THE LACES TRUST FllYANCIAL STATEMEIYTS Year Ended 5 APRIL 2024 Charity No: 289239
THE LACES TRUST Report and Finaneial Statements for the year ended 5 April 2024 Contents Page: Adininislralive infonnation Report of tlie trustees Independent exainiiier's report Sialemenl or rinancial activities Balance sheet Notes fom)ing part ofthe financial stateiiienls Trustees P F B Beesley B M Mackenzi¢ H J Dellar Principal Office l The Sanctuary Westminsier London SWI P 3JT Independcnt Exaininer N¢lson Colaw FCA
THE LACES TRUST Report of ¢he trustees for the year ended 5 Aprll 2024 The Truslce5 present their rep)rt along with the financial ststements of th¢ Charity for the year ended 5 April 2024. The financial statemenls have been prepared in accordance with the accounting policies set out on pa8¢ 8 and comply with the charity's Trust Deed and applicable law. Principal objectives of the Charlty Th¢ principal objectives of the Laces Trusi are the 8dvancement of education and th¢ relief of sickness by promoting or providing for the benefit of the public study. research and instruction in ethics and other philosophical disciplines as a part of or as related to medicine and any subject ancillary thereto. To fulfil these objectives the Trust has provided for the fiN Chair in Philosophy and Psychiatry outside Europe at the University of Pretoria, Medical Sch(x)I which has now been Successfully established. The Trusi also provided for a DPhil Scholarship in th¢ Faculty of Philosophy al the University of Oxford which has been successfully completed having been held by a number of excelleni scholars. The Trustees have endowed jointly with the University of Oxford a Fellowship in Philosophy of Mind. Psychiatry and Neuroscience at St Catherine's Colle8e io be held jointly with a University Lecturer ship in Philosophy of Mind. The Trusiees have also funded for two years 8 Post-Doctoral Fellowship ai Si Catherine's College. Ihe Fellow working under ihe University Lecturer in Philosophy of Mind. The Trustees have provided a grani io support ihe esthblishment of a Collaborniing Centre for Values - based Practice in Health and Social Care at Si C41herine's College. The Trustees hav¢ recently renewed and ext¢rtded this grani io include a part-time Dire¢tor with administrative support and a small dis¢retion&ry fund for the Director to use for open access publicaiions. The Trusiees have continued to assisL by way of granL the International Network of Philosophy and Psychiatry, the development of which ihe Trustees regard as very imwrtanl for ethics and other philosophical disciplines. OryanIl10n of the Char5ty The Trust is governed by a Trnsl Deed of the 2nd April 1984 and is re8lStered with the Charity Commission under number 289239. Durirtg the year the following persons served on the Board of Trustees: P F B Beesley B M Mackenzie H.J Dellar Adviserg to the Charlty Solicitor5 Ltt Bolton Monier- Williams l The Sanctuary Westminsier London SWIP 3JT
THE LACES TRUST Report of the trustees for the year ended S April 2024 {continued) Accountants TC BSG Valentine Limited Lynton House 7-12 Tavistock Square London WCIH 9BQ Financial Revie Suiiiiiiayy ofilOi11e and expendilEirc The income and distribution account for the year shows a net surplus for the year of £11,254 {2023'. £13,083). This brin85 the Mecumulated surplus carried fonvard to £829.223 (2023.. £817.969). Risk Management The Trustees have examined the major strategic, busines5 and orkrational risks which th¢ charity faces and confirn) that systems have been established lo ¢nable regular r¢ports to be produced so that such risks are not continuously monitored and that appropriate steps can be tak¢n to lessen these risks. Reserves poli The Trustees. policy is to maintain their continuing level of support makin8 donations that they have agreed. If income resources are insufficient to cover the donations then re¢ourse is made to the other funds of the Trust. The Truste¢s do not consider that any minimum level of resources is required. Plans for the future The Trustees intend to continue making donations in a similar way to the receni past but retaining flexibility as to the timing and scale of donations. Trustees, responsibilities in relation to the financial 5tAtement$ The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kin8dom Generdlly Accepted AOntIng Practice (United Kingdom Accounting Standards). Th¢ law applicable to charities in England and Wale5 requires th¢ Truslees to prepare financial stat¢m¢nts for each finaiicial year which giv¢ a Irue and fair view of the state of affairs of the charity and of the incoming resour¢es and application of resources of Ilie charity For that period. In preparing these financial Stslemenls, lh¢ Tnjstees are required to.. select suitable accounting polici¢s and then apply them consistenily. obsetve the methods and principles in the Charities SORP. make judgments and eslimal¢s that are reasonable and prudent. stat¢ wheiher applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial stsl¢m¢nts' and
THE LACES TRUST Report of the trustees for the year ended 5 April 2024 (continued) prepare the financial statements on ihe going concern basis unle5S it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping adequate accouniing records that are sufficient to show and explain th¢ charity's transactions. disclose iviih reasonable accuracy ai any time the financial posilion of th¢ charity and enable them 10 ensure ihai ihe financial siaiements comply wilh th¢ Charities A¢t 2011. Ihe Charities {Account5 and Reports) Regulaiions 2008 and ihe provisions of lh¢ charity's constitution. They are a150 responsible for safeguardinB ihe assets of the charity and hence for taking reasonable steps for the prcvcntion and d¢te¢iion of fraud and oiher irregularilies. Approved by th¢ Trusiees and signed on their behalf by: LJaJ H J DELLAR- TRUSTEE Dale.. 2¥. 1 2024
THE LACES TRUST Independent Examiner's report year ended S A ril 2024 Independent Examiner's report lo ihe trustees THE LACES TRUST I report io il)c trustees on In), exai))ination of Ihe a¢coiiiils of ihe The IAc¢s Trust (Ihc TrLIS1) for the }"'ear elided 5 Ai)ril ?024. Responsibilities And basis of report As the cliai'ii}I Iruslccs of Ihc TrLlSt you arc rcspoiisiblc for th¢ prcptsrAlion ofilic occouiils ill HccordanLe i%'iil) Ilie 41111¥i17eIiIN ()r iliL (.'li(Irilie.i A('i 10 I l ('Ilie Acl,). I report in rc8pc¢l of 111%. eyaminalinn oftlic Tnist"8 ILCI)untS Ciirried 0111 undei. s. 145 01. Ilic 2011 Act aiid in cllrryii)g oui m}. ex)Illia1101l I hai'L. folloi¥eil all Il)c nppli¢able l)ii'eLIii)118 giv¢'i) b). Ilie C lilli'ili, Cominis5ion under s. 14515)(bl ol'ihc Act. Independent exAminers' $ttemonl I have ci)iiii)leied my exaniinalii)ii. I c()nlirm Ihai no In411erio1 niatlers huve cui))e ti) iiiy ulleiilion in ¢oiiiiectlOi1 ivill) Ilic cxaminalion 8iviiig ii)e caiise to bclici'c Ilial in piiy ni4i¢riul rcsi)CLI: I I ) AL¢ouiitiii¥ reLi)rd% iiere n<)1 kepi in respwt of tlie Trusl a% required b)tr secti()11 1311 c)I'ihe Acl; or {?) T]Ic hccounls do iiol ttecord with ihosc rccords or (3) The accoiiiils do not coinply iviili il* applicable requi Ineiils coiicerning ilie fonn aiid conleiil or aLcouiits sel ()ui iii the ChJrilies (ALLOUIII.% and Repons) RL'bulJli()iis ?008 other iliaii 41ny requirement Il)ai tlic aLLounis BIVC a 'lni¢ Al)d fAir i'icii, ii,liich is iioi a maiicr considcrcd r¢$ Ptsrt ofnii irtdepeiidcnl I Iial'e no coiiccri)S iiiid l)ai'e cnine across iio oilier mall¢rs in coiineclion iviil) tlic ciil1111111711011 10 Ivliicli #iieniioi) sliould be drAii'n in iliis rcpon in ord¢r lu enÉiblL' a i)roper underslKindiii&J uf Llie aecoiiiils lo bL reaclied. Nelson Colg£o F.C.A TC BSG Valentine Ltd Lynton House 7-12 Tavislock Square London WCI FI 9BQ Date-. 18.10. 2024
THE LACES TRUST Statement of Flnanclal Aetivitie5 for the year ended 5 April 2024 2023 INCOME 11.701 66.952 27J98 Profit on sale of invesknents Donations (including gift aid) Dividends and interest rec¢ived 36,515 2S,517 106,251 62,032 79,907 DONATIONS AND GRANTS (35,398) ADMif4JsfRATION cosrs (7,175) 12) (6,084) Investment management fees Bank charges and sundry expenses Legal and Professional fees (7,195) (37) (8.148) (93.168) (50.778) 13.083 EXCESS OF INCOME OVER EXPENDITURE 11.254 804,886 Surplus br(HJght forward 817,969 817,969 SURPLUS CARRIED FORWARD 829,223 All funds are unreslricted. The notes on page 8 to 9 fomi part of these financial staiements.
THE LACES TRUST Balance sheel as at S April 2024 2023 CAPITAL FUNDS 10 Capital Sums setiled 10 INCOME ACCOUNT 817,969 Undistributed Income 829,223 817,979 829,233 REPRESENTED BY FIXED ASSETS. Quoted inv¢slinents (at ¢os¢} {market value (£1, 113,245) Brokers bank balances 789,421 11.465 817,162 10,372 800,886 827,534 CURRENT ASSETS 17,093 Bank balances 6,153 17,093 6,155 CURRENT LIABILITIES Ac¢rued expenses (4,4561 817,979 829,233 These accounts were approved by ihe Trustee5 On and signed on their behalf by-" Date 2024 H J DELLAR The notes on page 8 to 9 fomi pan of these financial $tAteinenis
THE LACES TRUST Notes forming part of tbe financial statements for the yeAr ended S April 2024 Principal Wccounting policies (a) Ba81s ofpreparntloD of accounts The accounts have been prepared under the hisiorical cost convention with items recognised at cost or transaction valu¢ unless otherwise stated in the relevant notes to these accounts. The rinancial stat¢m¢n15 have b¢en Prepar in accordance with th¢ Statement of Re¢ommend¢d Practice. Accounling and Reporting by Charities prcparing Ih¢ir accounls in accordance with the Financial Reporting Siandard applicable in the UK and Republic of Ircland (Charities SORP {FRS102)) and with the requirements of the Charities Act 2011. The Foundation constitutes a public benefil entity. The Trusiees are satisfied thai ihe charity has sufficient commitments from donors lo continue its acliviti¢s for ihe foreseeable future. Accordingly. the Trustees continue lo adopt the 8oin8 ¢on¢ern basis in ihe preparation of ihe financial staiements. (b) Don#tio Donations receivable are accounted for in the period in which the charity is entitled to reeeipt. (c) Invejtment ID¢om¢ Investment in¢ome 1$ a¢¢ounied for in the period in which the charity is enlitlcd to receipt. (d) Chorlt•ble Actlvltiej Charitable aetivilies comprise all costs which are directly attributable to the obje¢is of the charity. Donaiions payable are recognised when a constructive or legal obligation 10 the recipient has been ¢Tealcd by the ¢harity. (e) Governance Costs Governance costs comprisc the Cosls of staiuiory compliance, which consist of the cost5 associ8ted with the stalulory audit of the Tru51.
THE LACES TRUST Notes forming part of tbe financial 5tstemellts for the year ¢nded 5 April 2024 {CODtinued) Trustee Remuneration No Trustee received any remuneration or was reimbursed for expenses during either year. Goverllance Costs 2024 2023 Independent Examination fee 3.000 3,000 Creditors due within l yr 2024 2023 Accruals 4.456 2.397 Related Party trnnsa¢tioDs There are no related party trnnsaclion to report for the current or wevious year.