REGISTERED CHARITY NUMBER: 274042 Report of the Trust8e$ and Unaudlt8d Financial Statements for the Year End¢d S April 2024 RICHARD LAWES FOUNDATION Withers Steele Chartered Accountants 6 Oaklands Court TIVERTON Devon EX16 6TG
RICHARD LAWES FOUNDATION Contents of the Financial Statements FOR THE YEAR ENDED S APRIL 2024 Page Report of the Trustoes Independenl Examlnerfs Roport Statement of Flnanclal A¢tlvltSes Balance Sheet Notes to the Financial Statements 7 10 11 Dgtalled Statement of Fin•n¢lal Actlvltlgs 12
RICHARD LAWES FOUNDATION Rèport of the Trustees FOR THE YEAR ENDED S APRIL 2024 The trustees present their report with the financial statements of the charity for the year ended 5 April 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 IFRS 1021 (effective 1 January 2019). OBJECTIVES ANO ACTIVITIES Objectives and activities The Richard Lawe5 Foundation was established in 1977. The Trust Deed directs the Trustees lo pay or apply the whole of th8 income of the Trust Fund and gives the Trustees the power to distribute all or part of the capital. Trustees meet annually lo discuss and agree a di51ribulion budget. Preference is given to registered charities. Where proposed recipients are not registered charities the Iruslees undertake a thorough examination of the organi5alion to ensure that the purpose of the grant is properly conSided lo be charitable, for publi¢ benefit, and that there are means of ensuring, so far as reasonably practicable, that any grant made to Ihe organisalion shall be property applied to such a chartlable 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 organisatDns of an overtly political nature, including those quasi-polilical secular organisab'ons established for the promotion of a subjectNe opinion. They recommend appeals and organisations where it is felt that donations will have a real and immediate impact. Foi the most part, grants 11 be lo smaller charitable organisalions where ongoing help can assist longer term deeision making by the beneficiaries. In determining its grant making programme for the year, the twslees have considered the Charity Commission guidelines on charities and publi¢ benefit. ACHIEVEMENT AND PERFORMANCE Charitable activities The charitsble grants made in the 2023f24 year amounted to £369,000 12022123.. £385,000). Charitable grants made in the year were made to support areas such as medical research, bereavements support, mental health, youth educakn'on, homelessness, palliab.ve care, emergency disaster relief and agricultural research. Investment perfonnance In the year ended 5 April 2024 the rnarkel value of the investment portfolio held at the year end was £8,256,147 12022123.. £8,056,349). The historic cost of the investments was £5,743,629 12022123.. £5,963.6391. Cash at bank was £237.578 at the year end12022123.' £148,070). Page 1
RICHARD LAWES FOUNDATION Report of the Trustees FOR THE YEAR ENDED S APRIL 2024 FINANCIAL REVIEW Investment policy The Trust Deed gNes the Trustee$ the following investment powers.. - power to leave the Trust Fund in the state of investment in whi¢h il may be from time to time,. power lo tran5PQ5e or convert any investments or propety wf(hin any investments authorised by the Trust Oeed., power lo invest the Trust Fund in the names or under the control of the Trustees in or upon any investments aulhorised by the Trust Deed with power to vary or transp05e investments for or into others of any nature aulhorised by the Trust Deed.. and power lo invest the Trust Fund in any mode for the lime being aulhori5ed by law or in the purchase or upon the seeurity of such shares, stocks, securities or other investments or propety 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 dis¢relion think fit lo the intent that the Trustees shall be empowered lo invest and transpose the investments of trust monies in the same unrestricted manner as if they We beneficial owners of such monies. These powers supplement the general power of investment contsined in Section 3 of the Trustee Act 2000. which enlifes the Trustees lo make any kind of investment they could rnake as if they were absolutely entitled to the assets of the Trust Fund. The Trust Deed confers upon the Trustees the power lo accept any freehold or leasehold propety as an addition or a¢¢relion to the Trust Fund but otherwise does not confer any powers on the Trustee5 to invest in freehold or leasehold propety. Power lo do so is eonferred by Section 8 of the Trustee Act 2000 (but this section does not permit trustees lo 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 b'me lo VIeW the investments of Ihe trust and consider whether they should be varied, having regard lo 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 musl also have regard to the need for diversification of investments of the trust, insofar as it 15 appropriate to the Circumstances of the trust. Investment management is handled by Brewin Dolphin, 12 Smilhfield Street, London. EC1A 980, who operate on same Investsnent risk profile as previous years.. Reserves policy and revlew of financlal pollcle8 The Trustees have established Richard Lawes Foundation's Reserves Policy with reference to Charity Commission guidan ICC191 and accounting standards ISORP FRS 102). Cashflow is carefulty monitored on a continuing ba$1$ to meet this objective. The Trustees do not intend to build up reserves for unspecrfied purposes, bul rather to apply all income to direct charitsble purposes. This intention is estsbli5hed annual 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 lo the next period. Trustees have agreed lo ¢ontinue the modest capital draw down policy as our investment performance has demonstrated that we can do this without losing long lemi asset value. Page 2
RICHARD LAWES FOUNDATION Report of the Trustees FOR THE YEAR ENDED 5 APRIL 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT Govemlng document The Trust Deed dated 22 March 1977 established Richard Lawes Foundation, and the charity 1$ governed by this Deed. The Charity is an unincorporated association. New trustees are appointed by the current Iruslees. It would be the responsibility of Ihe senior trustee lo 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 Chanty Commission and ar8 encouraged to attend relevant courses. REFERENCE AND ADMINISTRATIVE DETAILS Registgrgd Charfty number 274042 Prlnclpal addre88 Longhayes Lowerdown Bovey Tracey Devon TQ13 9LF Trustees W R Lawes DrDEPLawes D S Northcroft Mr5 J E Withers Indopondent Examlner Withers Steele Chartered Accountants 6 Oaklands Court TIVERTON Devon EX16 6TG Solicitors Bircham Dyson Bell 50 8roaoWay London SW1H OBL Investmont Managers Brewin Dolphin 12 Smilhfield Street London EC1A 98D OTHER EXPENDITURE Indirect expenditure relating to the administration of the Trust amounted to £2,471 {2022123'. £2,220>. The cost of generating funds was £27.69712022123.' £36,902). 161.:,.IZ t..: Approved by order of the board of trustees on .......... .... and signed on its behalf by.. Mrs J E Withers - Trustee Page 3
Indgpendent ExamIne5 Report to the Trustees of Richard Lawes Foundation Independent examlnerfs report to the trustogs of Richard Lawos Foundatlon I report lo the charity trustees on my examination of the accounts of Richard Lawes Foundation (the Trust) for the year ended S April 2024. Responsibilities •nd basls of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in a¢cordance with the requreMentS of the Charities Act 2011 {'the Acl'l. I report in Spect of my examination of the TTUSts 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 14515){b) of the Act. Independent examlnerfs ststement sin your charity's gross income exceeded £250,000 your examiner musl be a member of a listed body. I ¢8n confirm that l am qualified to undertake the examination because l am a member of the Institute of Chartered Accounlanls in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no material matters have come lo my attenlion in connection wth 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 Se¢lion 130 of the Act,. or the accounts do not accord Wllh those records,. or the accounts do not comply with the applicable requirements Goncerning the form and content of accounts sel 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 concem$ and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. Mr P Lewis-Bending ACA The Institute of Chartered Accountants in England and Wales wrthers Steele Chartered Accountants Dale.. Page 4
RICHARD LAWES FOUNDATION Statement of Financlal Actlvltles FOR THE YEAR ENDED 5 APRIL 2024 5.4.24 Total funds 5.4.23 Total fvnds Unrestrided Endowrnent funds fund Notes INCOME AND ENDOWMENTS FROM Investment income 268,666 268,666 243.867 EXPENDITURE ON Raising funds 27,697 27,697 36,902 Charltable •ctlvftl¢s Grants payable 369,000 369,000 385,000 Other 2,471 2,471 2,220 Total 399,168 399,168 424,122 Net gainslllossesl on investments 419.808 419,808 (922,4901 NET INCOMEI{EXPENDITUREI Transfers between funds 1130.502) 220,010 419,808 {220,010) 289,306 11,102,745) Net movement In funds 89,508 199,798 289,306 11,102,745) RECONCILIATION OF FUNDS Total funds brought forward 148,070 8,056,349 8,204,419 9,307.164 TOTAL FUNDS CARRIED FORWARD 237,578 8,256,147 8,493,725 8,204,419 The notes fom part of these financial statements Page 5
RICHARD LAWES FOUNDATION Balance Sheel 5 APRIL 2024 5.4.24 Totsl funds 5.4.23 Total funds Unrestricted Endowment funds fund Notes FIXED ASSETS Investments 8,256,147 8,256,147 8,056.349 CURRENT ASSETS Cash at bank 237,578 237,578 148,070 NET CURRENT ASSETS 237,578 237,578 148,070 TOTAL ASSETS LESS CURRENT LIABILITIES 237,578 8,256,147 8,493.725 8,204,419 NET ASSETS 237,578 8,256.147 8,493.725 8,204,419 FUNDS Unreslri¢ted funds Endowment funds 237,578 8,256,147 148,070 8,056,349 TOTAL FUNDS 8,493,725 8,204,419 The financial sl tements were approved by the Board of Trustees and authoris&J for issue on and were signed on its behalf by.. W R Lawes- Tru$lee The notes form part of these financial statements Page 6
RICHARD LAWES FOUNDATION Notès to the Financlal Statements FOR THE YEAR ENDED 5 APRIL 2024 ACCOUNTING POLICIES Basls of prgparlng th8 financlal statements The financial Statements of the charity, which Is a public benefit entity under FRS 102, have been prepared in accordance wth the Charities SORP IFRS 1021 'Accounling and Reporting by Charib'es.. Statement of Recommended Practi applicable to ¢harilies preparing their accounts in a¢cordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191,, 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 inveslrnents which are included al 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 enlidemenl to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilib'es are recognised as expersdilure as soon as there 15 a legal or constructNe obligation Committing the Charity lo 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 connot be direcuy attributed to particular headings they have been allocated lo activib'es on a basis consislenl with the use of resources. Grants offered subject to conditions which have not been met al the year 8nd dale a noted as ¢ommilrnent but not accrued as expenditure. Taxation The charity is exempt from tax on its charitable actNiti8S. Fund accountlng Unrestricted funds can be used in accordance with the charitable objectives at the discrebon of thetruslees. Restricted fvnds can only be used for particular restricted purposes within the objects of the Trust. Reslridion5 arise when 5P8cified by the donor or when funds are raised for particular restricted purposes. Further explanation of the natu and purpose of each fund is included in the notes lo the financial statements. INVESTMENT INCOME 5.4.24 5.4.23 Dividends Deposit account Inte$1 218,337 50,329 229,668 14,199 268,666 243.867 Page 7 continued...
RICHARD LAWES FOUNDATION Notes to tho Financial Statements - continued FOR THE YEAR ENDED 5 APRIL 2024 RAISING FUNDS Investment management costs 5.4.24 5.4.23 Fund managementcharges 27,697 36,902 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, mUneratiOn or other benefits for the year ended 5 April 2024 nor for the year ended 5 April 2023. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Endowment funds fund Total funds INCOME AND ENDOWMENTS FROM Investment income 243,867 243,867 EXPENDITURE ON Raising fundg 36,902 ,902 Charitablo a¢tlvltle3 Grants payable 385,000 385,000 Other 2,220 2,220 Total 424,122 424,122 Net gainsl(lossesl on investments 1922,490) 1922,4901 NET INCOMEI{EXPENDITURE) Transfers between funds {180,2551 79,974 1922,490) 11,102,745) 179,9741 Net movement In funds 1100,2811 (1,002,464) 11,102,745} RECONCILIATION OF FUNDS Total funds brought fofftrd 248,351 9,058,813 9,307,164 TOTAL FUNDS CARRIED FORWARD 148,070 8,056,349 8,204,419 Page 8 continued...
RICHARD LAWES FOUNDATION Notgs to the Financial Ststements - contlnued FOR THE YEAR ENDED 5 APRIL 2024 FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At 6 April 2023 Additions Disposals 5,963,639 6,676,887 16,896,89n At 5 April 2024 5.743,629 PROVISIONS At 6 April 2023 Revaluation adjustments (2,092,710) 1419.8081 At 5 April 2024 {2,512,5181 NEf BOOK VALUE At 5 April 2024 8,256,147 At 5 April 2023 8,056,349 There were no investment assets OUtse the UK. Cost or valuation al 5 April 2024 is represenled by.. Listed investrnent5 Cost 5,743,629 MOVEMENT IN FUNDS Nel movement in funds Transfers belween funds At 5.4.24 At 6.4.23 Unrnstrictod funds General fund 148,070 1130,5021 220,010 237,578 Endowment funds Expendable endowment fund 8,056,349 419,808 1220.0101 8,256,147 TOTAL FUNDS 8,204,419 289,306 8,493,725 Page 9 continued...
RICHARD LAWES FOUNDATION Note8 to the Financial Statèments - continued FOR THE YEAR ENDED 5 APRIL 2024 MOVEMENT IN FUNDS- ¢ontlnued Net movement in funds, included in th8 above are as follows.. Incoming resources Resources expended Gains and Movement losses in funds Unrestrlcted funds General fund 268,666 (399,1681 1130,5021 Endowment funds Expendable endowment fvnd 419.808 419,808 TOTAL FUNDS 268,666 {399.1681 419,808 289,306 Comparatlves for movement In fund8 N8t movement in funds Transfers betsveen funds At 5.4.23 At 6.4.22 Unrestrlcted funds General fund 248,351 1180,2551 79,974 148,070 Endowmentfunds Expendable endowment fund 9,058,813 1922,4901 179,9741 8.056,349 TOTAL FUNDS 9,307,164 {1,102,7451 8,204,419 Comparative nel movement in funds, included in the above are as follows.. Resources expended Incoming resources Gains and 1055es Movement in funds Unrestrlcted funds General fund 243,867 1424,1221 1180,2551 Endowment funds Expendable endowment fund 1922,4901 1922,4901 TOTAL FUNDS 243,867 1424,1221 1922,4901 11,102,745) Page 10 continued...
RICHARD LAWES FOUNDATION Notes to the Financial Statemonts - continued FOR THE YEAR ENDED 5 APRIL 2024 MOVEMENT IN FUNDS- contlnued A current year 12 months and prior year 12 months combined position is as follows.. Net movement in funds Transfers beeen funds At 5.4.24 At6.4.22 Unrestricted lund8 General fund 248,351 1310,757) 299.984 237,578 Endowment funds Expendable endowment fund 9,058,813 1502.682) {299,9841 8,256,147 TOTAL FUNDS 9.3L17.164 1813,4391 8.493,725 A current year 12 months and prior year 12 months combined net movement in fvnds. included in the above are as folbws.. Incoming resources Resources expended Gains and Movement losses in funds UnrestTl¢ted lunds General fund 512,533 1823.290) 1310.757} Endowment funds Expendable endowment fund 1502,682) (502,6821 TOTAL FUNDS 512,533 1823,2901 1502,682) 1813,4391 RELATED PARTY DISCLOSURES The accountants lo the charity are Withers Steele Limited. William Wrthers. the falher-in4aw to one of the Trustees Mrs Janel Withers, is a dire¢tor of Withers Steele Limited. Fees of £2.380 were paid to the firm for accountancy services. Page 11
RICHARD LAWES FOUNDATION Detslled Statement of Financial Activltle6 FOR THE YEAR ENDED 5 APRIL 2024 5.4.24 5.4.23 INCOME AND ENDOWMENTS Inve$tment income Dividends Deposit account Inte$t 218,337 50,329 229.668 14,199 268,666 243,867 Total incoming r¢$ources 268,666 243,867 EXPENDITURE Investment management costs Fund management charges 27,697 36,902 Charltable activities Grants lo ins1itulion5 369.000 385,000 Support costs Financo Bank charges 91 60 Govemance costs Accountancy and legal fees 2,380 2,160 Total iesources expended 399,168 424,122 Nel expenditure fOre gains and losses (130,502) (180,255) Reallsed fecognised gains and losses Realised gains on investments 1,948,393 1,833,680 Ngt income 1,817,891 1,653,425 This page does not forn part of the slalutory financial statements Page 12