Charity registration number 1203572 (England and Wales)
THE LAWS FOUNDATION
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2024
THE LAWS FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr D Laws Ms E R Laws Mr B T Laws Mr B J Wright Chair Mr D Laws Charity number (England and Wales) 1203572 Principal address 5a Bear Lane Southwark London United Kingdom SE1 0UH Auditor Prager Metis LLP 5a Bear Lane Southwark London United Kingdom SE1 0UH Bankers Coutts & Co 440 Strand London WC2R 0QS
THE LAWS FOUNDATION
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent auditor's report | 3 - 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 11 |
THE LAWS FOUNDATION
TRUSTEES' REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
The trustees present their annual report and financial statements for the period ended 30 September 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".
Objectives and activities
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Activities
The objective of the charity is to make contributions to a wide range of charitable causes. The trustees have absolute discretion in the choice of charitable institutions or charitable objects. The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy for the year.
How our activities delivered public benefit
The benefit of the Trust's work is the funding provided to a wide range of charitable institutions to enable them to work for the public benefit.
Achievements and performance
Significant activities and achievements against objectives
In 2024, the charity made the following donations to individuals:
| JustGiving (Stephen Webb) | £ 10,000 10,000 |
|---|---|
Financial review
Reserves policy
The charity's current policy is to spend reserves to support charities of the trustee's choosing and consequently these reserves are kept in interest-bearing bank accounts.
The main expenses related to accountancy and audit fees.
The net surplus in the year was £1,703,005.
Structure, governance and management
The declaration of trust was dated 2 December 2022.
The governing document has no conditions restricting the powers of the Trustees except that it proves for application of the trust fund to "advance such charitable purposes as the Trustees see fit from time to time".
The trustees who served during the period and up to the date of signature of the financial statements were: Mr D Laws
Ms E R Laws Mr B T Laws Mr B J Wright
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THE LAWS FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2024
Recruitment and appointment of trustees
The charity has no staff. Charitable donations are made on the basis of recommendations received by the Trustees. Trustees are appointed by the board of trustees and serve for an indefinite term.
Other matters
Plans for the future
The Laws Foundation was established with the aim of providing charitable donations to charitable organisations. The trustees plan on distributing the funds held in the charity for the foreseeable future.
Risk Management
The trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks.
In view of the diverse nature of the aims of the charity no operational risk has been identified.
Key management personnel remuneration:
The trustees consider the chairman as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis.
Statement of trustees' responsibilities
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 requires the trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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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 operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, 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.
The trustees' report was approved by the Board of Trustees.
Mr D Laws Chair
25 July 2025
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THE LAWS FOUNDATION
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE LAWS FOUNDATION
Opinion
We have audited the financial statements of The Laws Foundation (the ‘charity’) for the period ended 30 September 2024 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
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give a true and fair view of the state of the charity’s affairs as at 30 September 2024 and of its incoming resources and application of resources, for the period then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's 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 of the going concern 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 concern for a period of at 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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. If, 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 in relation to which 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 financial statements is inconsistent in any material respect with the trustees' report; 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; or
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we have not received all the information and explanations we require for our audit.
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THE LAWS FOUNDATION
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE LAWS FOUNDATION
Responsibilities of trustees
As explained more fully in the statement of trustees' responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they 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 concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor 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 an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
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We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and determined that the most significant are those that relate to the reporting framework (Charities Act 2011, FRS 102 and Charities SORP). There were no additional fundamental laws and regulations identified relating to the operating aspects of the charity that may have a material effect on the financial statements. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations.
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We understood how the charity is complying with those frameworks by making enquiries of management and seeking representations from those charged with governance. We corroborated our understanding by reviewing supporting documentation.
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We assessed the susceptibility of the charity’s financial statements to material misstatement, including how fraud might occur by considering the risk of management override of internal control and by designating revenue recognition as a fraud risk. We tested completeness of income and expenses through substantive tests performed and cut off tests on the income recognised.
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The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Other matters
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "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)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.
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THE LAWS FOUNDATION
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE LAWS FOUNDATION
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 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 in an auditor’s report and for no other purpose. To the fullest extent permitted 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.
Austin Jacobs (Senior Statutory Auditor)
For and on behalf of Prager Metis LLP, Statutory Auditor Chartered Accountants 5a Bear Lane Southwark London SE1 0UH United Kingdom 25 July 2025
Prager Metis LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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THE LAWS FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
| Unrestricted | ||
|---|---|---|
| funds | ||
| 2024 | ||
| Notes | £ | |
| Income and endowments from: | ||
| Donations and legacies | 3 | 1,669,478 |
| Other income | 4 | 53,025 |
| Total income | 1,722,503 | |
| Expenditure on: | ||
| Charitable activities | 5 | 19,498 |
| Total expenditure | 19,498 | |
| Net income and movement in funds | 1,703,005 | |
| Reconciliation of funds: | ||
| Fund balances at 6 April 2023 | - | |
| Fund balances at 30 September 2024 | 1,703,005 |
The statement of financial activities includes all gains and losses recognised in the period. All income and expenditure derive from continuing activities.
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THE LAWS FOUNDATION
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
| Notes Current assets Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets The funds of the charity Unrestricted funds 11 The financial statements were approved by the trustees on 25 July 2025 |
2024 £ £ 1,708,405 (5,400) 1,703,005 1,703,005 1,703,005 |
2024 £ £ 1,708,405 (5,400) 1,703,005 1,703,005 1,703,005 |
|---|---|---|
| 1,703,005 | ||
| 1,703,005 | ||
Mr D Laws Chair
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THE LAWS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1 Accounting policies
Charity information
The Laws Foundation is a public benefit charity.
1.1 Reporting period
This is the first reporting period which covers the period from 6 April 2023 to 30 September 2024.
1.2 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.
The financial statements 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 the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.
1.3 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
1.5 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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THE LAWS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1 Accounting policies
(Continued)
1.6 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Income from donations and legacies
| Unrestricted | ||
|---|---|---|
| funds | ||
| 2024 | ||
| £ | ||
| Donations and gifts | 1,669,478 | |
| 1,669,478 | ||
| 4 | Other income | |
| Unrestricted | ||
| funds | ||
| 2024 | ||
| £ | ||
| Other income | 53,025 |
Other income relates to bank interest received during the year.
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THE LAWS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2024
5 Expenditure on charitable activities
| Charitable | ||
|---|---|---|
| expenditure | ||
| 2024 | ||
| £ | ||
| Direct costs | ||
| Donations made | 10,000 | |
| Share of support and governance costs | ||
| Governance | 9,498 | |
| 19,498 | ||
| Analysis by fund | ||
| Unrestricted funds | 19,498 | |
| Governance costs relate to accountancy fees of £4,098 and audit fees of £5,400. | ||
| 6 | Net movement in funds | 2024 |
| £ | ||
| The net movement in funds is stated after charging/(crediting): | ||
| Fees payable for the audit of the charity's financial statements | 5,400 |
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the period.
8 Employees
The average monthly number of employees during the period was:
| 2024 | |
|---|---|
| Number | |
| Total | - |
There were no employees whose annual remuneration was more than £60,000.
9 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
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THE LAWS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2024
10 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | |
|---|---|
| 2024 | |
| £ | |
| Accruals and deferred income | 5,400 |
11 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At | 6 | April | Incoming | Resources | At 30 | |
|---|---|---|---|---|---|---|
| 2023 | resources | expended | September | |||
| 2024 | ||||||
| £ | £ | £ | £ | |||
| General funds | - | 1,722,503 | (19,498) | 1,703,005 |
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