Charlty ragistratlon number: 1121091 THE CITY SOLICITORS, EDUCATIONAL TRUST ANNUAL REPORT FOR THE YEAR ENDED 31 DECEM8ER 2026
THE CITY SOUCITORS, EDUCATIONAL TRUST CONTENTS Page Trust Infomiatlon TNstee's report Independent audltorg, report Statement of financlal activitles Balance $hget 10 Nolos to the flnancial statements 11
THE CITY SOLICITORS. EDUCATIONAL TRUST TRUST INFORMATION Trustaa Th8 City of London Solicitors, Company SWSQF Over8lght Commlttee The members of the SWSQF Oversight Committees, who are appointed by the Court of the City of London Solicitors, Company, are.. Sarah Clover {Chalrl Alastair Collett Victoria Fearne Patrick Mccann The Officers of the City of London Solicitors. Company, who are appoinlelt for a one year term at the Company's Annual General Meeting June 2025, are.. The Master The Senior Warden The Juniorwarden Virginia Cannon Simon Davis Garelh Ledsham Unltlng Dlrectlon On 29 July 2008 the Charity Commission directed that the charlty known as the Educauonal Charity of the City of London Solicitors {which prior lo this direction was registered charity no. 803543} be treated as forming part of the charity known as The City Solicitors, Educational Trust for tho purposes of Part 4 Iregislralionl and Part 8 {accountingl of the Charities Ao12011. Charlty numb¢r 1121091 Addres$ 12 Austs'n Friars, London, EC2N 2HE. Constitutlon The Trust is governed by a Trust Deed dated 17 September 2007. Independont auditors F. W. Smith, Riches & Co., Chartered Accountants & Statutory Auditors, 15 Vvhilehall, London, SVV1A 2DD. Bankers National Westminster Bank, City of London Office, 94 Moorgate, London, EC2M 6UR. Page 1
THE crry SOLICITORS, EDUCATIONAL TRUST TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The Tru8188 presents Its report together with the finandal slalements of the Trust for the year ended 31 December 2025. The report and financial slalemenls have been prepared in accordance wlth the accounting policies set out in note 1 to th8 financial statements and comply wh the Trust's trust deed, the Charllies AGt 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts In accordance with the Flnancial Reporting Standard applicable in the UK and the Republlc of Ireland IFRS 1021. Objectlves and activities The aim of the Trust is lo advance the education of the public in the Study of Law in such manner as the Trustee may from tlme lo lime determine., and to advance or further such other charitable purposes as the Trustee may from time lo Ilme think fil. During the year under revlew the Trust has continued to support the Social weare Sollcilors Qualtfi¢allon Fund {'SWSQF"I project. The project stsrted as an initiative by the Training Committee of the City of London Law Society, BARBRI (a legal education provider) and Young Legal Aid Lawyers lo provlde financial assistance to aspiring solicitors Working in social welfare law for organisations serving disadvantaged communities. The SWSQF will fund students wishing to study Solicllors Qualifying Exam prepawtion coursos and assessments. FlnanGial revlew SoGI?I Welfaro Solicitors QualrfiTC8tlon Fund During the year the fourth cohort of students were recruited. To date, income totalling £1,188,762 has been reGeived for cohorts 1, 2, 3 and 4. with an additlonal £85,000 received before the year end in respect of cohort 5. This has gnabled the recruitment of a lolal of 104 aspiring solicitors lo re¢elve funding for their training and exam costs. City Sollcltors, Horlzons pmject During the year the decision was taken that the collection of donation5 in respect of the Horizon's project would be undertaken by SEO directly. Page 2
THE CITY SOLICITORS. EDUCATIONAL TRLIST TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 Structure¥ governance and management The SWSQF Overslght Cc¥nmittee has four member8,' are nominated by The Cty of London Solicf(ors' Company lone of whom is ehairl, one nominated by The City of London Law Society and one nominated by BARBRI Global Limited las the course provider). Th¢ City of London Law Society's Training Committee h88 crealod a Project Team which undefjakes initial interviews and asses8menls of potential grantees and makes recommendations lo th8 Oversight Committee for Specific grants. The SWSQF Oversight Committee, in exercising such oversight, ensures that the granle&s of funding meet the eligibility criteria and accepts or rejects the Project Team's recommendatlons. The day to day running of the SWSQF inrtialive is the responsibility of the Project Team who are also responsible for implementing the decision5 made by the Oveisighl Committee. The Trust has no employees although Patrick Mccann, a member of tho SWSQF Oversight Committee and chair of the Project Team, is Chief Executive of the City of London Law Society and, therefore, is an employee of such Investment policy The Trvst80's investment policy is to maximise the Trust's income with minlmum rlsk. Slnce the levels of unrestricted reserves are minimal. all balances held in short lerni cash deposits. Rlsk managemènt The Trustee has assessed the malor risk8 to whlch the Trust 18 exposed, in particular those related to the operations and finances of the Trust, and is satlsfled that Sy8lem8 are in place to mitigate the exposure lo the major risks. Reserves pollcy The unrestricted reserves repre8enlfunds arising fr¢)m past activitie8. The Trustee is satislied that the unrestricted and reStrted reserves, currentiy £2,689 and £338,169 Tespe5veIy, are adequate given the nature of thg TrusV8 aclivilies. Public benellt The aim of the Trust 18 lo advance the education of the public in the study of Law. The Trustee confirms that it has consuked the guidance contained in the Charity Commission's g6neral guidance on public benefit when reviewing ils aims and e8tsblishing its activities. in planning future actiwties and rts use of funds. Grants to universities and colleges of over £9,107.440 have been awarded over the past 29 years to approximately 70 instl(utions throughout tho UK. More recently, under the SWSQF, grants to pay lor study matori81$ and exam costs for people wilhoul the financial resources lo qualify as solicitor8 will resuli in over 100,OOL) additional social wemare solicitor hours per year following the qualIfallon of the fiTsI three cohort8 of candidates. Page 3
THE CITY SOUCITORS. EDUCATIONAL TRUST TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 Statement of Trustofr's ro$ponslbllltig8 The Trustee 18 responsible for preparing the Annual Report and the flnancial 8talements In accordance with applicable law and regulations. The law applicable to charitie8 in England & W81e6 requires the Trustee lo pr8pare financial slalemenls for each financial year in accordance with United Kingdom Generally Ac¢oPted Accounting Piactice IUnile(l Kingdom Accounting Standards and applicable lawl. The Trustee must not approvfj 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 incomlng resources and application of resources, including tha income and expenditure, of the TNst for that period. In preparing these finanaal statements, the Twstee15 requlred lo.. salt suitable accounting polici88 and appty them consistently., observe the methods and principles in tho Charities SORP., make judgements and estimates that are reasonable and prLsdent, stale whether applicable UK Accounting Standards have been followed, 8ubjeot to any material departures disclosed and explained in the financial 8talemenls,' and prepare the financial statements on the going concem basi8 unless it is inappropriatg lo presume th* the Trust wll wntinuè in (f)erotion. bl d) The Trustee is responsible for keeping sufficient accounts'ng records that disclose wrf(h reasonable accuracy at any lime the financial position of the TNst and enable the Trustee lo ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provision8 of the Trust'8 Irusl deed. Tho 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 olh6r irregul8rilie8. The Trustee confirms that 80 far 88 1118 aware. there 18 no relevant audit information of which the Trust's audllors are unaware. The Trustee has taken all tho steps that il ought to have taken as Truste6 in ordef to make itself awaro of any relevant audit Infomialion and to establish that the Trust's auditors 8re aware of that information. By older of the Trustee V. Canno Master 29 June 2026 Page 4
THE CITY SOLICITORS. EDUCATK>NAL TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE CITY SOLICITORS, EDUCATIONAL TRUST Opinion We have audited the financial statements of The City SO1ltOrS, Educaonal Trust Ilhe 'Trust'l for the yeBr ended 31 December 2025 whieh comprise the slalemènt offinancial actni¢s, the balance 8heel and notes to the financlgl Statements, indudlng a summary of signrficant accounting policies. Thefingncial reporting fram8worft that has been applied in their preparallon is Bppliceble law and United Kingdom Acwunling Standards, includlng Financlal Reporting Siandard 102 'The Financial Reporting Standard applicable in the UK and Republic of Iroland, Iunlted Kingdom Genèralty Accepted Accounting PraGlice}. In our opinion. the financial stalomenl8'. give a true and fair view of the 81ale of tho Trust'8 affairs as al 31 D8c6mber 2025 and of ils incoming resources and application of resources for the year then ended., have been prepety prepared in accordance wf(h United Kingdom Generally AGGepted Accounting Practke., and have been prepared in accordance wlh the requirements of the Charitles Act 2011. Basis for oplnlon We conducted our audit in a¢cordance with Inlemalional Standards on Auditing (UK) IISAS {UKI) and applicable law. Our responsibilrties under those stsnd8rd5 are further described in the auditors, responsibilf(ies for the audit of the financial ststemen18 secllon of our report. We are independent of the Trust in accordance wrth the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Elhlcal Standard, and we have fulfilled our other ethical responsibilrties in aOr(lanCe with these requirements. We believe that the audit evidence we have obtalned is sufficient and appropriate to provide a ba818 for our opinion. Concluslons relatlng to going concem In auditing the financlal slalements, w8 have concluded that the Trusloe's use of the going concem b8Si8 of accounting in the preparation of the financial statements 19 8ppropriate. Basod on the work we have perfomied, we have not identrfied any material uncertainties relallng lo events or condition5 that. individually or collectively. may cast 8ignificant doubl on the entity's ability to conllnue as a going conrn for a poriod of al least twelve months from when the financlal statements are authorl8ed for i88ue. Our responsibilllies and the responssbilities of the TN8tee wf(h respect lo going concem are desoribed In the relevant sections of this reporL Page 5
THE CITY SOLICITORS, EDUCATIONAL TRUST INDEPENDENT AUDITORS, REPORT TO THE kqEMBERS OF THE CITY SOUCITORS, EDUCATIONAL TRUST Other Infomiation The other infomalion comprise8 the information included in the Annual Report other than the financial slalements and our auditors, report Ihereon. The Trusteels responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other infomiation and, except to the extent otherwise explicltly staled in our report, we do not expre88 any form of 88surance conclusion Ihereon. Our re$pon8ibility is to read the other itrfomiation and. In doing so, con8ider whether the other infomiation is materlalty inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears lo be malerlally misstated. If we identify such material inconslstencies or apparent materfal mi8Stalements, we are required lo detemiine whether this gives rise to a material misslalement in the financial st8temenls th8msefves. If, based on the work we hava performed, we conclude that there is a material misstatement of thi8 Other Infomiation, we are required to report that fact. We hgve nolhing to roport in this regard. Matterg on which we are requlred to report by oxcaptlon We have nothing lo report in respect of the following matters in relation to which the Charitle8 (Accounts and Reports) Regulations 2008 requires u8 lo rgport to you if, in OUT opinion: the infomialion given in the Trustee's Report is inconsistent in any mateiial re8pecl with the financial statements., or Sufficient aGcounting rocords have not been kept., or the financial statements are not in agreement wf(h the accounting records and returns,. or we havo not received all the information and explanations we requlre for our audll. Responsibllltles of the Trustoe As explained more fulw In the Statement of Trustee's Responsibllities sel out on page 4 the Trustee is responslble forthe preparation of the financi81 statements and for being satisfied that they give 8 true and f8ir view. and for such Intemal control as the Trustee determines is necossary to enable the preparalion of finandal statement8 that are fre8 from material mis8tatement, whether due to fraud or eryor. In preparing the financial slalen)ents, the Trustee is responsible for assessing the Tru3fs ability lo continue 8s a going concern, disclosing, as applicable, matters related to going concem and using the going concem basis of aOUntIng unless the Trugtee either Intends to liquidat8 the Trust or to cease operations, or has no realistlc aEtemative but to do 80. Page6
THE CITY SOLICITORS, EDUCATIONAL TRUST INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE crry SOLICITORS, EDUCATIONAL TRUST Audltots, responsibilitios for the audlt of the flnanclal 8tstements We have been appointed as auditor under 8eclion 145 of the Charitie¥ Act 2011 and report In accordance wlth the Act and relevant regulations made or having effect thereunder. Our objeclivo8 are to oblaln reasonable assurance aboutwhelher the financial Slatoments as a whole are free from malarial mlsstalemenl, whether due to fraud or error, and to issue an 8tJditors' report that includes our opinlon. Reasonable assurance is a hlgh level of assurance. but is not 8 guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstalemenl when il exists. Misslatemenls can arise from fraud or error and are considered material rf. individually or in the aggregate, they could ressonably be expected lo influence the econr#nic deck8ions of user8 taken on the basis of these financial slalemgnts. liregularities. including fraud, are instanw ol non-compliance with laws and regulations. We design procedures in line with our re8ponsibiifties, outlined above, to detect material misstatements in r$specl of irregularities, including fraud. The extent to which our procedures are capable of detecting Srregularilies, including fraud is detailed below.. Discussions were held with, and enquiri?$ made of, management and those charged with govemance wflh a vivw lo identfying Ihose laws an(J rogulations that could be expected to have a material impact on the financial 81atemenl8. During the engagement team briefing, the outcomes of these (liscusslons and enquiries were shared with the team, 38 well a8 con8Kler8tlon as to where and how fraud may occur in the enlily. The foltowtng faws and regulation8 were Identified as being of slgnificance to the enlty.. Those laws and regulations considered to h8ve a dlrect effect on the financial statements include UK financial reporting standards and the Charities Act. It is considered that there are no laws and regulatSons for which non-compllanGe may be fLtndament81 to the op@rats.ng aspects of the business. Audit procedures undertakon in response to the potential risks relaling to irregulari1188 (which include fraud and non-compliance with laws and regulations) comprised OF inquiries of management and those charged with govemance 88 lo whether the entity complies with such law8 and regulath)n$,' enquiries with thg same concerning any actual or potential litigation or claims., inspection of relevant legal correspondence., review of management ccfflmittee minutes., testing the appropriateness of entrfes In the nominal ledger. including joumal enlries., reviewing transactions around the end of the reporting period., and the performance of anatylical procedures lo identify unexpected movements in account balanGes which may k Indicative of fraud. No in81ances of material non-compliance were identified. Howev9r, the likellhood of detecting Irregularities, including fraud, is IiFnited by the inherent difficulty in detecting irreguiarilies, the effectiveness of the entity's controls. and the naluro, timing and extent of the audit procedures perfomied. Iiregularities that result from fraud might be inherently mof8 difficult lo detect than irYegulaTrties that resuK from error. A8 explained above, there is an unavoidable risk that materlal misstatements may not be detected, even though the audit h88 been planned and performed in accordance with ISAS IUKI. A fvrther description of our responsibilities for the audit of the financial 5tstements is located on the Financial Reporting Councll's website at.. https'.1.frc.Org.uk1audfcorsre8pon¥lb1lI1les. This descrlption form8 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 solety to the Trust's Trustee in accordance with Part 4 of the Charities IAccounl8 and Reports) Regulations 2008. Our audit work has been undertaken so that we mighl slate to the Trust's Trustee those matters we are requlred lo stale to them in an auditors. report and for no other purpose. To the fullest extent pemiitièd by law, we do not accept or assume responslbility to anyone other than the chari(y and the Trust's Trustee, for our audit work, for this report. or for the opinions we have formed. f.w. L4.C4LQS I F. W. Smlth, Riches & Co. Chartered Accounlanls & Statutory Audltors London 29 June 2026 F. W. Smith, Riches & Co. is eligible for appointment as an duditor of the Gharily by virtue of ils eligibility for appointment a8 auditor of a company under section 1212 of the Compantes Act 2006. Page 8
THE CITY SOLICITORS, EDUCATIONAL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025 Note Yoar ended 31 December 2025 UnrestrlGted funds Year ended 31 Docember 2025 Rostrfcted funds Year ended 31 December 2025 Total fund$ Period ended 31 December 2024 Total funds Income and endowments Donations and18gacies Interest income 268,550 266,550 603.400 16 11 Total Income 11 266,550 266.561 603.416 Expendlture ExpenditurB on support and governancg.. Support costs Govemance costs 16 2,190 3,030 3,030 3,030 3.036 2,206 Expenditure on charitable activi118S.' Granls188ue(I 157,536 157.536 408,163 157,536 157,536 408.163 Total expendlture 180,$66 160.572 410,369 Net 8xpendltur8 and movement fund$ 108,984 105.989 193.047 Funds brought forward 2,684 232,186 234,869 41,822 Funds carrled fopAard 10 2.689 338,169 340,858 234,869 Pag8 9
ThE CITY SOUCITORS. EDUCATIONAL TRUST BALANCE SHEET AS AT 31 DECEMBER 202S Note 31 December 2025 Unre8trlcted funds 31 December 2025 Restrlcted funds 31 Dgcember 2025 Total funds 31 December 2024 Total Funds Currnnt assets Debtors Cash 8t bank 50,000 457,561 50.000 463,640 6.079 491,584 6.079 507,561 513,640 491,584 Creditors.. amounts falling due within one year 13,390 {106,9381 {110,3281 (256,7151 Total assets le85 current 11obllltles 2,689 400,623 403.312 234,869 Creditors.. amounts falling due after more than one year (62.4541 162.4541 Ngt assets 2,689 338,169 340,868 234,869 Funds UnrestrFcted funds Restricted funds 11 11 2.689 2,689 338,169 2.684 232,185 338,169 Total tunds 2,689 338,169 340,858 234,869 The financial slalements on pages 910 17 were approved and 8Uthorfsed for18sue by the Trustee oft 29 June 2026 and were signed on its behaw by.. annon astor Page10
THE CITY SOLICITORS. EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Accountlng pollcle8 1.1 Bas18 of prnparation of financlal statsments and assessmont of golng ¢oncem The financial statements have been prepared in accordance wth 'A0tIng and R8POrtlng by Charrties,. Statement of Recomm6nded Practice applicable to charities preparing th8ir account8 in accordance with the Financi81 Reportlng Standard applicable in the UK and Republic of Ireland IFRS 102) (Second Edition), and the Flnancial Reporting St8ndard applicable in the United Kingdom and Republic of Ireland IFRS 10218nd the Charities Act 2011 and UK Generally Accepted PractKe as11 applies from 1 January 2015. The finahcial slatement$ have been prepared lo glva a'true and fai¢ view 8nd have deported from the Charities (Account$ and Reports) Regulations 2C)08 only to the extent required lo provide a 'lrue and fair view,. This departure has involved following 'Accounling and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and Ropublic of Ireland IFRS 1021 (Second Edition), rather than th& Accounting and Reporting by Charilie8'. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Trust constitutes a public benofit entity as defined by FRS 102. The TTUStee consider8 that there aye no material uncertainties about the TnFSt's ability to continue as a going concam. The preparation of financial statements requires the u88 of certain crllieal accounting estimates. It also requires management to exercise its judgement in the process of applylng the Trust's accounting pollcies. The areas involving a higherdegree ofjudgemenl orcomplexity, oi ar8ag where 088umption8 and ests'mates are Signrficant lo the financial statements, are disclosed in note 2. 1.2 Income recognltion All income 18 reeognised once the Trust has entitlement to the Income, tt is probable that income will be received and the amount of inGome recelvable can be measured reliably. The followlng ciilerra must also be met boforo Income is recognised.. Donatlons Donation8 are recognlsed when both the amount and settlement dales ar8 known. Grants Grants receivable are recognised in the period In whlch notification of both the amoutrt and the settl8menl dales are received. Lggacles Legacles are recognised on a case-by-ca8e basls following the grant of probate when the adminislratorlexeculor for the estate has communicated in writing both the amount and selllement dale. Interestlncome Interest on funds held on deposit is included upon noltfication of the interest b8ing paid or payable. Page11
THE CITY SOLICITORS, EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENT3 FOR THE YEAR ENDED 31 DECEMBER 2025 A¢¢ountlng policigs Icontlnued) 1.3 Rosources 8xpend8d Expenditure is recogn18ed in the year when theTe 18 8 legal or Gon8truclive obligation commitiing the TTUSt to that expenditure. it19 probable that the 8ettlemont will be required. and the amount of the obligatlon can be measured rgliabty. All expenditure is accounted for on an acciuals b881S. ChanTtable actlvities Charitable 8clivthe$ include expenditure In furtherance of the Trust'3 objecliv8s and where appllcable an allocation of the Trust's support and governance costs. Grant8 are charged to the statement of financial activrties in the year they are Committed by the Trustee. The liabilities to pay these gr8nl8 are Shown in the balance Sheet under credrtois, amounts falling due wllhin one year or in more than one year as appropriate. Governance ¢o$ts Governance COBts include those costs incurred in the govemance of the Trust ond are primari associated with constitutional and statutory requirements. Where applicable Ihe8e costs have been allocated to the Trust'8 charitable aclivrf(ies on a basis con818tenl with the use of the resources. Stsppt costs Support costs include 8dmini8trative costs. lthere applicable these cost8 have bgen alloGaled lo the TrusV8 charitable aGlivi1188 on a ba8is consislenl with the use of the resources. Irrgcoverable VA T Irrecovorable VAT is ¢harged against the expendire heading forwhich it was inoUr. IA Fund¥ Unr8Strlcted funds Unrestricted fund$ are funds that thè TNstee is free to Use for any purpose in furtherance of the haJltable objects. Restrlcted funds Restricted fund8 8T8 funds which have legal re51rirtions on their u8e where donof8 hav8 8pecTfied thé fund8 can only be Spent on specific activilles. 1.5 Flnancial Instruments The Tnjst has choson to adopt Sections 11 and 12 of FRS 102 in respect of financial Instrument8. Debtors Donations and grants Teceivable are inltially recognlsed at tr8ngaction price and thereafter stated at amortised cost using the effective interest method, less impaimieTrl Ios8es for bad and doubtful dobls except where the effect of discounting would be Immaterial. In such case5. the debtOTS are stalad at cost less impalmient losses. Page 12
THE CITY SOUCITORS, EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2026 Accountlng pollcles {¢ontinugdl 1.5 Flnanclal InstNments {continuodl Crodltors Grants payable are inltialty recognlsed at fair value and thereafter $tsled at 8mortl8ed cost Using the effective interest method unles8 the effect of dl$counting woukl be immaterial, in which case they are $tated at cost. Cash and eash equlvalents Cash and cash equivalen15 comprise cash at bank and In hand. Impalnnont of flnanclal assets Financial assets are assessed for indicator5 of impairment at the end of èach reporting period. Financial assels are considored to be Impaired when there is objeetNe evidence that, as a result of one or more events that have occurred after the initial recognrtion of tha financk81 asget, the estimated fulure cash flows from the finan¢ial asset have been effected. Any1089es arlsing from impaiment are recognised in the Statement of Financial ArtIVeS. Offsettlng Flnancial assets and liabilrties are offset and the net amounts presented in the financial statomenls when there is a legally enforceable right to set off the recognised amounts and there is an intèntion to settle on a nel basis or to realise the a88el and settle the liability 8imu1l8ne0u5. 1.6 Forelgn cufftncy translation The Trust's functional and pre88ntatlon Gurfenoy is the pound slerllng. 1.7 Taxatlon H. M. Rovenue & Customs has granted the Trust charjty exemption and thus it is exemptfrom taxatlon. Judgaments In applylng accountlng pollcles and key sourc88 of estlmatlon uncertality In preparing the financi81 statements management are required to make judgements, eslimales and assumptions that affect the amounts reported for assets and liabilities as at the balance Sheet dale and the amounts reported for revenues and expenses during the year. However, the natLtre of estimation means that actual outcomes could differ from these estimates. Whilst management have made judgements, Ostimates and assumptions in preparin9 th8 financial statemenls, they consider that these have not had a signrfi¢anl effect on amounts recogt)ised. Trustge's oxpensos and rernuneratlon No Trustee remuneration was paid during the year 12024.. £nil). In addition, no officer of the Trustee company was paid or reimbur8ed any expense$ during the year12024'. £nll). Page 13
THE Cy SOUCITORS. EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Donatlons and legacles Yoar ended 31 Docgmber 2025 Unrestricted Funds Year ended 31 December 2025 Restrlcted Funds Year ended Period ended 31 December 31 December 2025 2024 Total Total Funds Fund8 Donallons Legacies 216.550 50,000 216.560 60,000 603,400 266,550 266.560 603,400 All donations received are for restri¢ted purposes. Support and governance Gosts Year ondod 31 December 2025 Unrestrlcted Funds Yearended 31 December 2025 RestActed Funds Year ended Period end&d 31 December 31 December 2026 2024 Total Total Funds Funds Support Gosts Bank charges 16 Gov8rnancg Costs Audit fee linclusNe of VAT) 3,030 3.030 2,190 2,190 3,030 3,030 3,030 3,036 2,206 Qrants issued Year onded Yèar ondgd Year ended Period ended 31 December 31 Decembgr 31 December 31 December 2025 2026 2025 2024 Unrestrlctod Restrlcted Total Total Funds Fund8 Funds Funds Hor&ons Programme SWSQF Programma {20,5001 178,036 120,500 178.036 74.000 334,163 157,536 167,538 408,163 All grants have been awarded from relevant restricted funds. Page 14
THE CITY SOLICITORS. EDUCATIONAL TRUST NOTES TO THE'FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Debtovs 31 December 31 Oecember 31 De¢ornbgr 31 December 2025 202S 2025 2024 Unre5trlcted Restrlcted Total Total Fund8 Funds Fundg Funds Other Debtor8 so,000 50,000 Croditors: amounts falllng duo Withln one yoar 31 December 31 December 31 Decembgr 31 December 2025 2025 2025 2024 Unregtrlcted Restrfcted Total Tot81 Funds Funds Funds Funds Accruals and deferred income 3,390 106,938 1qO,328 256,715 Credltors: amounts falllng dug after more than one year 31 December 31 December 31 Decomber 31 December 2025 2025 2026 2024 Unrestrlcted Restrlcted Total Total Fund8 Fund$ Funds Funds Accruals and deferred income 62N64 62,4S4 10. Flnanclal instrumgnts 31 December 31 Dgcomber 31 December 31 December 2025 2026 2025 2024 Unrestrlcted Restrlcted Total Total Funds Funds Funds Funds Financial liabilities mea8ured at amortised cost 3,390 169,392 172.782 256,715 Page 15
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THE CITY SOLICITORS, EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 12. Relatod party dlsclosures The Trust's Trustee 18 the Clty of London Solicltors, Company. The City of London Sclicitor8' Company is also Trustee of The City of London Solicitors, Company Charitable Fund. Page 17