Charity Number: 1102142 Company Number: 05023369
The Norton Rose Fulbright Charitable Foundation
Annual Report and Financial Statements
For the 8 month period ended 31[st] December 2023
(a company limited by guarantee)
The Norton Rose Fulbright Charitable Foundation
Annual report and financial statements for the 8 month period ended 31 December 2023
| 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 |
The Norton Rose Fulbright Charitable Foundation
Annual report and financial statements for the 8 month period ended 31 December 2023
Officers and professional advisers’ report
STATUS
The Norton Rose Fulbright Charitable Foundation (the ‘Charity)’ is a charitable company limited by guarantee. The Charity was incorporated on 22 January 2004 as a limited company with company number 05023369 and registered as a charity on 17 February 2004 with charity number 1102142.
TRUSTEES AND OFFICERS
Patrick Farrell Ffion Flockhart (resigned 31 January 2024) Farmida Bi (appointed 31 January 2024) Lesley Ann Browning (appointed 1[st] May 2024) Davide Barzilai (appointed 1[st] May 2024) Patrick Narr (appointed 1st May 2024)
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 EC4A 3BZ
1
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 for the 8 month period ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out on page 10 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.
On 6 December 2023 the accounting reference date was changed to 31 December. These accounts therefore represent the 8 month period to 31 December 2023 and are not directly comparable with the year ended 30 April 2023.
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 when required. The Trustees are supported in administrative activities by the firms Head of Social Impact and Sustainability Manager, and the firm’s Social Impact Advisor.
The Trustees who have served during the period and to the date of this report, are set out on page 1.
As a company limited by guarantee, the liability of the Directors, in the event of winding up, is limited to a sum not exceeding £1 per Director.
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.
Objectives and Activities
The Norton Rose Fulbright Charitable Foundation is a grant giving body that is funded by the partners of law firm Norton Rose Fulbright LLP. The foundation aims to support organisations where our contribution would have meaningful impact and where there may be engagement opportunities for employees and partners of Norton Rose Fulbright LLP. As a grant giving function, success is measured by the impact information we receive back from charitable organisations in receipt of grants from NRFCF. Many of the organisations we support have a contact within Norton Rose Fulbright LLP and its Responsible business team.
Funding for NRFCF is a fixed amount agreed by the firm Norton Rose Fulbright LLP and donated to NRFCF on an annual basis. There are five trustees who are partners of Norton Rose Fulbright LLP. The fund administers grants to charitable organisations supported by each office within the firm and those supported by individual employees and partners of the firm. Time is the only resource used in the delivery and management of the foundation – all trustees are volunteers, and administrative activities are supported by the firms Head of Social Impact and Sustainability Manager and the firm’s Social Impact Advisor who have this within their roles.
2
The Norton Rose Fulbright Charitable Foundation
Trustees’ report (continued)
Grants are given to charitable organisations that broadly align with one of the following focus areas:
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Children and young people - Projects, programmes or organisations that support children and young people living in poverty or those facing challenges that affect their health and education.
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Employability and education - Projects, programmes or organisations that support under- represented groups into employment or promote social mobility.
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Access to Justice - Projects, programmes or organisations that support under- represented groups with limited means or low incomes in accessing legal services and access to justice.
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Environmental sustainability - Projects, programmes or organisations taking action on climate change and the climate crisis.
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Mental health, health and disabilities - Projects, programmes or organisations that support those with mental health issues, long term health conditions and disabilities.
Under – represented groups include women, refugees and asylum seekers, the homeless, those with mental health issues, long term health conditions and disabilities, ethnic minority groups and the LGBTIQ+ community.
NRFCF does not support organisations who exclude beneficiaries based on political affiliation, religion, race or nationality issues.
The charities supported by NRFCF are those that have been previously supported, and new charities agreed at Trustee meetings. Many of the charities are proposed by Norton Rose Fulbright LLP partners or employees for consideration by the Trustees. Norton Rose Fulbright LLP is an international legal practice and many of the charities and charitable activities supported are international. The Charity also makes donations alongside funding raised for charities by the activities of partners and staff of Norton Rose Fulbright LLP.
In many cases we maintain a regular dialogue with the charities to which we contribute. The long-term objective of NRFCF is to continue to identify and support charities, including 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, providing volunteering resources to help meet the charities key objectives.
Grant Policy
Our grant policy continues in the same direction as previous periods with the on-going aim to support current and new charities that would most benefit from our assistance. The Charity continues to raise funds from Norton Rose Fulbright LLP, Norton Rose Fulbright Services, and its employees.
Achievements and Performance
In the 8 month period ended 31 December 2023, 47 charities were awarded grants for a variety of projects (Year ended 30 April 2023: 62). Disclosure of the specific charities supported throughout the period, and the principal category of those charities as defined by the Charity Commission, is set out on page 12. NRFCF supported a range of charities during the year that align with the focus areas noted above.
Financial Review
The Charity receives its funding from Norton Rose Fulbright LLP, Norton Rose Fulbright Services, and its employees. There have been no significant events during the period that have impacted the financial performance of the Charity. The donations and gifts in kind received during the 8 month period ended 31 December 2023 totalled £540,273 (Year ended 30 April 2023: £463,646). Interest received during the 8 month period ended 31 December 2023 was £3,533 (Year ended 30 April 2023: £733), an increase on the prior period due to increased interest rates and timing of receipt of funds. The expenditure during the 8 month period ended 31 December 2023 totalled £538,345 (Year ended 30 April 2023: £495,459).
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.
3
The Norton Rose Fulbright Charitable Foundation
Trustees’ report (continued)
There is no recharge of any staff cost incurred by the Norton Rose Fulbright LLP partners or Norton Rose Fulbright Services employees.
Responsibility is equal for all Trustees carrying out the financial oversight.
Plans for Future Periods
There are no plans to change the objectives and activities of NRFCF, or the way in which NRFCF operates. The primary source of income will continue to be from Norton Rose Fulbright Services.
Reserves Policy
In view of the objectives 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 Services and its employees, and the Trustees will take steps to ensure that all monies are distributed in a timely manner. As at 31 December 2023 there were unrestricted reserves of £8,975 and restricted reserves of £578 (30 April 2023: £3,559 and £533 respectively).
Risk Management
The Trustees have examined the strategic, business, and operational risks faced by NRFCF and confirm that reasonable systems have been established to reduce these risks.
The main risk faced by the Charity is that one of our chosen charities fails or acts in a manner inconsistent with our policies and objectives. For example, if a charity fails to carry out its charitable purposes or breaches 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.
The main financial risk to NRFCF would Norton Rose Fulbright LLP partners deciding not to continue funding NRFCF. The Trustees who are also partners of Norton Rose Fulbright LLP have no reason to believe that this is a significant risk.
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, the Charity 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:
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so far as each of the Trustees is aware, there is no relevant audit information of which the company’s Examiner is unaware; and
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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.
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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:
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Patrick Farrell Trustee
4
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 law 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 period 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:
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select suitable accounting policies and then apply them consistently,
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observe the methods and principles in the Charities SORP,
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make judgements and estimates that are reasonable and prudent,
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state whether applicable UK Accounting Standards have been followed; and
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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
5
The Norton Rose Fulbright Charitable Foundation
Independent Examiners Report
I report to the charity’s trustees on my examination of the accounts of The Norton Rose Fulbright Charitable Foundation (“the company”) for the 8 month period ended 31 December 2023 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:
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accounting records were not kept in respect of the company as required by section 386 of the 2006 Act: or
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the accounts do not accord with those records; or
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the accounts do not comply with the 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
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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.
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Ben Sheriff FCA for and on behalf of Deloitte LLP London, UK
24 September 2024
6
The Norton Rose Fulbright Charitable Foundation
Statement of financial activities
(Incorporating the Income and Expenditure account)
| 8 month | 8 month | 8 month | |||
|---|---|---|---|---|---|
| period ended | period ended | period ended | Year ended | ||
| 31 December | 31 December | 31 December | 30 April | ||
| 2023 | 2023 | 2023 | 2023 | ||
| Unrestricted | Restricted | ||||
| Note | Funds | Funds | Total | Total | |
| £ | £ | £ | £ | ||
| INCOME FROM: | |||||
| Donations | 514,643 | 24,130 | 538,773 | 462,146 | |
| Gift in kind | 3 | 1,500 | - | 1,500 | 1,500 |
| 516,143 | 24,130 | 540,273 | 463,646 | ||
| Investment Income | |||||
| Deposit interest | 3,533 | - | 3,533 | 733 | |
| TOTAL INCOME | 519,676 | 24,130 | 543,806 | 464,379 | |
| EXPENDITURE ON: | |||||
| Charitable expenditure | |||||
| Charitable expenditure | 2 | (512,740) | (24,085) | (536,825) | (493,925) |
| Governance costs | 3 | (1,500) | - | (1,500) | (1,500) |
| Other | (20) | - | (20) | (34) | |
| TOTAL EXPENDITURE: | (514,260) | (24,085) | (538,345) | (495,459) | |
| Net Income/(Expenditure) | 5,416 | 45 | 5,461 | (31,080) | |
| Fund balances brought forward | 3,559 | 533 | 4,092 | 35,172 | |
| Fund balances carried forward | 8,975 | 578 | 9,553 | 4,092 |
There were no other recognised gains or losses other than those listed above and the net income for the year. All income and expenditure derive from continuing activities. The comparative SOFA split by funds is disclosed in note 7.
7
The Norton Rose Fulbright Charitable Foundation
Balance Sheet
As at 31 December 2023
| Note 31 December 2023 £ Current Assets Cash at bank and in hand 9,553 9,553 Net Current Assets and Net Assets 9,553 Funds Unrestricted funds 6 8,975 Restricted Funds 6 578 Total Funds 9,553 |
30 April 2023 £ 4,092 |
|---|---|
| 4,092 | |
| 4,092 | |
| 3,559 533 |
|
| 4,092 |
For the 8 month period ended 31 December 2023, 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 financial statements were approved and authorised for issue by the Board of Trustees on 19 September 2024, and were signed on its behalf by:
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Patrick Farrell
Trustee
8
The Norton Rose Fulbright Charitable Foundation
Statement of Cash Flows
For the 8 month period ended 31 December 2023
| Note Net cash inflow/(outflow) from operating activities 9 Cash flows from investing activities Interest received Net cash flows from investing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period/year Cash and cash equivalents at end of the period/year |
8 month period ended 31 December 2023 £ Year ended 30 April 2023 £ 1,928 (31,813) 3,533 733 3,553 733 5,461 (31,080) 4,092 35,172 9,553 4,092 |
8 month period ended 31 December 2023 £ Year ended 30 April 2023 £ 1,928 (31,813) 3,533 733 3,553 733 5,461 (31,080) 4,092 35,172 9,553 4,092 |
|---|---|---|
| 733 | ||
| 733 | ||
| (31,080) 35,172 |
||
| 4,092 |
9
The Norton Rose Fulbright Charitable Foundation
Notes to the Financial Statements
For the 8 month period ended 31 December 2023
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Accounting policies
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(a) Company, charitable status, and accounting convention
The Company is a public benefit entity, incorporated in England and Wales as a company limited by guarantee and not having share capital. The Company is a registered charity (“the 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 “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 accrual’s basis. The liability is recognised when the trustees make the decision to donate and communicate it to the recipient.
(e) Cash
Cash is represented by cash at bank. A statement of cash flows has been prepared.
(f) Critical accounting judgements and estimates
In the application of the Charity’s accounting policies, 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 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.
(h) Taxation notes
As a registered charity, the Company is potentially exempt from taxation, details are in note 5.
10
The Norton Rose Fulbright Charitable Foundation
Notes to the Financial Statements (continued)
For the 8 month period ended 31 December 2023
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Accounting policies (continued)
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(i) 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. The annual donation from Norton Rose Fulbright Services was received in May 2024. Accordingly, the Company continues to adopt the going concern basis in preparing the annual report and financial statements.
(j) Fund Accounting
Unrestricted funds include donations made by Norton Rose Fulbright LLP and Norton Rose Fulbright Services Limited for distribution at the discretion of the Trustees in accordance with the objectives of the Charity.
Restricted funds represent donations made by Norton Rose Fulbright LLP employees which have been raised for a specific purpose through various fundraising events.
2. Charitable Expenditure
Grants were awarded to charities within the following categories as defined by the Charity Commission:
| Categories 8 month period ended 31 December 2023 Charities Unrestricted Funds Restricted Funds Charities Number £ £ Number General Charitable purposes 7 75,957 - 9 Education/Training 11 121,800 - 12 The advancement of health or saving of lives 7 68,310 - 19 Disability 2 20,000 - 2 The prevention or relief of poverty 7 77,758 10,000 7 Overseas Aid/Famine Relief 1 3,455 2,545 2 Accommodation/Housing 7 90,460 11,540 2 Arts/Culture/Heritage/Science 1 10,000 - 1 Animals - - - 1 Economic/Community Development/Employment 2 35,000 - 5 Human Rights/Religious or Racial Harmony/Equality or Diversity 1 5,000 - 2 Recreation 1 5,000 - - 47 512,740 24,085 62 |
Year ended 30 April 2023 Unrestricted Funds Restricted Funds £ £ 127,207 778 96,300 - 134,575 - 8,000 - 45,262 - 3,706 5,847 16,000 - 3,000 - 750 - 43,500 - 9,000 - - - 487,300 6,625 |
Year ended 30 April 2023 Unrestricted Funds Restricted Funds £ £ 127,207 778 96,300 - 134,575 - 8,000 - 45,262 - 3,706 5,847 16,000 - 3,000 - 750 - 43,500 - 9,000 - - - 487,300 6,625 |
|---|---|---|
| 6,625 |
The above descriptions adhere to the Charity Commissions classification for the 8 month period ended 31 December 2023. This reflects the policy on grant making for Norton Rose Fulbright Charitable Foundation to support charities that would most benefit from support.
Grants were awarded to the following charities:
11
The Norton Rose Fulbright Charitable Foundation
Notes to the Financial Statements (continued)
For the 8 month period ended 31 December 2023
- Charitable Expenditure (continued)
| 2. Charitable Expenditure (continued) |
||||
|---|---|---|---|---|
| 8 month period ended | Year ended | |||
| 31 December 2023 | 30 April | 2023 | ||
| Unrestricted | Restricted | Unrestricted | Restricted | |
| Funds | Funds | Funds | Funds | |
| Adult Literacy Trust | 10,000 | - | - | - |
| Alive and Kicking | 10,000 | - | - | - |
| Aspiring Solicitor | 10,000 | - | - | - |
| Bhubesi Pride Foundation | 15,000 | - | 25,000 | - |
| Breaking Barriers | 15,000 | - | 10,000 | - |
| Bubble Theatre Co | 10,000 | - | - | - |
| Cardiomyopathy UK | 10,000 | - | 10,000 | - |
| Child’s i Foundation | 20,000 | - | 20,000 | - |
| City Solicitors | 11,800 | - | 11,000 | - |
| Coram Beanstalk | 10,000 | - | - | - |
| CRISIS UK | 14,000 | - | - | - |
| Fondazione Opera San Francesco | 10,008 | - | - | - |
| Hand In Hand | 20,000 | - | 10,000 | - |
| Helen Arkell Dyslexia | 10,000 | - | - | - |
| Intouni | 10,000 | - | - | - |
| Le Rire Medicin | 12,330 | - | 12,008 | - |
| London Hearts | - | - | 23,520 | - |
| Macmillan Cancer | 5,000 | - | 10,000 | - |
| Menzi's Children's Home | 20,000 | - | - | - |
| Missing People Limited | 15,000 | - | 30,000 | - |
| Norton Rose Fulbright LLP - Germany | 10,664 | - | 10,523 | - |
| Patchwork Foundation | 10,000 | - | - | - |
| Ronald McDonald | 15,000 | 10,000 | 13,000 | - |
| Royal Marsden Cancer | 10,000 | - | - | - |
| Save the Children | - | - | 4,153 | 778 |
| Save the Children Turkey/Syria Appeal | - | - | - | 5,847 |
| Shelter NAT Camp | 14,000 | - | - | - |
| Smart Works | 20,000 | - | 30,000 | - |
| South West London Law Centres | - | - | 30,000 | - |
| Southwark Helping | 10,000 | - | - | - |
| St John Ambulance | - | - | 10,000 | - |
| St Mungo Communities | 14,000 | - | - | - |
| The Albert Kennedy | 8,460 | 1,540 | - | - |
| The Awen Project | 10,000 | - | - | - |
| The Bede Foodbank | 10,000 | - | ||
| The Caring Family Foundation | - | - | 10,000 | - |
| The Civil Libertie | 10,000 | - | - | - |
| The Good Company People | 10,000 | - | - | - |
| The Manna Society | 10,000 | 10,000 | - | - |
| The Trussell Trust | 16,750 | - | - | - |
| Tower Hamlets Law Centre | 20,000 | - | 30,000 | - |
| United St Saviours Charity | - | - | 10,000 | - |
| W.H.I.S.T.L.E. | 10,000 | - | 10,000 | - |
| Women and Children First UK | 20,000 | - | 21,880 | - |
| other < £10,000 | 45,728 | 2,545 | 146,216 | - |
| 512,740 | 24,085 | 487,300 | 6,625 |
12
The Norton Rose Fulbright Charitable Foundation
Notes to the Financial Statements (continued)
For the 8 month period ended 31 December 2023
3. Governance costs
The Independent Examination fee and the costs of administering the Charity are borne by Norton Rose Fulbright LLP. The Charity has no employees, and no payments including reimbursement of expenses have been made to the Trustees (Year ended 30 April 2023: nil). The total fee for the Independent Examination is £1,500 (Year ended 30 April 2023: £1,500).
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 31[st] December 2023, no amounts were owed by Norton Rose Fulbright LLP (April 2023: nil). All income is derived from Norton Rose Fulbright LLP, Norton Rose Fulbright Services, and its employees. In the 8 month period ended 31 December 2023, Norton Rose Fulbright LLP gave £58,452 to the Charity (Year ended 30 April 2023: nil) and Norton Rose Fulbright Services gave £466,667 to the Charity (Year ended 30 April 2023: £432,099). In the 8 month period ended 31 December 2023, the Charity contributed £10,664 to Norton Rose Fulbright Germany to be distributed to charities local to the offices in Germany (Year ended 30 April 2023: 10,523).
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 8 months ending 31[st] December 2023 (Year ended 30 April 2023: nil).
6. Analysis of net assets between funds
| 30 | December 2023 | 30 | April 2023 | |||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Unrestricted | Restricted | |||
| Funds | Funds |
Total | Funds | Funds | Total | |
| £ | £ |
£ | £ | £ | £ | |
| Fund balances are represented | by: | |||||
| Cash at bank and in hand | 8,975 | 578 | 9,553 | 3,559 | 533 | 4,092 |
13
The Norton Rose Fulbright Charitable Foundation
Notes to the Financial Statements (continued)
For the 8 month period ended 31 December 2023
7. Comparative Split of Statement of Financial Activities
| Note | Year Ended 30 April 2023 | Year Ended 30 April 2023 | Year Ended 30 April 2023 | |
|---|---|---|---|---|
| Unrestricted | Restricted | |||
| Funds | Funds | Total | ||
| £ | £ | £ | ||
| INCOME FROM: | ||||
| Donations | 459,966 | 2,180 | 462,146 | |
| Gift in kind | 3 | 1,500 | - | 1,500 |
| 461,466 | 2,180 | 463,646 | ||
| Investment Income | ||||
| Deposit interest | 733 | - | 733 | |
| TOTAL INCOME | 462,199 | 2,180 | 464,379 | |
| EXPENDITURE ON: | ||||
| Charitable expenditure | ||||
| Grants paid | (487,300) | (6,625) | (493,925) | |
| Governance costs | 3 | (1,500) | - | (1,500) |
| Bank charges | (34) | - | (34) | |
| TOTAL EXPENDITURE: | (488,834) | (6,625) | (495,459) | |
| Net Income | (26,635) | (4,445) | (31,080) | |
| Fund balances brought forward | 30,194 | 4,978 | 35,172 | |
| Fund balances carried forward | 3,559 | 533 | 4,092 |
14
The Norton Rose Fulbright Charitable Foundation
Notes to the Financial Statements (continued)
For the 8 month period ended 31 December 2023
8. Movement in Restricted Funds
Restricted funds:
| Movement in Restricted Funds ed funds: |
||||
|---|---|---|---|---|
| British Heart Foundation Moroccan Red Cross Libyan Red Cross Albert Kennedy Trust The Manna Society Ronald McDonald Save the Children British Heart Foundation |
At 1 May 2023 £ 533 - - - - - 533 At 1 May 2022 £ 4,978 - 4,978 |
Income in the 8 month period £ 45 1,272 1,272 1,541 10,000 10,000 24,130 Income in the year £ 1,647 533 2,180 |
Expenditure in the 8 month period £ - (1,272) (1,272) (1,541) (10,000) (10,000) (24,085) Expenditure in the year £ (6,625) - (6,625) |
At 31 December 2023 £ 578 - - - - |
| 578 | ||||
| At 30 April 2023 £ - 533 |
||||
| 533 |
9. Notes to the cash flow statement
Reconciliation of net movement in funds to net cash flow from operating activities:
| 8 month period ended 31 December 2023 £ Net movement in funds for the period/year 5,461 Adjustment to cash flow: Investment income (3,533) Operating cash flow before movement in working capital 1,928 Working capital adjustments: Decrease in debtors - Net cash inflow/(outflow) from operating activities 1,928 |
Year Ended 30 April 2023 £ (31,080) (733) |
|---|---|
| (31,813) - |
|
| (31,813) |
15