THE LACES TRUST FtNANCIAL STATEMEiYrs Year Ended S APRIL 2025 Charity No: 289239 THE LACES TRUST Report and FiDaDeial Statements for the year ended S April 2025 Contents Pxge: Admiuistrdtive infonnation Report of the trustevs Independent examiner's report Statcment of fmancial activities Balance sheet Not¢5 forning part of thc f￿anCial statements Th￿tee$ H J Dellar Margarel Fulford- appointed 29 May 2025 p r B Beesl¢y- resigned 29 May 2025 B M Mackenzie- resigned 29 May 2025 Principal Officc l The Sanclullry Westminster London SWIP 3JT Independ¢nt Examiner N¢lson cola￿ FCA THE LACES TRusr Report of the tru$tses for the year ended S Aprll 2025 The Trustees present Ih¢ir Teport along wilh the f￿ancial statements of the charity foT the year ended 5 April 2025. The fu￿ncial statements have been prepared ij) accordance with the accounting policies set out on pag¢ 8 and comply with the charity's Trust Deed and applicable law. Prlnclp41 objectlves of the Charity The Prillcipal objectiveB of the Laces Trust are the advanccment of education and the relief of sickn&ss by promoting or providing for the benefit of the public study, research and tnstructioa in elliics and other philosophical disciplines a8 a part of or as related to medtcine WKI any gubject ancillary therclo. To fvlfil these objective5 the Trnst has provided for the first Chair in Phi1050phy and Psyehiaty outside Europe at the University of Pretoria. Medical School which has now been successfully established. Tr Thist also provided for a DPhil ScholaTship in the F8¢uliy ofPhilosophy al the University ofoxford which ha$ been su￿¢SsfUllY completed having bcen held by a number of excellent s¢holars. The Truslecs have endowed jointly with the University of Oxford a Fcllowship il) Philosophy of Mind, Psychiatry and Ncuroscience at St Catherine's Collc¥e to be held jointly with a University Lecturcr Ship in Philosophy of Mind. Th¢ Thistees have also funded for two ycars A P051-Doctoral Fellowship at St Catherlnc's College, the fellow working undcr Ihc University Ixclurer in Philosophy of Mind. The Truslees havc provided a grant lo support the establishment of a Collaborating Centrc for Values - based Praelic¢ in Health and Soeial Care at St Caihcrine's College. The Truslces have recently renewed and extcnded this grant to include a part-lime Director with administrative support and a small discrctioDary fund for the DI￿lor lo use for open access publiealions. The Tn￿l¢eS have continued lo assist, by way of grant. the International Ndwork of Philosophy and Psychialry. the development of which th¢ Trustees rcgard as vcry important for ethics and other philosophical disciplines. Orgalllggtlon oftbe Charlty The Tn￿t is governed by a Trust Deed of the 2ud April 1984 and 18 r¢gistercd with the Cbarity Commission UDder number 289239. During th¢ year the following persons served on the Board of Trustees: P F B Beesley- resigned 29 May 2025 B M MackeJ)zie- resigned 29 May 2025 H.J Dellar Margaret Fulford- appointed 29 May 2025 Advlser8 to th¢ Charity SolicitOTS Lee Bolton Monier- Willi8ms l The Sallctuary Westminster London SWIP 3JT THE LACES TRUST Report ofthe trusteu for the year ended 5 Aprll 2025 (contlDued) Accountants TC BSG Vajeniine Limited Lynton Housc 7-12 Tavistock Squa London WCIH 9BQ Flnancial Review Summary ofiiicome and &Ypenditure The income and distributloll account for the year shows a net su￿lUS for the year of £23,933 (2024.. £11,254). This brings the accumulated surplus Carried forward to £853,156 (2024: £829.223). Rlsk Management The Truslees have ex8mitLed the rnajor strategic. business alld operational risks which the chaTity faces and confm that systems hav¢ been established to enable regular reports to be pmduccd so that such risks are not continuously monitored and thal appropriat¢ steps can be taken to lessen these risks. Reserves policy The Tru5tees' policy is to n]aintsin their continuing level of support making donations that they have agreed. If income resources att in5uffi¢iellt to cover the donaiiolls then re¢ourse is made to the other fimds of the Tn]st. The Trusltts do not consider Ih8t any minimum level of resources is requir￿1. Plans for the futhre The Trustees intend to continue making donations in a similar way lo Ihe recent past but retaining flexibility as lo the timing and scale of donations. Trnste¢5' responsiblliti£s in relation to the finantial statements The Trustees areresponsible forpreparing theADnual Report and the financial ststements in accoNlance with applicable law and United Kingdom GeneraIly Accepted Acwunting Practice (United Kingdom Accounting Standards). The law applicable to charities in England and Wales requires the Tn￿teeS to prepare financial slalejnents for each financial year which give a truc and fair view of the state of affairs of the cknty and of the incoming ttsources attd application of resources of the charity for that period. lu preparing these financial statements. the Trustees are r￿Uired to: seleet suitable accounting policies and then apply them ¢onsisteutly' • observe the methods alld principles in the ClJarAti¢s SORP: make judgments and estimates that are reasonable and prudent. state whetherapplicableaccounling standards have been followed, subjec¢ to anymaleriaj departure8 disclosed and explained in th¢ financial statements: and THE LACES TRIIST Report of the trustees for the y¢4r ended 5 Apn12025 (conllnued) prepare the financial statements on the going concern basis unless it is inappropriate Io ptcsume that the charity will Contin￿ in business. The Trustees are responsible for keeping adcquale accounting ￿cOrdS that are sutYi¢ient to show and explain the charity's tran￿¢tionS, disclose with reasonable aecura¢y at any time the finan¢ial position of the charity and enable ihem to ensure that the fmancial slalements comply with the Charttie8 Act 2011, the Charities (Accounts and Reports) Regulations 2008 and thc provisions of the charity's constilulion. 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 oth¢r irre8ularities. Approved by the Trnstees and signed on Iheir bchalf by: H J DELLAR. TRUSTEE Date: J&oJL 2025 THE LACES TRUST Independent Eximlner's report ear ended S A rll 2025 Independent Examlner's report to the trustees THE LACES TRUST I report lo Ihe InTStces on niy exaiiiinalion of the occounls of T1)e Laces Trust (Ihe TnL81) for the year ended 5 April 2025. RespoDsibilltles and bas1$ of report As Ilie cl)arity Irustces ofihe Tnjst you are responsible for Ihe preparation of the accounts in accordance willi Ilie require]nenls of Ilie Cliai?lies Aci 2011 ('the Act,). report iii respecl of Iny exatninalioii ofilie Trust's a¢counis carried out under s. 145 of ilie 201 l Act and in CAnyAn&F out my examination J l1ove followcd all Ili¢ applicable Direct10218 given by Ihe Charily Commission under s. 145(5)(b) oftlie Act. Judependent ¢xamlnor4' StAtem¢Dt I IIAve complcled Iny examin81ioii. I confinn Ilial no materi41 Iiiallers liavc coinc lo my aiienlion in conncclion with Ilie cx8minJlion ¥ivinE Ine cause lo believc tliai in any mal¢rial respect: (l ) A¢coui)ling records were noi kept in rcspecl of Ilie Trnsi as required by Xelion 130 of the Acl.. or (2) The accounts do noi accord with Iliose rccords or (3) Ti)e 4ccoun13 do not coniply willi Ili¢ applicRblc rcquireitienis conccrnin8 IlJe forni ond content of accoun15 sel oul in th¢ Cliarilies (Accouiils and Reports) Re¥ulalions 2008 oilier Ilian aiiy requirement 1118t tlie accounts give a 'true and fair, view iyliieli 15 1?01 a maller conside￿d as part oran indcpendenl ¢xaminalion. I hove no coiicerns aiid hav¢ eomc across no other maiicrs in connection with (he cx&minaiion to whicli alleJ)tiot) sliould bc drawn in ihi5 report in order lo en8ble a proper undcrslanding of Il accounts lo be reached. Nelson Colaw F.C.A TC BSG Valentine Ltd Lynton Ilouse 7-12 Tavislock Squ8r¢ London WCIH 9BQ Date: l o 2025 THE LACES TRUST Ststement of Flllanclal Activities for the year ended 5 Aprll 2025 2024 INCOME 36,515 Profit on sale of investsnents Donations (including gift aid) Dividends and interest receiv¢d 26.611 50.000 28.616 25.517 62,032 105327 (35,398) DONATIONS AND GRANTS (52,000) ADMINLSTRAnON COSTS (7.195) (37) (8.148) Invwtment management fees Bank charges and sundry expenses Legal and PmfessionaI fees (6,340) (i) (22,953) (50.778) (81294) 11254 EXCLSS OF INCOME OVER EXPFI4DITURE Surplus brought forward 23,933 817,969 829223 829.223 SURPLUS CARRIED FORWARD 853.156 The notes on page 8 to 9 forni part of these financial stalcments. THE LACES TRUST Balante sheet as at 5 Ap￿1 2015 2024 io 829.223 ur￿ls￿l7￿ttcd Ino)me 829.233 853.156 853.166 FIXED ASSETS. Quoted illvestments (at cost) (n4rket value {£1019919) 817,162 832,962 5,702 827J34 838.664 ctJRRENT ASSFIS 6.155 Bank bakncts 20.502 6,155 (4,456) Acetued expaL 829233 (6,000) 853.166 These aeeounts wcre approved by the ( and signed on theirbehalf by.- J DELLAR LL.. The note5 ￿ page 8 to 9 forni part ofthese fin0nci￿ statemeD THK LACES TRUST Notts forming part of the fwanclal stAtsments for the year ended 5 April 2025 Prlnclpal 4¢couuting pollcles (a) Basis of preparation of a¢counts The accounts have been prepared under the historical cost convention with items Tecognised at cost or transaction value unless otherwise staled in the relevant notes to these accounts. The fiaanctal statements have been pr¢pared in accordance with the Statement of Recommended Practice. Accounting and Reporting by Cbarities pryillg their accounts in accordance with the Fiaancial Reportillg Standard applicable in the UK andRepubli¢ ofIreland (Cjwities SORP (FRS102)) and with the requirements ofthe Charities Act 2011. The Foundation constitutes a public benefit entity. The Tn￿leeS are $atisfJed that the charity has suffici¢ni commitments from donors to continue its activities for the foreseeable futhre. Accordingly. the Trustee8 continue to adopt the going concern basis in the preparntioll of the fmancial statements. Donaliolls Ib) Donations receivable are accounted for in the period in which the Ch￿Tty is entitled to receipt. lllvestment Income (c) tnvestm¢nt income is &ccounted for in the period in which the cknity is entitled to receipt. Charitable Actlvhies (d) Charltable activitie8 comprise a]1 costs which are directly attributable to the obje¢is of the charAty. Dollalions payable are recognised when a conslruclive or legal obligation to the recipient has been created by the charity. (e) Governallce Costs Governance costs comprise the costs of statutory compliance, which Consist of the costs associated with the statutory audit of the Trust. THE LAC￿3 TRUST Notes forming part of the fiDan¢ial stalemejjts for the year ended S Aprll 2025 (¢ontlnued) Trustee Remuneration No TTUStec receivd any remuneration or w&8 reimbursed for ¢xpenses during either year. GovernYdnC¢ Costs 2024 2025 Independent E1(ami￿tion fee 3.000 3,0 Creditors due Jvlthin l year 2024 2025 Accruals 4,456 6,000 Relattd Party transAetion$ Ther¢ are no related party transaction to Teport for the current orpreviow year.