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2021-10-31-accounts

Charity registration number: 1121091

THE CITY SOLICITORS’ EDUCATIONAL TRUST

ANNUAL REPORT

FOR THE YEAR ENDED

31 OCTOBER 2021

THE CITY SOLICITORS’ EDUCATIONAL TRUST

CONTENTS
Page
Trust information 1
Trustee’s report 2
Independent auditors’ report 5
Statement of financial activities 9
Balance sheet 10
Notes to the financial statements 11

THE CITY SOLICITORS’ EDUCATIONAL TRUST

TRUST INFORMATION

The City of London Solicitors’ Company

Trustee The City of London Solicitors’ Company Committee The members of the Committee, who are appointed by the Court of the City of London Solicitors' Company, are: 

R. J. Finbow (Chairman)
M. R. Mathews
S. Millar
B. Perry
H. Sanusi
A. Sheridan
L. Zekaria
J. Abraham

The Officers of the City of London Solicitors’ Company, who are appointed
for a one year term are:

The Master R. S. K. Bell The Senior Warden A. G. King The Junior Warden S. de Gay Treasurer L. C. James, Clerk of the City of London Solicitors’ Company Uniting Direction On 29 July 2008 the Charity Commission directed that the charity known as the Educational Charity of the City of London Solicitors (which prior to this direction was registered charity no. 803543) be treated as forming part of the charity known as The City Solicitors’ Educational Trust for the purposes of Part 4 (registration) and Part 8 (accounting) of the Charities Act 2011. Charity number 1121091 Address 4 College Hill, London, EC4R 2RB. Website https://www.citysolicitors.org/charity/city-solicitors-educational-trust Constitution The Trust is governed by a Trust Deed dated 17 September 2007. Independent auditors F. W. Smith, Riches & Co. Chartered Accountants & Statutory Auditors, 15 Whitehall, London, SW1A 2DD. Bankers National Westminster Bank, National Westminster Bank, Juxon House, City of London Office, 98 St. Paul’s Churchyard, 1 Princes Street, London, London, EC4M 8BU. EC2R 8PB. 

Page 1

THE CITY SOLICITORS’ EDUCATIONAL TRUST

TRUSTEE’S REPORT FOR THE YEAR ENDED 31 OCTOBER 2021

The Trustee presents its report together with the financial statements of the Trust for the year ended 31 October
2021.  The report and financial statements have been prepared in accordance with the accounting policies set
out in note 1 to the financial statements and comply with the Trust’s trust deed, the Charities Act 2011 and
Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing
their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of
Ireland (FRS 102).

Objectives and activities

The aim of the Trust is to advance the education of the public in the Study of Law in such manner as the Trustee
may from time to time determine; and to advance or further such other charitable purposes as the Trustee may
from time to time think fit.

During the period under review the Trust has continued to support the City Solicitors’ Horizons project. The
project is a social mobility initiative aimed at improving access to the legal profession for young people from
disadvantaged backgrounds.  The project is managed and administered by Sponsors for Educational
Opportunity London, a charity which is experienced in preparing talented students from disadvantaged
backgrounds for career success.

The Trust has fulfilled its existing grant commitments to teaching institutions and no new grants have been
approved.

Financial review

City Solicitors’ Horizons project

During the year, the Trust continued with phase 2 of the City Solicitors Horizons project, which it is intended will
provide support for three successive intakes of students over their three years of higher education.

23 City Law firms have previously committed to the second phase of the project. One additional firm has become
a subscriber during the year and a number of further firms have expressed an interest in the project. Three other
organisations have also committed their support by providing work experience and mentoring. Most subscriber
firms will provide £5,000 for each of their three years’ commitment.

£153,500 was received during the year, part of which related to future years. Phase 2 has been structured so
as to ensure that its content is tailored to fit with the financial commitments received. The Trust made payments
totalling £110,000 during the year in respect of the services provided by Sponsors for Educational Opportunity
London during the year under review.

Social Welfare Solicitors Qualification Fund (SWSQF)

The SWSQF started as an initiative by the Training Committee of the City of London Law Society, BARBRI (a
legal education provider) and Young Legal Aid Lawyers to provide financial assistance to aspiring solicitors
working in social welfare law for organisations serving disadvantaged communities. Starting in early 2022, the
SWSQF will fund students wishing to study Solicitors Qualifying Exam preparation courses and assessments.
Currently, 17 law firms and the City of London Solicitors’ Company Charitable Fund have agreed to fund
between £5,000 and £10,000 each to support applicants to the fund.

Page 2

THE CITY SOLICITORS’ EDUCATIONAL TRUST

TRUSTEE’S REPORT FOR THE YEAR ENDED 31 OCTOBER 2021

Social Welfare Solicitors Qualification Fund (SWSQF) (continued)

At the meeting of the Court of The City of London Solicitors’ Company in January 2022 it was resolved that, in
its role as Trustee, the Court would accept responsibility for collecting donations being made specifically for the
SWSQF and paying the invoices produced by the exam programme providers. It was considered that the
initiative fitted squarely within the objectives of the City Solicitors Educational Trust (“CSET”). In order to ensure
that the project runs smoothly it was agreed that a second Management Committee would be set up within
CSET to oversee the running of the SWSQF and manage the funds and a second bank account would be set
up to receive donations and pay grants. This has been done and the first group of candidates for funding have
been interviewed and over £140,000 of the expected £197,000 funding has been collected.

Structure, governance and management

Members of the Committee are recruited from the Court of the Trustee (The City of London Solicitors’ Company)
and the Trust’s sponsoring firms.  As most members of the Committee either are or have been practising
solicitors, it is not the policy of the Trust to provide formal training to new Committee members. However, all
Committee members have access to the Trust Deeds and are briefed on the Trust’s policies and operations.

The day to day running of the Trust is the responsibility of the Chairman of the Committee and the Treasurer.
The Trust has no employees.

Investment policy

The Trustee’s investment policy is to maximise the Trust’s income with minimum risk.  The resources of the
Trust are placed on short term treasury deposits that mature as the resources are required to meet the Trust’s
commitments.

Risk management

The Trustee has assessed the major risks to which the Trust is exposed, in particular those related to the
operations and finances of the Trust, and is satisfied that systems are in place to mitigate the exposure to the
major risks.

Reserves policy

The unrestricted reserves represent funds arising from past activities.  The Trustee is satisfied that the
unrestricted and restricted reserves, currently £7,863 and £2,500 respectively, are adequate given the nature
of the Trust’s activities.

Public benefit

The aim of the Trust is to advance the education of the public in the study of Law. The Trustee confirms that it
has consulted the guidance contained in the Charity Commission’s general guidance on public benefit when
reviewing its aims and establishing its activities, in planning future activities and its use of funds. Grants to
universities and colleges of over £9,107,440 have been awarded over the past 27 years to approximately 70
institutions throughout the UK.

Page 3

THE CITY SOLICITORS’ EDUCATIONAL TRUST

TRUSTEE’S REPORT FOR THE YEAR ENDED 31 OCTOBER 2021

Statement of Trustee’s responsibilities

The Trustee is responsible for preparing the Annual Report and the financial statements in accordance with
applicable law and regulations.

The law applicable to charities in England & Wales requires the Trustee to prepare financial statements for each
financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom
Accounting Standards and applicable law). The Trustee must not approve the financial statements unless it is
satisfied that they give a true and fair view of the state of affairs of the Trust and of the incoming resources and
application of resources, including the income and expenditure, of the Trustfor that period.

In preparing these financial statements, the Trustee is required to:

The Trustee is responsible for keeping sufficient accounting records that disclose with reasonable accuracy at
any time the financial position of the Trust and enable the Trustee to ensure that the financial statements comply
with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provisions of the Trust’s
trust deed.  The Trustee is also responsible for safeguarding the assets of the Trust and hence for taking
reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustee confirms that so far as it is aware, there is no relevant audit information of which the Trust’s auditors
are unaware.  The Trustee has taken all the steps that it ought to have taken as Trustee in order to make itself
aware of any relevant audit information and to establish that the Trust’s auditors are aware of that information.

By order of the Trustee

R. S. K. Bell Master

L. C. James

Clerk

31 March 2022

Page 4

THE CITY SOLICITORS’ EDUCATIONAL TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE CITY SOLICITORS’ EDUCATIONAL TRUST

Opinion

We have audited the financial statements of The City Solicitors’ Educational Trust (the ‘Trust’) for the year ended
31 October 2021 which comprise the statement of financial activities, the balance sheet and notes to the
financial statements, including a summary of significant accounting policies. The financial reporting framework
that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including
Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of
Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable
law. Our responsibilities under those standards are further described in the auditors’ responsibilities for the audit
of the financial statements section of our report. We are independent of the Trust in accordance with the ethical
requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical
Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustee’s use of the going concern basis of
accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or
conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going
concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustee with respect to going concern are described in the
relevant sections of this report.

Page 5

THE CITY SOLICITORS’ EDUCATIONAL TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE CITY SOLICITORS’ EDUCATIONAL TRUST

Other information

The other information comprises the information included in the Annual Report other than the financial
statements and our auditors’ report thereon. The Trustee is responsible for the other information contained
within the Annual Report. Our opinion on the financial statements does not cover the other information and,
except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion
thereon. Our responsibility is to read the other information and, in doing so, consider whether the other
information is materially inconsistent with the financial statements or our knowledge obtained in the course of
the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or
apparent material misstatements, we are required to determine whether this give rise to a material misstatement
in the financial statements themselves. If, based on the work we have performed, we conclude that there is a
material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and
Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of the Trustee

As explained more fully in the Statement of Trustee’s Responsibilities set out on page 4 the Trustee is
responsible for the preparation of the financial statements and for being satisfied that they give a true and fair
view, and for such internal control as the Trustee determines is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustee is responsible for assessing the Trust’s ability to continue as
a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis
of accounting unless the Trustee either intends to cease operations, or has no realistic alternative but to do so.

Page 6

THE CITY SOLICITORS’ EDUCATIONAL TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE CITY SOLICITORS’ EDUCATIONAL TRUST

Auditors’ responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with
the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures
in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities,
including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is
detailed below:

Discussions were held with, and enquiries made of, management and those charged with governance with a
view to identifying those laws and regulations that could be expected to have a material impact on the financial
statements. During the engagement team briefing, the outcomes of these discussions and enquiries were
shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and
non-compliance with laws and regulations) comprised of: inquiries of management and those charged with
governance as to whether the entity complies with such laws and regulations; enquiries with the same
concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of
management committee minutes; testing the appropriateness of entries in the nominal ledger, including journal
entries; reviewing transactions around the end of the reporting period; and the performance of analytical
procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities,
including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s
controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud
might be inherently more difficult to detect than irregularities that result from error. As explained above, there is
an unavoidable risk that material misstatements may not be detected, even though the audit has been planned
and performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our
auditors’ report.

Page 7

THE CITY SOLICITORS’ EDUCATIONAL TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE CITY SOLICITORS’ EDUCATIONAL TRUST

Use of our report

This report is made solely to the Trust’s Trustee in accordance with Part 4 of the Charities (Accounts and
Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Trust’s Trustee
those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the
Trust’s Trustee, for our audit work, for this report, or for the opinions we have formed.

F. W. Smith, Riches & Co.

Chartered Accountants & Statutory Auditors
London
31 March 2022

F. W. Smith, Riches & Co. is eligible for appointment as an auditor of the charity by virtue of its eligibility for
appointment as auditor of a company under section 1212 of the Companies Act 2006.

Page 8

THE CITY SOLICITORS’ EDUCATIONAL TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2021

Note
Income and endowments
Donations
4
Interest income
Total income
Expenditure
Expenditure on support
and governance:
Support costs
5
Governance costs
5
Expenditure on charitable
activities:
Grants issued
6
Total expenditure
Net expenditure
Transfer between funds
Net movement in funds
Funds brought forward
Funds carried forward		 2021
Unrestricted
funds
£
-
1
1
-
1,500
1,500
-
-
1,500
(1,499)
-
(1,499)
9,362
7,863		 2021
Restricted
funds
£
102,500
-
102,500
-
-
-
110,000
110,000
110,000
(7,500)
-
(7,500)
10,000
2,500		 2021
Total
funds
£
102,500
1
102,501
-
1,500
1,500
110,000
110,000
111,500
(8,999)
-
(8,999)
19,362		 2020
Total
funds
£
100,000
-
100,000
(148)
1,500
1,352
90,000
90,000
91,352
8,648
-
8,648
10,714
10,363 19,362 
Page 9

THE CITY SOLICITORS’ EDUCATIONAL TRUST

BALANCE SHEET AS AT 31 OCTOBER 2021

Note

Current assets
Debtors
7
Cash at bank
Creditors: amounts falling
due within one year
8
Net assets
Funds
Unrestricted funds
Restricted funds
Total funds		 2021
Unrestricted
funds
£
-
10,863
10,863
(3,000)
7,863
7,863
-
7,863		 2021
Restricted
funds
£
-
58,500
58,500
(56,000)
2,500
-
2,500
2,500		 2021
Total
funds
£
-
69,363
69,363
(59,000)
10,363
7,863
2,500
10,363		 2020
Total
funds
£
5,000
68,862
73,862
(54,500)
19,362
9,362
10,000
19,362 
The financial statements on pages 9 to 15 were approved and authorised for issue by the Trustee on 31 March
2022 and were signed on its behalf by:

R. S. K. Bell Master

L. C. James Clerk 

Page 10

THE CITY SOLICITORS’ EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

1. Accounting policies

1.1 Basis of preparation of financial statements and assessment of going concern

The financial statements have been prepared in accordance with ‘Accounting and Reporting by
Charities: Statement of Recommended Practice applicable to charities preparing their accounts in
accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS
102) (Second Edition)’ and the Financial Reporting Standard applicable in the United Kingdom and
Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it
applies from 1 January 2015.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the
Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and
fair view’. This departure has involved following ‘Accounting and Reporting by Charities: Statement of
Recommended Practice applicable to charities preparing their accounts in accordance with the
Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Second Edition)’
rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective
from 1 April 2005 which has since been withdrawn.

The Trust constitutes a public benefit entity as defined by FRS 102.

The Trustee considers that there are no material uncertainties about the Trust’s ability to continue as
a going concern.

The preparation of financial statements requires the use of certain critical accounting estimates.  It
also requires management to exercise its judgement in the process of applying the Trust's accounting
policies.  The areas involving a higher degree of judgement or complexity, or areas where assumptions
and estimates are significant to the financial statements, are disclosed in note 2.

1.2 Income recognition

All income is recognised once the Trust has entitlement to the income, it is probable that income will
be received and the amount of income receivable can be measured reliably. The following criteria
must also be met before income is recognised:

Donations

Donations are recognised when both the amount and settlement dates are known.

Grants

Grants receivable are recognised in the period in which notification of both the amount and the
settlement dates are received.

Interest income

Interest on funds held on deposit is included upon notification of the interest being paid or payable.

Page 11

THE CITY SOLICITORS’ EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

1. Accounting policies (continued)

1.3 Resources expended

Expenditure is recognised in the period when there is a legal or constructive obligation committing the
Trust to that expenditure, it is probable that the settlement will be required, and the amount of the
obligation can be measured reliably. All expenditure is accounted for on an accruals basis.

Charitable activities

Charitable activities include expenditure in furtherance of the Trust’s objectives and where applicable
an allocation of the Trust’s support and governance costs. Grants are charged to the statement of
financial activities in the year they are committed by the Trustee. The liabilities to pay these grants
are shown in the balance sheet under creditors, amounts falling due within one year or in more than
one year as appropriate.

Governance costs

Governance costs include those costs incurred in the governance of the Trust and are primarily
associated with constitutional and statutory requirements. Where applicable these costs have been
allocated to the Trust’s charitable activities on a basis consistent with the use of the resources.

Support costs

Support costs include administrative costs. Where applicable these costs have been allocated to the
Trust’s charitable activities on a basis consistent with the use of the resources.

Irrecoverable VAT

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

1.4 Funds

Unrestricted funds

Unrestricted funds are funds that the Trustee is free to use for any purpose in furtherance of the
charitable objects.

Restricted funds

Restricted funds are funds, which have legal restrictions on their use, where donors have specified
the funds can only be spent on specific activities.

1.5 Financial instruments

The Trust has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Debtors

Donations and grants receivable are initially recognised at transaction price and thereafter stated at
amortised cost using the effective interest method, less impairment losses for bad and doubtful debts
except where the effect of discounting would be immaterial. In such cases, the debtors are stated at
cost less impairment losses.

Page 12

THE CITY SOLICITORS’ EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

1. Accounting policies (continued)

1.5 Financial instruments (continued)

Creditors

Grants payable are initially recognised at fair value and thereafter stated at amortised cost using the
effective interest method unless the effect of discounting would be immaterial, in which case they are
stated at cost.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at the end of each reporting period.
Financial assets are considered to be impaired when there is objective evidence that, as a result of
one or more events that have occurred after the initial recognition of the financial asset, the estimated
future cash flows from the financial asset have been effected. Any losses arising from impairment are
recognised in the Statement of Financial Activities.

Offsetting

Financial assets and liabilities are offset and the net amounts presented in the financial statements
when there is a legally enforceable right to set off the recognised amounts and there is an intention to
settle on a net basis or to realise the asset and settle the liability simultaneously.

1.6 Foreign currency translation

The Trust’s functional and presentation currency is the pound sterling.

1.7 Taxation

H. M. Revenue & Customs has granted the Trust charity exemption and thus it is exempt from taxation.

2. Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements management are required to make judgements, estimates and
assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and
the amounts reported for revenues and expenses during the year.  However, the nature of estimation
means that actual outcomes could differ from these estimates.  Whilst management have made
judgements, estimates and assumptions in preparing the financial statements, they consider that these
have not had a significant effect on amounts recognised.

3. Trustee’s expenses and remuneration

No Trustee remuneration was paid during the year (2020: £nil).  In addition, no officer of the Trustee
company was paid or reimbursed any expenses during the year (2020: £nil).

Page 13

THE CITY SOLICITORS’ EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

4. Donations receivable

Donations 2021
Unrestricted
Funds
£
-
-		 2021
Restricted
Funds
£
102,500
102,500		 2021
Total
Funds
£
102,500
102,500		 2020
Total
Funds
£
100,000
100,000 
Donations include £102,500 (2020: £100,000) given for restricted purposes.

5. Support and governance costs

Support costs
Website
Bank charges
Governance costs
Audit fee (inclusive of VAT)		 2021
Unrestricted
Funds
£
-
-
-
1,500
1,500
1,500		 2021
Restricted
Funds
£
-
-
-
-
-
-		 2021
Total
Funds
£
-
-
-
1,500
1,500
1,500		 2020
Total
Funds
£
-
(148)
(148)
1,500
1,500
1,352 
Support and governance costs have not been allocated to the Trust’s expenditure on charitable activities
as the restricted funds can only be spent on direct charitable activities.

6. Grants issued

Sponsors for Educational
Horizons Programme		 2021
Unrestricted
Funds
£
-
-		 2021
Restricted
Funds
£
110,000
110,000		 2021
Total
Funds
£
110,000
110,000		 2020
Total
Funds
£
90,000
90,000 
Grants awarded include £110,000 (2020: £90,000) given for restricted purposes.

Page 14

THE CITY SOLICITORS’ EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

7. Debtors

2021
Unrestricted
Funds
£
Amount due within 1 year
Prepayments and accrued income
-
-
2021
Unrestricted
Funds
£
Accruals and deferred income
3,000
3,000
Financial instruments
2021
Unrestricted
Funds
£
Financial liabilities measured at
amortised cost
3,000
Creditors: amounts falling due within one year		 2021
Restricted
Funds
£
-
-
2021
Restricted
Funds
£
56,000
56,000
2021
Restricted
Funds
£
56,000		 2021
Total
Funds
£
-
-
2021
Total
Funds
£
59,000
59,000
2021
Total
Funds
£
59,000		 2020
Total
Funds
£
5,000
5,000
2020
Total
Funds
£
54,500
54,500
2020
Total
Funds
£
54,500

8. Creditors: amounts falling due within one year

9. Financial instruments

10. Restricted funds

Restricted funds comprise the financial transactions, assets and liabilities of the City Solicitors’ Horizons
project.

11. Related party disclosures

The Trust’s Trustee is the City of London Solicitors’ Company. The City of London Solicitors' Company is
also Trustee of The City of London Solicitors’ Company Charitable Fund.

There were no transactions with related parties that required disclosure during either 2021 or 2020.

Page 15