REGISTERED CHARITY NUMBER: 1171131
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
FOR
LAW ROCKS FOUNDATION
Shaw Gibbs Limited Wey Court West Union Road Farnham Surrey GU9 7PT
LAW ROCKS FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 March 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 9 |
| Detailed Statement of Financial Activities | 10 |
LAW ROCKS FOUNDATION
REPORT OF THE TRUSTEES for the year ended 31 March 2024
The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. 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 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the organisation, is to organise concerts or other events around the world, with the aim of raising funds for various charities nominated by the winners of the events and and approved by the Trustees.
Public benefit
The trustees have due regard to their duty to meet the Charity Commission’s requirements about public benefit. As such the organisation is making grants to various charities which directly benefit the public, such as helping children with a disadvantage, community support, the advancement of medical research, etc.
Grantmaking
Grantmaking is the organisation's sole activity. The winners of the competitions at the concerts, nominate which charities they would like to receive the prize fund, and the Trustees then have a meeting to decide which to approve along with any other charities they wish to support.
FINANCIAL REVIEW
Financial position
The total incoming resources in the seventh period of activity was £58,135 (2023: £29,102), and total resources expended £48,981 (2023: £26,053), resulting in a cumulative surplus of £37,768 (2023: £28,614).
Reserves policy
The Trustees set aside enough funds each year to at least cover the costs of the next event. The minimum amount kept in reserves is £1,000.
FUTURE PLANS
The plan for next year is to run a similar amount of concerts to raise more funds for charity.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The organisation was registered as a Charitable Incorporated Organisation (CIO) with the Charity Commission on 16th January 2017 and is controlled by its governing document, which is a constitution,
Recruitment and appointment of new trustees
Apart from the first charity trustees, every trustee must be appointed for a term of three years by a resolution passed at a properly convened meeting of the charity trustees.
Risk management
The trustees have a duty to identify and review the risks to organisation which the is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1171131
Principal address
c/o IDRC Ltd 70 Fleet Street LONDON EC4Y 1EU
Page 1
LAW ROCKS FOUNDATION
REPORT OF THE TRUSTEES for the year ended 31 March 2024
Trustees
N M Child C D Hickman Sir V A Ramsey E Scott
Independent Examiner
Shaw Gibbs Limited Wey Court West Union Road Farnham Surrey GU9 7PT
Approved by order of the board of trustees on 29 January 2025 and signed on its behalf by:
C D Hickman - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LAW ROCKS FOUNDATION
Independent examiner's report to the trustees of Law Rocks Foundation
I report to the charity trustees on my examination of the accounts of Law Rocks Foundation (the Trust) for the year ended 31 March 2024.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all 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:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable 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.
Lance G Redman
Shaw Gibbs Limited Wey Court West Union Road Farnham Surrey GU9 7PT
19 February 2025
Page 3
LAW ROCKS FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 31 March 2024
| 2024 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Fundraising activities 2 58,135 EXPENDITURE ON Raising funds 3,627 Charitable activities Grantmaking 45,354 Total 48,981 NET INCOME 9,154 RECONCILIATION OF FUNDS Total funds brought forward 28,614 TOTAL FUNDS CARRIED FORWARD 37,768 |
2023 Total funds £ 29,102 |
|---|---|
| 10,879 15,174 |
|
| 26,053 | |
| 3,049 25,565 |
|
| 28,614 |
The notes form part of these financial statements
Page 4
LAW ROCKS FOUNDATION
BALANCE SHEET
31 March 2024
| 2024 Unrestricted fund Notes £ CURRENT ASSETS Cash at bank 39,688 CREDITORS Amounts falling due within one year 8 (1,920) NET CURRENT ASSETS 37,768 TOTAL ASSETS LESS CURRENT LIABILITIES 37,768 NET ASSETS 37,768 FUNDS 9 Unrestricted funds 37,768 TOTAL FUNDS 37,768 |
2023 Total funds £ 32,934 (4,320) 28,614 28,614 28,614 28,614 28,614 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 29 January 2025 and were signed on its behalf by:
C D Hickman - Trustee
The notes form part of these financial statements
Page 5
LAW ROCKS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
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 2011. The financial statements have been prepared under the historical cost convention.
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.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is 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
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. FUNDRAISING ACTIVITIES
| Ticket Sales GRANTS PAYABLE Grantmaking The total grants paid to institutions during the year was as follows: Al Jalila Foundation Other |
2024 £ 58,135 2024 £ 44,394 2024 £ 16,015 28,379 44,394 |
2023 £ 29,102 |
|---|---|---|
| 2023 £ 13,954 |
||
| 2023 £ 10,854 1,100 |
||
| 11,954 |
3. GRANTS PAYABLE
Page 6
continued...
LAW ROCKS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Fundraising activities | 29,102 |
| EXPENDITURE ON | |
| Raising funds | 10,879 |
| Charitable activities | |
| Grantmaking | 15,174 |
| Total | 26,053 |
| NET INCOME | 3,049 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 25,565 |
| TOTAL FUNDS CARRIED FORWARD | 28,614 |
6. GIFTS IN KIND
On various occasions the organisation receives venue hire provided free of charge for various events it organises. No figure has been included for this in the financial statements as the trustee consider the amounts to be immaterial.
7. INDEPENDENT EXAMINATION
The independent examiner's remuneration for carrying out the examination is £960.
continued...
Page 7
LAW ROCKS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE | YEAR | ||
|---|---|---|---|---|
| 2024 | 2023 | |||
| £ | £ | |||
| Trade creditors | - | 3,360 | ||
| Other creditors | 1,920 | 960 | ||
| 1,920 | 4,320 | |||
| 9. | MOVEMENT IN FUNDS | |||
| Net | ||||
| movement | At | |||
| At 1.4.23 | in funds | 31.3.24 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 28,614 | 9,154 | 37,768 | |
| TOTAL FUNDS | 28,614 | 9,154 | 37,768 | |
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 58,135 | (48,981) | 9,154 | |
| TOTAL FUNDS | 58,135 | (48,981) | 9,154 | |
| Comparatives for movement in funds | ||||
| Net | ||||
| movement | At | |||
| At 1.4.22 | in funds | 31.3.23 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 25,565 | 3,049 | 28,614 | |
| TOTAL FUNDS | 25,565 | 3,049 | 28,614 |
continued...
Page 8
LAW ROCKS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024
9. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 29,102 | (26,053) | 3,049 |
| TOTAL FUNDS | 29,102 | (26,053) | 3,049 |
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.4.22 | in funds | 31.3.24 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 25,565 | 12,203 | 37,768 |
| TOTAL FUNDS | 25,565 | 12,203 | 37,768 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 87,237 | (75,034) | 12,203 |
| TOTAL FUNDS | 87,237 | (75,034) | 12,203 |
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024.
Page 9
LAW ROCKS FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2024
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Fundraising activities | ||
| Ticket Sales | 58,135 | 29,102 |
| Total incoming resources | 58,135 | 29,102 |
| EXPENDITURE | ||
| Raising donations and legacies | ||
| Venue Hire | 773 | 5,485 |
| Equipment and staging hire | - | 4,076 |
| Advertising and marketing | 799 | 718 |
| Entertainment | 2,055 | 600 |
| 3,627 | 10,879 | |
| Charitable activities | ||
| Grants to institutions | 44,394 | 11,954 |
| Grants to individuals | - | 2,000 |
| 44,394 | 13,954 | |
| Support costs | ||
| Governance costs | ||
| Independent examiner's remn | 960 | 1,220 |
| Total resources expended | 48,981 | 26,053 |
| Net income | 9,154 | 3,049 |
This page does not form part of the statutory financial statements
Page 10