2022-04-30-accounts - The Norton Rose Fulbright Charitable Foundation

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Trustees’ Annual Report for the period

From 1[st] May 2021 Period start date To 30[th] April 2022 Period end date

Charity name: Norton Rose Fulbright LLP Charitable Foundation

Charity registration number: 1102142

Objectives and Activities

	SORP reference
Summary of the purposes of the charity as set out in its governing document	Para 1.17	The principal activity involves the making of charitable donations. We do not support charities, which deal with overtly religious or political issues.
Summary of the main activities in relation to those purposes for the public benefit, in particular, the activities, projects or services identified in the accounts.	Para 1.17 and 1.19	The aims and objectives of the Charity are to support a range of charities and charitable activities. Our only requirement is that we make a tangible difference to those we are helping. Many of the charities, which we support, are proposed by Norton Rose Fulbright partners or staff for consideration by the Trustees. Norton Rose Fulbright is an international legal practice and many of the charities and activities we support are international. The Charity frequently makes donations to charities alongside funding raised by the activities of partners and staff of Norton Rose Fulbright The donations are made on parameters: Our association with a charity would not bring the firm into disrepute There is no association of that charity with politics, religion, race or nationality issues The accounts of the relevant charity illustrate a sound financial position and a satisfactory administration overhead Many of the charities we support are well known and what they achieve is a matter of public record. We typically review the financial reports and other information available about the charitieswe are

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		considering supporting and aim to meet them. Where we support particular projects undertaken by a charity we would expect to receive and to consider the charity’s reports on how those projects have been implemented.
Statement confirming whether the trustees have had regard to the guidance issued by the Charity Commission on public benefit	Para 1.18	The statement of recommended practice issued by the Charity Commission and any modification or replacement thereof from time to time

Additional information (optional) You may choose to include further statements where relevant about:

	SORP reference
Policy on grant making	Para 1.38	Our grant policy continues in the same direction as in previous years, with the on- going aim to assist our partner charities. The Charity continues to raise funds from Norton Rose Fulbright LLP law firm, Norton Rose Fulbright Services and its employees. We continue to review our approach to grants to support current charities and new charities that would most benefit from our assistance.
Policy on social investment including program related investment	Para 1.38	To invest the moneys of the company within the parameters it works in in, 2022 this related to social welfare donations to 48 charities, the main principles and will benefit from our assistance
Contribution made by volunteers	Para 1.38	We support a number of charities through fundraising, volunteering our time or simply making a donation
Other

Achievements and Performance

SORP reference

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Summary of the main achievements of the charity, identifying the difference the charity’s work has made to the circumstances of its beneficiaries and any wider benefits to society as a whole.	Para 1.20	A range of charities and charitable activities. This has had a positive contribution of: 26% Access to justice 18% Children & Young people 14% Education & Employability 13% Special campaigns and emergencies 13% Mental health, health & disabilities Women 5% Foodbanks & homelessness The principal charitable beneficiary for this year is Tower Hamlets law centre, South West London Law centre and the London community foundation contributing at 161,124 for 2022.

Additional information (optional) You may choose to include further statements where relevant about:

Achievements against objectives set	Para 1.41	In many cases, the charities we support are those we have supported in the past, but new charities are considered at Trustee meetings. The total categories funding for 2022 was £435,090, including 4 Medical, 3 Educational and 48 Social Welfare charities.
Performance of fundraising activities against objectives set	Para 1.41	The Charity frequently donates to charities alongside funding raised by the activities of partners and staff of Norton Rose Fulbright. In many cases, the charities supported specific urgent requests such as the support of major disaster relief appeals
Investment performance against objectives	Para 1.41	The investment interest is retained in the donations and gifts in kind contributed to the available un-restricted funds.
Other

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Financial Review

Financial Review
Review of the charity’s financial position at the end of the period	Para 1.21	The Charity receives its funding from the international law legal practice Norton Rose Fulbright LLP, Norton Rose Fulbright Services and its employees. The donations and gifts in kind received during the year were £449,969 (2021: £451,109) and interest received during the year was £14 (2021: £75). The expenditure during the year totalled £436,622 (2021: £442,696). Amounts donated by Norton Rose Fulbright LLP staff in support of specific charities are considered restricted funds and awards are made to those charities after approval of grant applications. There is no recharge of any staff cost incurred by the Norton Rose Fulbright LLP employees. Responsibility is equal for all Trustees carrying out the financial oversight with no other duties beyond this for the charity.
Statement explaining the policy for holding reserves stating why they are held	Para 1.22	In view of the objects and activities of the Charity, the reserves policy is to retain only such funds that are needed to enable it to meet its expenses as they fall due. The objective is to spend all the money it receives from Norton Rose Fulbright LLP and its employees and the Trustees will take steps to ensure that all monies are distributed in a timely manner. As at 30 April 2022 there were unrestricted reserves of £30,194 (2021: £21,346) and restricted reserves of £4,978 (2021: £465).
Amount of reserves held	Para 1.22	Unrestricted reserves of £30,194 as at 30th April 2022
Reasons for holding zero reserves	Para 1.22	N/A
Details of fund materially in deficit	Para 1.24	N/A
Explanation of any uncertainties about the charity continuing as a going concern	Para 1.23	The Charity is in a net asset position. The Trustees have a reasonable expectation that Norton Rose Fulbright Services, the charity’s main donor, and its employees will continue to support the charity’s activities in the near future; the near future being at least 12 months from the date of approving these financial statements. Should donations significantly decrease due to anylong termeffects of

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Covid-19 the company has no committed funding requirements. Accordingly, the Charity continues to adopt the going concern basis in preparing the annual report and financial statements.

Additional information (optional)

You may choose to include further statements where relevant about:

The charity’s principal sources of funds (including any fundraising)	Para 1.47	The Charity receives its funding from the international law legal practice Norton Rose Fulbright LLP, Norton Rose Fulbright Services and its employees.
Investment policy and objectives including any social investment policy adopted	Para 1.46	Amounts donated by Norton Rose Fulbright LLP staff in support of specific charities are considered restricted funds and awards are made to those charities after approval of grant applications.
A description of the principal risks facing the charity	Para 1.46	The Trustees have examined the major strategic, business and operational risks, which the Charity faces, and confirm that reasonable systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. The main risk which the Charity faces is that one of our chosen charities fails and/or acts in a manner inconsistent with our policies and objectives – for example failing to carry out its charitable purposes, or breaching relevant laws and regulations. We are careful as to which charities we support – undertaking considerable due diligence on the charity before we donate and we monitor their performance continuously both in relation to what information is publicly available and from direct communication with them.
Other		There are no plans to change the way in which the Charity operates and each proposed donation will continue to be assessed on its merits. The primary source of income comes from Norton Rose Fulbright Services and will continue to be so. Should donations significantly decrease due to any long term effects of Covid-19 the company has no committed funding requirements.

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Structure, Governance and Management

Description of charity’s trusts:		The Norton Rose Fulbright Charitable Foundation is a charitable company limited by guarantee. The objects for which the company is established are such objects and purposes in any part of the world as are exclusively charitable in accordance with the law of England andWales.
Type of governing document (trust deed, royal charter)	Para 1.25	The Charity is governed by its Memorandum and Articles of Association.
How is the charity constituted? (e.g. unincorporated association, CIO)	Para 1.25	The charity was initially incorporated on 22 January 2004 as a limited company called The Norton Rose Charitable Foundation, and registered as a charity on 17 February 2004.
Trustee selection methods including details of any constitutional provisions e.g. election to post or name of any person or body entitled to appoint one or more trustees	Para 1.25	Trustees are appointed by the Management Committee of Norton Rose Fulbright LLP. All Trustees are Members of Norton Rose Fulbright LLP. The Trustees are all involved in various charitable activities and are selected because of their interest, experience and familiarity with the legal responsibilities of a charitable trustee. Additional training is available if and when required.

Additional information (optional)

You may choose to include further statements where relevant about:

Policies and procedures adopted for the induction and training of trustees	Para 1.51	All Trustees are Members of Norton Rose Fulbright LLP. The Trustees are all involved in various charitable activities and are selected because of their interest, experience and familiarity with the legal responsibilities of a charitable trustee. Additional training is available if and when required.
The charity’s organisational structure and any wider network with which the charity works	Para 1.51	The trustees (who are also directors of Norton Rose Fulbright Charitable Foundation for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable Laws and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”.
Relationship with any related parties	Para 1.51	All the trustees of The Norton Rose Fulbright Charitable Foundation are current partners in Norton Rose Fulbright LLP, which is the controlling party. As at 30 April 2022, no amounts were owed by Norton Rose Fulbright LLP (2021: £nil). All income is derived from Norton Rose Fulbright LLP,

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Norton Rose Fulbright Services which is the service company of Norton Rose Fulbright LLP and its employees. Other

Reference and Administrative details

Charity name	The Norton Rose Fulbright Charitable Foundation
Other name the charity uses
Registered charity number	1102142
Charity’s principal address	3 More London, Riverside London SE1 2AQ

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Names of the charity trustees who manage the charity

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20	Trustee name	Office (if any)	Dates acted if not for whole year	Name of person (or body) entitled to appoint trustee(if any)
	Patrick Farrell			Management Committee of Norton Rose Fulbright LLP.
	Ffion Flockhart			Management Committee of Norton Rose Fulbright LLP.

– Corporate trustees names of the directors at the date the report was approved

Director name

Name of trustees holding title to property belonging to the charity

Trustee name Dates acted if not for whole year

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Funds held as custodian trustees on behalf of others

Description of the assets N/A held in this capacity Name and objects of the N/A charity on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements for N/A safe custody and segregation of such assets from the charity’s own assets

Additional information (optional)

Names and addresses of advisers (Optional information)

Additional information (optional) Names and addresses of advisers (Optional information)	Additional information (optional) Names and addresses of advisers (Optional information)	Additional information (optional) Names and addresses of advisers (Optional information)
Type of adviser Name Address




Name of chief executive or names of senior staff members (Optional information)

Exemptions from disclosure

Reason for non-disclosure of key personnel details

Other optional information

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Declarations

The trustees declare that they have approved the trustees’ report above.

Signed on behalf of the charity’s trustees

Signature(s) Full name(s) Position (eg Secretary, Chair, etc) Date
	Patrick Farrell
	Partner
	10.03.2023
	10.03.2023

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Charity Number 1102142 Company Number 05023369

The Norton Rose Fulbright Charitable Foundation

Annual Report and Financial Statements

For the year ended 30 April 2022

(a company limited by guarantee)

NRF Charity Accounts - 30 04 22.docx

The Norton Rose Fulbright Charitable Foundation

Annual report and financial statements 2022
Contents	Page
Officers and professional advisers' report	1
Trustees’ report	2
Trustees’ responsibilities statement	5
Independent Examiner's report	6
Statement of financial activities	7
Balance sheet	8
Statement of cash flows	9
Notes to the financial statements	10

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The Norton Rose Fulbright Charitable Foundation

Annual report and financial statements 2022

Officers and professional advisers’ report

STATUS

The Norton Rose Fulbright Charitable Foundation is a charitable company limited by guarantee. The charity was initially incorporated on 22 January 2004 as a limited company called The Norton Rose Charitable Foundation, and registered as a charity on 17 February 2004.

TRUSTEES AND OFFICERS

Patrick Farrell Ffion Flockhart

SECRETARY

Norose Company Secretarial Services Limited 3 More London Riverside London SE1 2AQ

REGISTERED OFFICE

3 More London Riverside London SE1 2AQ

BANKERS

The Royal Bank of Scotland plc 62/63 Threadneedle Street London EC2R 8LA

SOLICITORS

Norton Rose Fulbright LLP 3 More London Riverside London SE1 2AQ

INDEPENDENT EXAMINER

Ben Sheriff FCA Deloitte LLP 2 New Street Square London EC4 3BZ

The Norton Rose Fulbright Charitable Foundation

Trustees’ report

The Trustees, also the Directors for Companies Act purposes, present their Annual report along with the financial statements of the Charity for the year ended 30 April 2022. The financial statements have been prepared in accordance with the accounting policies set out on page 10 to 11 and comply with the relevant Statement of Recommended Practice and applicable law. The financial statements are prepared under the historical cost convention, in accordance with the Statement of Recommended Practice “Accounting and Reporting by Charities (SORP 2019)” 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.

The directors have taken advantage of the small companies’ exemption in the preparation of the trustees’ report under section 415(A) of the Companies Act 2006 and the special provisions applicable to companies entitled to the small companies’ exemption.

Structure, Governance and Management

The Charity is governed by its Memorandum and Articles of Association.

The objects for which the company is established are such objects and purposes in any part of the world as are exclusively charitable in accordance with the law of England and Wales.

Trustees are appointed by the Management Committee of Norton Rose Fulbright LLP. All Trustees are Members of Norton Rose Fulbright LLP. The Trustees are all involved in various charitable activities and are selected because of their interest, experience and familiarity with the legal responsibilities of a charitable trustee. Additional training is available if and when required.

The Trustees who have served during the year and to the date of this report, are set out on page 1.

As a company limited by guarantee, the liability of the members, in the event of winding up, is limited to a sum not exceeding £1 per member.

Public Benefit

The Trustees have a duty to report on the ‘public benefit’ from charitable activities by explaining the significant activities undertaken, their objectives and their achievements. Due regard has been paid to the public benefit guidance published by the Charity Commission.

Activities and Objectives

The principal activity involves the making of charitable donations.

The aims and objectives of the Charity are to support a range of charities and charitable activities. Our only requirement is that we make a tangible difference to those we are helping. We support a number of charities through fundraising, volunteering our time or simply making a donation. Many of the charities which we support are proposed by Norton Rose Fulbright partners or staff for consideration by the Trustees.

Norton Rose Fulbright is an international legal practice and many of the charities and activities we support are international. The Charity frequently makes donations to charities alongside funding raised by the activities of partners and staff of Norton Rose Fulbright.

The principal charitable beneficiary for this year is during the year, £60,000 to Tower Hamlets Law Centre (2021: £25,000), £60,000 South West London Law Centres (2021: £nil), £41,124 The London Community Foundation (2021: nil), £25,000 to Women & Children First (2021: £35,000), £20,100 to Child’s I Foundation (2021: £25,000), Breaking Barriers £20,000 (2021: £5,000), £10,000 City Solicitors (2021: nil), £18,750 Smart works (2021: 15,000), £15,000 Advocates for Int. Development (2021: £15,000), £15,000 Missing People Ltd (2021:nil), £10,000 to Barretstown (2021: £10,000), ), £10,000 Bhubesi Pride Foundation (2021: £25,000), Hand in Hand £10,000 (2021: £10,000, Fodazione Opera £10,000 (2021:nil), £10,000 Patchwork Foundations (2021:nil) and nil was donated to Action for Children (2021: £45,000). The principal categories of the external charities we support are set out on page 12. In many cases, the charities we support are those we have supported in the past, but new charities are considered at Trustee meetings. The Trustees also meet on an ad hoc basis to consider specific urgent requests such as the support of major disaster relief appeals.

The Norton Rose Fulbright Charitable Foundation

Trustees’ report (continued)

Grant Policy

Our grant policy continues in the same direction as in previous years, with the on-going aim to assist our partner charities. The Charity continues to raise funds from Norton Rose Fulbright LLP law firm, Norton Rose Fulbright Services and its employees.

We continue to review our approach to grants to support current charities and new charities that would most benefit from our assistance.

Achievements and Performance

Many of the charities we support are well known and what they achieve is a matter of public record. We typically review the financial reports and other information available about the charities we are considering supporting and aim to meet them. Where we support particular projects undertaken by a charity we would expect to receive and to consider the charity’s reports on how those projects have been implemented. In 2022 we awarded 55 (2021: 78) charities grants for a variety of projects. Funding for the charity was unaffected by the Covid-19 pandemic in the year ending 2021/22.

In many cases we maintain a regular dialogue with those charities to which we contribute.

The long term objectives of the Charity are to continue to identify and support charities which comply with our policies which include smaller charities where our donations can make a real difference. We have supported several charities for a number of years and have formed relationships with them beyond simply financial contribution with volunteering resources including time to meet the Charities key objectives. We aim to continue this in appropriate cases whilst reviewing carefully new applications from other charities.

Financial Review

The Charity receives its funding from the international law legal practice Norton Rose Fulbright LLP, Norton Rose Fulbright Services and its employees.

The donations and gifts in kind received during the year were £449,969 (2021: £451,109) and interest received during the year was £14 (2021: £75). The expenditure during the year totalled £436,622 (2021: £442,696).

Amounts donated by Norton Rose Fulbright LLP staff in support of specific charities are considered restricted funds and awards are made to those charities after approval of grant applications.

There is no recharge of any staff cost incurred by the Norton Rose Fulbright LLP employees.

Responsibility is equal for all Trustees carrying out the financial oversight with no other duties beyond this for the charity.

Plans for Future Periods

There are no plans to change the way in which the Charity operates and each proposed donation will continue to be assessed on its merits. The primary source of income comes from Norton Rose Fulbright Services and will continue to be so. Should donations significantly decrease due to any long term effects of Covid-19 the company has no committed funding requirements.

The Norton Rose Fulbright Charitable Foundation

Trustees’ report (continued)

Reserves Policy

In view of the objects and activities of the Charity, the reserves policy is to retain only such funds that are needed to enable it to meet its expenses as they fall due. The objective is to spend all the money it receives from Norton Rose Fulbright LLP and its employees and the Trustees will take steps to ensure that all monies are distributed in a timely manner. As at 30 April 2022 there were unrestricted reserves of £30,194 (2021: £21,346) and restricted reserves of £4,978 (2021: £465).

Risk Management

The Trustees have examined the major strategic, business and operational risks which the Charity faces and confirm that reasonable systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.

The main risk which the Charity faces is that one of our chosen charities fails and/or acts in a manner inconsistent with our policies and objectives – for example failing to carry out its charitable purposes, or breaching relevant laws and regulations. We are careful as to which charities we support – undertaking considerable due diligence on the charity before we donate and we monitor their performance continuously both in relation to what information is publicly available and from direct communication with them.

Going concern

The Charity is in a net asset position. The Trustees have a reasonable expectation that Norton Rose Fulbright Services, the charity’s main donor, and its employees will continue to support the charity’s activities in the foreseeable future; the foreseeable future being at least 12 months from the date of approving these financial statements. Should donations significantly decrease due to any long term effects of Covid-19 the company has no committed funding requirements. Accordingly, the Charity continues to adopt the going concern basis in preparing the annual report and financial statements.

Statement on disclosure of information to Examiner

Each of the Trustees at the date of approval of this report confirms that:

so far as each of the Trustees is aware, there is no relevant audit information of which the company’s Examiner is unaware; and
the Trustee has taken all the steps that he/she ought to have taken as a Trustee to make himself/herself aware of any relevant audit information and to establish that the company’s Examiner is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

Deloitte LLP have been deemed re-appointed under section 487 of the 2006 Act.

The Trustees’ Report was approved by the order of the trustees and signed on its behalf by:

Patrick Farrell Trustee

19 January 2023

The Norton Rose Fulbright Charitable Foundation

Trustees’ responsibilities statement

The trustees (who are also directors of Norton Rose Fulbright Charitable Foundation for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable Laws and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”.

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Independent examiner’s report to the Trustees of The Norton Rose Fulbright Charitable Foundation

I report to the charity’s trustees on my examination of the accounts of The Norton Rose Fulbright Charitable Foundation (“the company”) for the year ended 30 April 2022 which comprise the statement of financial activities (incorporating the income and expenditure account), the balance sheet, the statement of cash flows and the related notes 1 to 9.

This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011 and regulations made under section 154 of that Act. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the charity’s trustees (and also its directors for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”). You are satisfied that your charity is not required by charity law to be audited and have chosen instead to have an independent examination.

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (“the 2011 Act). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England & Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
the accounts do not accord with those records; or
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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.

Ben Sheriff FCA for and on behalf of Deloitte LLP London, UK 19 January 2023

The Norton Rose Fulbright Charitable Foundation

Statement of financial activities (incorporating the Income and Expenditure accounts) For the year ended 30 April 2022

2022 Note Unrestricted Funds £ INCOME FROM: Donations 435,091 Gift in kind 4 1,500 436,591 Investment Income Deposit interest 14 TOTAL INCOME 436,605 EXPENDITURE ON: Charitable expenditure Grants paid 2 (426,225) Governance costs 4 (1,500) Other (32) TOTAL EXPENDITURE: (427,757) Net Income 8,848 Fund balances brought forward 21,346 Fund balances carried forward 30,194	2022 Restricted Funds £ 13,378 - 13,378 - 13,378 (8,865) - - (8,865) 4,513 465 4,978	2022 Total £ 448,469 1,500 449,969 14 449,983 (435,090) (1,500) (32) (436,622) 13,361 21,811 35,172	2021 Total £ 449,799 1,310 451,109 75 451,184 (441,354) (1,310) (32) (442,696) 8,488 13,323 21,811

There were no other recognised gains or losses other than those listed above and the net income for the year. All income and expenditure derives from continuing activities. The comparative SOFA split by funds is disclosed in note 7.

The Norton Rose Fulbright Charitable Foundation

Balance sheet

As at 30 April 2022

Notes Current Assets Cash at bank and in hand Net Current Assets and Net Assets Funds Unrestricted funds 7 Restricted Funds 7 Total Funds	2022 £ 35,172 35,172 35,172 30,194 4,978 35,172	2021 £ 21,811
		21,811
		21,811
		21,346 465
		21,811

For the year ending 30 April 2022, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

. 19 January 2023.

They were signed on its behalf by:

Patrick Farrell: Trustee

19 January 2023

The Norton Rose Fulbright Charitable Foundation

Statement of Cash flows For the year ended 30 April 2022

Note Net cash inflow from operating activities 9 Cash flows from investing activities Interest received Net cash flows from investing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year	2022 £ 13,347 14 14 13,361 21,811 35,172	2021 £ 8,413
		75
		75
		8,488 13,323
		21,811

There were no cash equivalents at 30 April 2022 (2021: none).

The Norton Rose Fulbright Charitable Foundation

Notes to the financial statements

For the year ended 30 April 2022

1. Accounting policies

(a) Company, charitable status and accounting convention

The charity is a public benefit entity, is incorporated in England and Wales as a company limited by guarantee and not having a share capital. The company is a registered charity. The registered office is on page 1. The financial statements are prepared under the historical cost convention, in accordance with the Statement of Recommended Practice “Accounting and Reporting by Charities (SORP 2019)” 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; and the Companies Act 2006.

(b) Income

Donations are accounted for on a receivable basis, when “entitlement” is confirmed and “measurement” reliable and the income is considered to be “probable”. The independent examination fee is borne by Norton Rose Fulbright LLP and is included as a gift in kind and as an expense.

(c) Deposit interest

Deposit interest is accounted for on a receivable basis in the period to which it relates.

(d) Expenditure

Charitable expenditure is accounted for on an accruals basis. The liability is recognised when the trustees make the decision to make a donation and communicate it to the recipient.

(e) Cash flows

A statement of cash flows has been prepared.

(f) Critical accounting judgements and estimates

In the application of the charity’s accounting policies, which are described in note 1, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The Trustees do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed above.

(g) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments (cash). Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

(i) Taxation note

There is no tax to be paid by the charity. As a registered charity, the Foundation is potentially exempt from taxation, details are in note 5.

(j) Going concern

The Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future; the foreseeable future being at least 12 months from the date of approving these financial statements. Should donations significantly decrease due to any long term effects of Covid-19, the charity could decrease the grants commit to as the charity has no committed funding requirements. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.

The Norton Rose Fulbright Charitable Foundation

Notes to the financial statements

For the year ended 30 April 2022

(k) Fund Accounting

Unrestricted funds include donations made by Norton Rose Fulbright LLP and Norton Rose Fulbright Services to Norton Rose Fulbright Charitable Foundation for distribution at the discretion of the trustees in accordance with the objects of the charity.

Restricted funds represent donations made by Norton Rose Fulbright LLP employees through various fundraising events which have been raised for a specific purpose.

The Norton Rose Fulbright Charitable Foundation

Notes to the financial statements (continued)

For the year ended 30 April 2022

2. Charitable Expenditure

Categories Number of charities Medical 4 Educational 3 Social Welfare 48 55 Barretstown Bhubesi Pride Foundation Hand in Hand Fondazione Opera San Francesco Breaking Barriers City Solicitors Breaking Barriers Patchwork Foundations Advocates for International Development Social Innovation Japan Missing People Limited Smart Works Child’s iFoundation Women and Children First UK The London Community Foundation Tower Hamlets Law Centre South West Londn Law Centres Action for Children Beanstalk Other <£10,000	Categories Number of charities Medical 4 Educational 3 Social Welfare 48 55 Barretstown Bhubesi Pride Foundation Hand in Hand Fondazione Opera San Francesco Breaking Barriers City Solicitors Breaking Barriers Patchwork Foundations Advocates for International Development Social Innovation Japan Missing People Limited Smart Works Child’s iFoundation Women and Children First UK The London Community Foundation Tower Hamlets Law Centre South West Londn Law Centres Action for Children Beanstalk Other <£10,000	2022 2022 Number of charities 2021 2021 Unrestricted Funds Restricted Funds Unrestricted Funds Restricted Funds £ £ £ £ 12,599 - 23 70,867 6,948 13,435 - 13 39,636 2,249 400,191 8,865 42 308,778 12,876 426,225 8,865 78 419,281 22,073 2022 2021 Unrestricted Restricted Unrestricted Restricted 10,000 - 10,000 - 10,000 - 25,000 - 10,000 - 10,000 - 10,000 - - - 10,000 - - - 10,000 - - - 10,000 - - - 10,000 - - - 15,000 - 15,000 - 10,000 - - - 15,000 - - - 18,000 750 14,922 78 20,100 - 25,000 - 25,000 - 35,000 - 41,124 - - - 60,000 - 25,000 - 60,000 - - - - - 45,000 - - - 5,000 - 82,001 8,115 209,359 21,995 426,225 8,865 419,281 22,073

3. Governance costs

The independent examination fee and the costs of administering this Foundation are borne by Norton Rose Fulbright LLP. The Foundation has no employees and no payments including reimbursement of expenses, have been made to the trustees of the Foundation (2021: £nil). The total fee for the Independent Examination is £1,500 (2021: £1,310).

4. Related parties

All the trustees of The Norton Rose Fulbright Charitable Foundation are current partners in Norton Rose Fulbright LLP, which is the controlling party. As at 30 April 2022, no amounts were owed by Norton Rose Fulbright LLP (2021: £nil). All income is derived from Norton Rose Fulbright LLP, Norton Rose Fulbright Services which is the service company of Norton Rose Fulbright LLP and its employees. Norton Rose Fulbright LLP gave £nil to the charity (2021: £50.00) and Norton Rose Fulbright Services gave £432,099 (2021: £433,940).

The Norton Rose Fulbright Charitable Foundation

Notes to the financial statements (continued) For the year ended 30 April 2022

5. Taxation

As a registered charity, the Foundation is exempt from taxation on its income and gains falling within chapter 3 of part II to the Corporation Tax Act 2010 and section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable purposes. No tax charge has arisen in the year ended 30 April 2022 (2021: £nil).

6. Analysis of net assets between funds

2022 Unrestricted Funds £ Fund balances are represented by: Cash at bank and in hand 30,194 30,194	2022 Restricted Funds £ 4,978 4,978	2022 2021 Total Unrestricted Funds £ £ 35,172 21,346 35,172 21,346	2021 Restricted Funds £ 465 465	2021 Total £ 21,811 21,811

7. Comparative Split of Statement of Financial Activities

2021 Unrestricted Funds £ INCOME FROM: Donations 434,803 Gift in kind 1,310 436,113 Investment Income Deposit interest 75 TOTAL INCOME 436,188 EXPENDITURE ON: Charitable expenditure Grants paid (419,281) Governance costs (1,310) Bank charges (32) TOTAL EXPENDITURE: (420,623) Net Income/(Expenditure) 15,565 Fund balances brought forward 5,781 Fund balances carried forward 21,346	2021 Restricted Funds £ 14,996 - 14,996 - 14,996 (22,073) - - (22,073) (7,077) 7,542 465	2021 Total £ 449,799 1,310 451,109 75 451,184 (441,354) (1,310) (32) (442,696) 8,488 13,323 21,811

The Norton Rose Fulbright Charitable Foundation

Notes to the financial statements (continued)

For the year ended 30 April 2022

8. Movement in Restricted Funds

Restricted funds:

Solace Women’s Aid Spark A Change Foundation Smart Works Other restricted funds Lebanon Campaign The Trussell Trust Other restricted funds	At 1 May 2021 £ - - - 465 465 At 1 May 2020 £ - 7,542 7,542	Income in the year £ 750 7,365 750 4,513 13,378 Income in the year £ 5,047 1,000 8,949 14,996	Expenditure in the year £ (750) (7365) (750) - (8,865) Expenditure in the year £ (5,047) (1,000) (16,026) (22,073)	At 30 April 2022 £ - - - 4,978 4,978 At 30 April 2021 £ - - 465 465

9. Notes to the cash flow statement

Reconciliation of net movement in funds to net cash flow from operating activities:

Net movement in funds for the year Adjustment to cash flow: Investment income Operating cash flow before movement in working capital Working capital adjustments: Decrease in debtors Net cash inflow from operating activities	2022 £ 13,361 (14) 13,347 - 13,347	2021 £ 8,488 (75) 8,413 - 8,413

Charity Number 1102142 Company Number 05023369

The Norton Rose Fulbright Charitable Foundation

Annual Report and Financial Statements

For the year ended 30 April 2022

(a company limited by guarantee)

NRF Charity Accounts - 30 04 22.docx

The Norton Rose Fulbright Charitable Foundation

Annual report and financial statements 2022
Contents	Page
Officers and professional advisers' report	1
Trustees’ report	2
Trustees’ responsibilities statement	5
Independent Examiner's report	6
Statement of financial activities	7
Balance sheet	8
Statement of cash flows	9
Notes to the financial statements	10

NRF Charity Accounts - 30 04 22.docx

The Norton Rose Fulbright Charitable Foundation

Annual report and financial statements 2022

Officers and professional advisers’ report

STATUS

TRUSTEES AND OFFICERS

Patrick Farrell Ffion Flockhart

SECRETARY

Norose Company Secretarial Services Limited 3 More London Riverside London SE1 2AQ

REGISTERED OFFICE

3 More London Riverside London SE1 2AQ

BANKERS

The Royal Bank of Scotland plc 62/63 Threadneedle Street London EC2R 8LA

SOLICITORS

Norton Rose Fulbright LLP 3 More London Riverside London SE1 2AQ

INDEPENDENT EXAMINER

Ben Sheriff FCA Deloitte LLP 2 New Street Square London EC4 3BZ

The Norton Rose Fulbright Charitable Foundation

Trustees’ report

Structure, Governance and Management

The Charity is governed by its Memorandum and Articles of Association.

The objects for which the company is established are such objects and purposes in any part of the world as are exclusively charitable in accordance with the law of England and Wales.

The Trustees who have served during the year and to the date of this report, are set out on page 1.

As a company limited by guarantee, the liability of the members, in the event of winding up, is limited to a sum not exceeding £1 per member.

Public Benefit

Activities and Objectives

The principal activity involves the making of charitable donations.

The Norton Rose Fulbright Charitable Foundation

Trustees’ report (continued)

Grant Policy

We continue to review our approach to grants to support current charities and new charities that would most benefit from our assistance.

Achievements and Performance

In many cases we maintain a regular dialogue with those charities to which we contribute.

Financial Review

The Charity receives its funding from the international law legal practice Norton Rose Fulbright LLP, Norton Rose Fulbright Services and its employees.

Amounts donated by Norton Rose Fulbright LLP staff in support of specific charities are considered restricted funds and awards are made to those charities after approval of grant applications.

There is no recharge of any staff cost incurred by the Norton Rose Fulbright LLP employees.

Responsibility is equal for all Trustees carrying out the financial oversight with no other duties beyond this for the charity.

Plans for Future Periods

The Norton Rose Fulbright Charitable Foundation

Trustees’ report (continued)

Reserves Policy

Risk Management

Going concern

Statement on disclosure of information to Examiner

Each of the Trustees at the date of approval of this report confirms that:

so far as each of the Trustees is aware, there is no relevant audit information of which the company’s Examiner is unaware; and
the Trustee has taken all the steps that he/she ought to have taken as a Trustee to make himself/herself aware of any relevant audit information and to establish that the company’s Examiner is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

Deloitte LLP have been deemed re-appointed under section 487 of the 2006 Act.

The Trustees’ Report was approved by the order of the trustees and signed on its behalf by:

Patrick Farrell Trustee

19 January 2023

The Norton Rose Fulbright Charitable Foundation

Trustees’ responsibilities statement

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

Independent examiner’s report to the Trustees of The Norton Rose Fulbright Charitable Foundation

Responsibilities and basis of report

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
the accounts do not accord with those records; or
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Ben Sheriff FCA for and on behalf of Deloitte LLP London, UK 19 January 2023

The Norton Rose Fulbright Charitable Foundation

Statement of financial activities (incorporating the Income and Expenditure accounts) For the year ended 30 April 2022

2022 Note Unrestricted Funds £ INCOME FROM: Donations 435,091 Gift in kind 4 1,500 436,591 Investment Income Deposit interest 14 TOTAL INCOME 436,605 EXPENDITURE ON: Charitable expenditure Grants paid 2 (426,225) Governance costs 4 (1,500) Other (32) TOTAL EXPENDITURE: (427,757) Net Income 8,848 Fund balances brought forward 21,346 Fund balances carried forward 30,194	2022 Restricted Funds £ 13,378 - 13,378 - 13,378 (8,865) - - (8,865) 4,513 465 4,978	2022 Total £ 448,469 1,500 449,969 14 449,983 (435,090) (1,500) (32) (436,622) 13,361 21,811 35,172	2021 Total £ 449,799 1,310 451,109 75 451,184 (441,354) (1,310) (32) (442,696) 8,488 13,323 21,811

The Norton Rose Fulbright Charitable Foundation

Balance sheet

As at 30 April 2022

Notes Current Assets Cash at bank and in hand Net Current Assets and Net Assets Funds Unrestricted funds 7 Restricted Funds 7 Total Funds	2022 £ 35,172 35,172 35,172 30,194 4,978 35,172	2021 £ 21,811
		21,811
		21,811
		21,346 465
		21,811

For the year ending 30 April 2022, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

. 19 January 2023.

They were signed on its behalf by:

Patrick Farrell: Trustee

19 January 2023

The Norton Rose Fulbright Charitable Foundation

Statement of Cash flows For the year ended 30 April 2022

Note Net cash inflow from operating activities 9 Cash flows from investing activities Interest received Net cash flows from investing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year	2022 £ 13,347 14 14 13,361 21,811 35,172	2021 £ 8,413
		75
		75
		8,488 13,323
		21,811

There were no cash equivalents at 30 April 2022 (2021: none).

The Norton Rose Fulbright Charitable Foundation

Notes to the financial statements

For the year ended 30 April 2022

1. Accounting policies

(a) Company, charitable status and accounting convention

(b) Income

(c) Deposit interest

Deposit interest is accounted for on a receivable basis in the period to which it relates.

(d) Expenditure

Charitable expenditure is accounted for on an accruals basis. The liability is recognised when the trustees make the decision to make a donation and communicate it to the recipient.

(e) Cash flows

A statement of cash flows has been prepared.

(f) Critical accounting judgements and estimates

The Trustees do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed above.

(g) Financial instruments

(i) Taxation note

There is no tax to be paid by the charity. As a registered charity, the Foundation is potentially exempt from taxation, details are in note 5.

(j) Going concern

The Norton Rose Fulbright Charitable Foundation

Notes to the financial statements

For the year ended 30 April 2022

(k) Fund Accounting

Restricted funds represent donations made by Norton Rose Fulbright LLP employees through various fundraising events which have been raised for a specific purpose.

The Norton Rose Fulbright Charitable Foundation

Notes to the financial statements (continued)

For the year ended 30 April 2022

2. Charitable Expenditure

Categories Number of charities Medical 4 Educational 3 Social Welfare 48 55 Barretstown Bhubesi Pride Foundation Hand in Hand Fondazione Opera San Francesco Breaking Barriers City Solicitors Breaking Barriers Patchwork Foundations Advocates for International Development Social Innovation Japan Missing People Limited Smart Works Child’s iFoundation Women and Children First UK The London Community Foundation Tower Hamlets Law Centre South West Londn Law Centres Action for Children Beanstalk Other <£10,000	Categories Number of charities Medical 4 Educational 3 Social Welfare 48 55 Barretstown Bhubesi Pride Foundation Hand in Hand Fondazione Opera San Francesco Breaking Barriers City Solicitors Breaking Barriers Patchwork Foundations Advocates for International Development Social Innovation Japan Missing People Limited Smart Works Child’s iFoundation Women and Children First UK The London Community Foundation Tower Hamlets Law Centre South West Londn Law Centres Action for Children Beanstalk Other <£10,000	2022 2022 Number of charities 2021 2021 Unrestricted Funds Restricted Funds Unrestricted Funds Restricted Funds £ £ £ £ 12,599 - 23 70,867 6,948 13,435 - 13 39,636 2,249 400,191 8,865 42 308,778 12,876 426,225 8,865 78 419,281 22,073 2022 2021 Unrestricted Restricted Unrestricted Restricted 10,000 - 10,000 - 10,000 - 25,000 - 10,000 - 10,000 - 10,000 - - - 10,000 - - - 10,000 - - - 10,000 - - - 10,000 - - - 15,000 - 15,000 - 10,000 - - - 15,000 - - - 18,000 750 14,922 78 20,100 - 25,000 - 25,000 - 35,000 - 41,124 - - - 60,000 - 25,000 - 60,000 - - - - - 45,000 - - - 5,000 - 82,001 8,115 209,359 21,995 426,225 8,865 419,281 22,073

3. Governance costs

4. Related parties

The Norton Rose Fulbright Charitable Foundation

Notes to the financial statements (continued) For the year ended 30 April 2022

5. Taxation

6. Analysis of net assets between funds

2022 Unrestricted Funds £ Fund balances are represented by: Cash at bank and in hand 30,194 30,194	2022 Restricted Funds £ 4,978 4,978	2022 2021 Total Unrestricted Funds £ £ 35,172 21,346 35,172 21,346	2021 Restricted Funds £ 465 465	2021 Total £ 21,811 21,811

7. Comparative Split of Statement of Financial Activities

2021 Unrestricted Funds £ INCOME FROM: Donations 434,803 Gift in kind 1,310 436,113 Investment Income Deposit interest 75 TOTAL INCOME 436,188 EXPENDITURE ON: Charitable expenditure Grants paid (419,281) Governance costs (1,310) Bank charges (32) TOTAL EXPENDITURE: (420,623) Net Income/(Expenditure) 15,565 Fund balances brought forward 5,781 Fund balances carried forward 21,346	2021 Restricted Funds £ 14,996 - 14,996 - 14,996 (22,073) - - (22,073) (7,077) 7,542 465	2021 Total £ 449,799 1,310 451,109 75 451,184 (441,354) (1,310) (32) (442,696) 8,488 13,323 21,811

The Norton Rose Fulbright Charitable Foundation

Notes to the financial statements (continued)

For the year ended 30 April 2022

8. Movement in Restricted Funds

Restricted funds:

Solace Women’s Aid Spark A Change Foundation Smart Works Other restricted funds Lebanon Campaign The Trussell Trust Other restricted funds	At 1 May 2021 £ - - - 465 465 At 1 May 2020 £ - 7,542 7,542	Income in the year £ 750 7,365 750 4,513 13,378 Income in the year £ 5,047 1,000 8,949 14,996	Expenditure in the year £ (750) (7365) (750) - (8,865) Expenditure in the year £ (5,047) (1,000) (16,026) (22,073)	At 30 April 2022 £ - - - 4,978 4,978 At 30 April 2021 £ - - 465 465

9. Notes to the cash flow statement

Reconciliation of net movement in funds to net cash flow from operating activities:

Net movement in funds for the year Adjustment to cash flow: Investment income Operating cash flow before movement in working capital Working capital adjustments: Decrease in debtors Net cash inflow from operating activities	2022 £ 13,361 (14) 13,347 - 13,347	2021 £ 8,488 (75) 8,413 - 8,413