrestricted general funds which can be used in accordance with the charitable objectives at the discretion of the Trustees.
Going concern
The accounts have been prepared on a going concem basis, on the understanding that A Law (trustee) will continue to financially support the charity for the foreseeable future.
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LAW FAMILY EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST AUGUST 2023
| 3. | DONATIONS AND LEGACIES | ||||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| as restated | |||||
| £ | £ | ||||
| Donations | 1,757,000 | 2,001,250 | |||
| Gift aid | 1,081 | - | |||
| 1,758,081 | 2,001,250 | ||||
| 4. | CHARITABLE ACTIVITIESCOSTS | ||||
| Geant | |||||
| funding of | |||||
| Direct | activities | Support | |||
| Costs (see | (see note | costs (see | |||
| note 5) | 6) | note 7) | Totals | ||
| £ | £ | £ | £ | ||
| Educationand training | 2,798,202 | 51,000 | 9,225 | 2,858,427 | |
| 5, | DIRECT COSTS OFCHARITABLE ACTIVITIES | ||||
| 2023 | 2022 | ||||
| as restated | |||||
| £ | £ | ||||
| Donations to the LayrusTrust | 2,763,402 | 1,624,399 | |||
| Provision ofother educational services for the Laurus Trust | 34,800 | 43,845 | |||
| 2,798,202 | |||||
| 6. | GRANTS PAYABLE | ||||
| 2023 | 2022 | ||||
| as restated | |||||
| £ | £ | ||||
| Educationand training | 51,000 | 149,000 | |||
| The total grants payable to institutions in the year was as follows: | |||||
| 31.8.23 | 31.8.22 | ||||
| £ | £ | ||||
| Education Policy Institute | $1,000 | 149,000 | |||
| $1,000 | 149,000 |
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continued...
LAW FAMILY EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST AUGUST 2023
7, SUPPORT COSTS
| SUPPORT COSTSCOSTS | |||
|---|---|---|---|
| Governance | |||
| Management | costs | Totals | |
| £ | £ | £ | |
| Education and training | 3,825 | 5,400 | 9,225 |
| Support costs, included in the above, are as follows: | |||
| Management | |||
| 2023 | 2022 | ||
| as restated | |||
| Education | |||
| and | Total | ||
| training | activities | ||
| £ | £ | ||
| (T&web design | - | 50 | |
| Administration | 3,825 | 5,069 | |
| 3,825 | 5,119 | ||
| Governance costs | |||
| 2023 | 2022 | ||
| as restated | |||
| Education | |||
| and | Total | ||
| training | activities | ||
| £ | £ | ||
| Auditors’remuneration | 5,400 | 4,524 |
- TRUSTEES’ REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 3ist August 2023 nor for the year ended 31st August 2022.
Trustees’ expenses
There were no trustees’ expenses paid for the year ended 31st August 2023 nor for the year ended 31st August 2022. ii i NY Page 14 continued...
LAW FAMILY EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST AUGUST 2023
9. STAFF COSTS
There were no staff costs for the year ended 31 August 2023 nor for the year ended 31 August 2022,
10. PRIOR YEAR ADJUSTMENT
The prior year adjustment relates to the grants payable to the Education Policy Institute. These are conditional upon completion of the final report and were accounted for in error in the financial statements for the year ended 31st August 2022. The adjustment has resulted in a decrease in grants payable and an increase in total funds of £129,000.
- ii, DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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|||||||||
|---|---|---|---|---|---|---|---|
|2023|2022|
|as|restated|
|£|£|
|Other debtors|1,082|-|
|12.|CREDITORS;|AMOUNTS|FALLING|DUE|WITHIN|ONE|YEAR|
|2023|2022|
|as|restated|
|£|£|
|Grants|payable|-|272,000|
|Accrued|expenses|3,900|3,900|
|3900|275,900|
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- MOVEMENT IN FUNDS
Unrestricted funds The unrestricted funds represents the funds of the Charity and includes amounts which the Trustees have designated for particular purposes.
14, OTHER FINANCIAL COMMITMENTS
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||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|At|31st|August|2023|the|charity|had|the|following|commitments:|
|31,8.23|31.8.22|
|£|£|
|Education|Policy|Institute|180,000|129,000|
|The|final|payment|of each|grant|is|conditional|upon|the|completion|and|
|publication|of the|research|project|report.|
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continued...
LAW FAMILY EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST AUGUST 2023
2
15. RELATED PARTY DISCLOSURES
The charity is wholly funded by the Law Family Charitable Foundation, a charity in which Mr A Law (trustee) is also a trustee. The charity was established to support The Laurus Trust (a Multi Academy Trust) in which the Law Family Educational Trust became a corporate member in November 2016. Details of grants payable to The Laurus Trust are detailed in note 5.
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LAW FAMILY EDUCATIONAL TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST AUGUST 2023
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|||||||
|---|---|---|---|---|---|
|2023|2022|
|as|restated|
|£|£|
|INCOME|AND|ENDOWMENTS|
|Donations|and|legacies|
|Donations|1,757,000|2,001,250|
|Gift|aid|1,081|-|
|1,758,081|_|[2,001,250]|
|Total|incoming|resources|1,758,081|2,001,250|
|EXPENDITURE|
|Charitable|activities|
|Donations|to|the|Laurus Trust|2,763,402|1,624,399|
|Proviston|of other|educational|services|for|the|
|Laurus|Trust|34,800|43,845|
|Grants|to|institutions|$1,000|149,000|
|2,849,202|1,817,244|
|Support|costs|
|Management|
|IT &|web|design|-|50|
|Administration|3,825|5,069|
|3,825|5,119|
|Governance|costs|
|Auditors'|remuneration|5,400|4,524|
|Total|resources|expended|2,858,427|| 826,887|
|Net (expenditure)/income|(1,100,346)|174,363|
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This page does not fonn part of the statutory financial statements
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