REGISTERED CHARITY NUMBER: 274042
Report of the Trustees and Unaudited Financial Statements for the Year Ended 5 April 2023
for
RICHARD LAWES FOUNDATION
William Withers & Co Quayside House Highland Terrace Barrington Street TIVERTON Devon EX16 6PT
RICHARD LAWES FOUNDATION
Contents of the Financial Statements FOR THE YEAR ENDED 5 APRIL 2023
| Page | |
|---|---|
| Report of the Trustees | 1 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 to 12 |
| Detailed Statement of Financial Activities | 13 |
RICHARD LAWES FOUNDATION
Report of the Trustees FOR THE YEAR ENDED 5 APRIL 2023
The trustees present their report with the financial statements of the charity for the year ended 5 April 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 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and activities
The Richard Lawes Foundation was established in 1977.
The Trust Deed directs the Trustees to pay or apply the whole of the income of the Trust Fund and gives the Trustees the power to distribute all or part of the capital.
Trustees meet annually to discuss and agree a distribution budget. Preference is given to registered charities. Where proposed recipients are not registered charities the trustees undertake a thorough examination of the organisation to ensure that the purpose of the grant is properly considered to be charitable, for public benefit, and that there are means of ensuring, so far as reasonably practicable, that any grant made to the organisation shall be properly applied to such a charitable purpose or repaid to the Trustees. Advice will be sought, as necessary, from the Foundation's lawyers as to the eligibility of a beneficiary of the Foundation or such proposed recipient.
The Trustees avoid supporting organisations of an overtly political nature, including those quasi-political secular organisations established for the promotion of a subjective opinion. They recommend appeals and organisations where it is felt that donations will have a real and immediate impact. For the most part, grants will be to smaller charitable organisations where ongoing help can assist longer term decision making by the beneficiaries.
In determining its grant making programme for the year, the trustees have considered the Charity Commission guidelines on charities and public benefit.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The charitable grants made in the 2022/23 year amounted to £385,000 (2021/22: £359,800). Charitable grants made in the year were made to support areas such as medical research, bereavements support, mental health, youth education, homelessness, palliative care, emergency disaster relief and agricultural research.
Investment performance
In the year ended 5 April 2023 the market value of the investment portfolio held at the year end was £8,056,349 (2021/22: £9,065,339). The historic cost of the investments was £5,963,639 (2021/22: £6,050,139). Cash at bank was £148,070 at the year end (2021/22: £248,351).
Page 1
RICHARD LAWES FOUNDATION
Report of the Trustees FOR THE YEAR ENDED 5 APRIL 2023
FINANCIAL REVIEW
Investment policy
The Trust Deed gives the Trustees the following investment powers:
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power to leave the Trust Fund in the state of investment in which it may be from time to time;
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power to transpose or convert any investments or property within any investments authorised by the Trust Deed;
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power to invest the Trust Fund in the names or under the control of the Trustees in or upon any investments authorised by the Trust Deed with power to vary or transpose investments for or into others of any nature authorised by the Trust Deed; and
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power to invest the Trust Fund in any mode for the time being authorised by law or in the purchase or upon the security of such shares, stocks, securities or other investments or property of whatever nature and in any part of the world and whether involving the liability or not and whether producing income or not as the Trustees shall in their discretion think fit to the intent that the Trustees shall be empowered to invest and transpose the investments of trust monies in the same unrestricted manner as if they were beneficial owners of such monies.
These powers supplement the general power of investment contained in Section 3 of the Trustee Act 2000, which entitles the Trustees to make any kind of investment they could make as if they were absolutely entitled to the assets of the Trust Fund.
The Trust Deed confers upon the Trustees the power to accept any freehold or leasehold property as an addition or accretion to the Trust Fund but otherwise does not confer any powers on the Trustees to invest in freehold or leasehold property. Power to do so is conferred by Section 8 of the Trustee Act 2000 (but this section does not permit trustees to invest in beneficial interests in the land or in land outside the United Kingdom).
Section 4 of the Trustee Act 2000 requires trustees from time to time to review the investments of the trust and consider whether they should be varied, having regard to the suitability to the trust of investments of the kind proposed or retained and of that particular investment as an investment of that kind. Trustees must also have regard to the need for diversification of investments of the trust, insofar as it is appropriate to the circumstances of the trust.
Investment management is split between Brewin Dolphin, 12 Smithfield Street, London, EC1A 9BD, and Close Bros Asset management, 10 Crown Place, London, EC2A 4FT. Both managers operate on the same Investment risk profile.
Reserves policy and review of financial policies
The Trustees have established Richard Lawes Foundation's Reserves Policy with reference to Charity Commission guidance (CC19) and accounting standards (SORP FRS 102). Cashflow is carefully monitored on a continuing basis to meet this objective.
The Trustees do not intend to build up reserves for unspecified purposes, but rather to apply all income to direct charitable purposes. This intention is established annually when the Trustees agree the budget for the forthcoming year. If, however, the applications do not warrant grants equal to the income any unspent income will be carried forward to the next period.
Trustees have agreed to continue the modest capital draw down policy as our investment performance has demonstrated that we can do this without losing long term asset value.
Page 2
RICHARD LAWES FOUNDATION
Report of the Trustees FOR THE YEAR ENDED 5 APRIL 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Trust Deed dated 22 March 1977 established Richard Lawes Foundation, and the charity is governed by this Deed. The charity is an unincorporated association.
New trustees are appointed by the current trustees. It would be the responsibility of the senior trustee to induct any new trustee and explain their responsibilities and duties. New trustees are appointed by Deed and provided with copies of the Trust instrument and past accounts and guidance booklets provided by the Charity Commission and are encouraged to attend relevant courses.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
274042
Principal address
Longhayes Lowerdown Bovey Tracey Devon TQ13 9LF
Trustees
W R Lawes Dr D E P Lawes D S Northcroft Mrs J E Withers
Independent Examiner
William Withers & Co Quayside House Highland Terrace Barrington Street TIVERTON Devon EX16 6PT
Solicitors
Bircham Dyson Bell 50 Broadway London SW1H 0BL
Investment Managers
Brewin Dolphin 12 Smithfield Street London EC1A 9BD
Close Brothers 10 Crown Place London EC2A 4FT
OTHER EXPENDITURE
Indirect expenditure relating to the administration of the Trust amounted to £2,220 (2021/22: £2,112). The cost of generating funds was £36,902 (2021/22: £42,585).
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RICHARD LAWES FOUNDATION
Report of the Trustees FOR THE YEAR ENDED 5 APRIL 2023
Approved by order of the board of trustees on 24 December 2023 and signed on its behalf by:
Mrs J E Withers - Trustee
Page 4
Independent Examiner's Report to the Trustees of Richard Lawes Foundation
Independent examiner's report to the trustees of Richard Lawes Foundation
I report to the charity trustees on my examination of the accounts of Richard Lawes Foundation (the Trust) for the year ended 5 April 2023.
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:
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accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
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the accounts do not accord with those records; or
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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.
Mr P Lewis-Bending ACA
William Withers & Co
3 January 2024
Page 5
RICHARD LAWES FOUNDATION
Statement of Financial Activities FOR THE YEAR ENDED 5 APRIL 2023
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds 3 Charitable activities Grants payable Other Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) Transfers between funds 8 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 243,867 36,902 385,000 2,220 424,122 - (180,255) 79,974 (100,281) 248,351 148,070 |
Endowment fund £ - - - - - (922,490) (922,490) (79,974) (1,002,464) 9,058,813 8,056,349 |
5.4.23 Total funds £ 243,867 36,902 385,000 2,220 424,122 (922,490) (1,102,745) - (1,102,745) 9,307,164 8,204,419 |
5.4.22 Total funds £ 221,200 42,585 359,800 2,112 404,497 318,660 135,363 - 135,363 9,171,801 9,307,164 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 6
RICHARD LAWES FOUNDATION
Balance Sheet 5 APRIL 2023
| Notes FIXED ASSETS Investments 6 CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 7 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 8 Unrestricted funds Endowment funds TOTAL FUNDS |
5.4.23 Unrestricted Endowment Total funds fund funds £ £ £ - 8,056,349 8,056,349 148,070 - 148,070 - - - 148,070 - 148,070 148,070 8,056,349 8,204,419 148,070 8,056,349 8,204,419 148,070 8,056,349 8,204,419 |
5.4.22 Total funds £ 9,065,339 248,351 (6,526) 241,825 9,307,164 9,307,164 248,351 9,058,813 9,307,164 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 24 December 2023 and were signed on its behalf by:
W R Lawes - Trustee
The notes form part of these financial statements
Page 7
RICHARD LAWES FOUNDATION
Notes to the Financial Statements FOR THE YEAR ENDED 5 APRIL 2023
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, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
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 thetrustees.
Restricted funds can only be used for particular restricted purposes within the objects of the Trust. 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. INVESTMENT INCOME
| Dividends Deposit account interest |
5.4.23 £ 229,668 14,199 243,867 |
5.4.22 £ 213,488 7,712 221,200 |
|---|---|---|
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continued...
RICHARD LAWES FOUNDATION
Notes to the Financial Statements - continued FOR THE YEAR ENDED 5 APRIL 2023
3. RAISING FUNDS
Investment management costs
| Investment management costs | ||
|---|---|---|
| 5.4.23 | 5.4.22 | |
| £ | £ | |
| Fund management charges | 36,902 | 42,585 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5 April 2023 nor for the year ended 5 April 2022.
| 5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds £ INCOME AND ENDOWMENTS FROM Investment income 221,200 EXPENDITURE ON Raising funds 42,585 Charitable activities Grants payable 359,800 Other 2,112 Total 404,497 Net gains on investments - NET INCOME/(EXPENDITURE) (183,297) Transfers between funds 253,235 Net movement in funds 69,938 RECONCILIATION OF FUNDS Total funds brought forward 178,413 TOTAL FUNDS CARRIED FORWARD 248,351 |
Endowment fund £ - - - - - 318,660 318,660 (253,235) 65,425 8,993,388 9,058,813 |
Total funds £ 221,200 42,585 359,800 2,112 404,497 318,660 135,363 - 135,363 9,171,801 9,307,164 |
|---|---|---|
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continued...
RICHARD LAWES FOUNDATION
Notes to the Financial Statements - continued FOR THE YEAR ENDED 5 APRIL 2023
6. FIXED ASSET INVESTMENTS
| MARKET VALUE At 6 April 2022 Additions Disposals At 5 April 2023 PROVISIONS At 6 April 2022 Revaluation adjustments At 5 April 2023 NET BOOK VALUE At 5 April 2023 At 5 April 2022 There were no investment assets outside the UK. Cost or valuation at 5 April 2023 is represented by: Cost 7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 8. MOVEMENT IN FUNDS Net movement At 6.4.22 in funds £ £ Unrestricted funds General fund 248,351 (180,255) Endowment funds Expendable endowment fund 9,058,813 (922,490) TOTAL FUNDS 9,307,164 (1,102,745) |
5.4.23 £ - Transfers between funds £ 79,974 (79,974) - |
Listed investments £ 6,050,139 2,245,807 (2,332,307) 5,963,639 (3,015,200) 922,490 (2,092,710) 8,056,349 9,065,339 Listed investments £ 5,963,639 5.4.22 £ 6,526 At 5.4.23 £ 148,070 8,056,349 8,204,419 |
|---|---|---|
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continued...
RICHARD LAWES FOUNDATION
Notes to the Financial Statements - continued FOR THE YEAR ENDED 5 APRIL 2023
8. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming Resources resources expended £ £ Unrestricted funds General fund 243,867 (424,122) Endowment funds Expendable endowment fund - - TOTAL FUNDS 243,867 (424,122) Comparatives for movement in funds Net movement At 6.4.21 in funds £ £ Unrestricted funds General fund 178,413 (183,297) Endowment funds Expendable endowment fund 8,993,388 318,660 TOTAL FUNDS 9,171,801 135,363 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 221,200 (404,497) Endowment funds Expendable endowment fund - - TOTAL FUNDS 221,200 (404,497) |
Gains and losses £ - (922,490) (922,490) Transfers between funds £ 253,235 (253,235) - Gains and losses £ - 318,660 318,660 |
Movement in funds £ (180,255) (922,490) (1,102,745) At 5.4.22 £ 248,351 9,058,813 9,307,164 Movement in funds £ (183,297) 318,660 135,363 |
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continued...
RICHARD LAWES FOUNDATION
Notes to the Financial Statements - continued FOR THE YEAR ENDED 5 APRIL 2023
8. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Endowment funds Expendable endowment fund TOTAL FUNDS |
At 6.4.21 £ 178,413 8,993,388 9,171,801 |
Net movement in funds £ (363,552) (603,830) (967,382) |
Transfers between funds £ 333,209 (333,209) - |
At 5.4.23 £ 148,070 8,056,349 8,204,419 |
|---|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Endowment funds Expendable endowment fund TOTAL FUNDS |
Incoming resources £ 465,067 - 465,067 |
Resources expended £ (828,619) - (828,619) |
Gains and Movement losses in funds £ £ - (363,552) (603,830) (603,830) (603,830) (967,382) |
|---|---|---|---|
9. RELATED PARTY DISCLOSURES
The accountants to the charity are William Withers & Co. William Withers, the father-in-law to one of the Trustees Mrs Janet Withers, is a director of William Wither & Co. Fees of £2,160 were paid to the firm for accountancy services.
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RICHARD LAWES FOUNDATION
| Detailed Statement of Financial Activities | ||
|---|---|---|
| FOR THE YEAR ENDED 5 APRIL 2023 | ||
| 5.4.23 | 5.4.22 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Investment income | ||
| Dividends | 229,668 | 213,488 |
| Deposit account interest | 14,199 | 7,712 |
| 243,867 | 221,200 | |
| Total incoming resources | 243,867 | 221,200 |
| EXPENDITURE | ||
| Investment management costs | ||
| Fund management charges | 36,902 | 42,585 |
| Charitable activities | ||
| Grants to institutions | 385,000 | 359,800 |
| Support costs | ||
| Finance | ||
| Bank charges | 60 | 72 |
| Governance costs | ||
| Accountancy and legal fees | 2,160 | 2,040 |
| Total resources expended | 424,122 | 404,497 |
| Net expenditure before gains and losses | (180,255) | (183,297) |
| Realised recognised gains and losses | ||
| Realised gains on investments | 1,833,680 | 1,672,110 |
| Net income | 1,653,425 | 1,488,813 |
This page does not form part of the statutory financial statements
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