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2021-12-31-accounts

Contents. Chair's Report Trustee5 in office 2022 The Solicitors, Charity Vision Mission Statement and Values How we helped in 2021 in figures Who we helped in 2021 in figures Professional characteristics of those we helped Tru5tees' Report.................................................. Statement of Trustees Responsibilities Auditors Report to the Members............ Supporting The Solicitors, Charity Statement of Financial Activities . 03 .05 .08 .22 .24 .29 31 Statement of Cash Flows......................................... Balance 5heet............................. Notes to the Account5 . Who's who at The Solicitors, Charity................................................. 48 .33 .35 .37

Trustees, Report.

Income 2021 2020
Subscription s 55,425 153,558
and Donations
Legacies 2,922 12,664
Residual Client Balances 912,122 610,965
Investment
Income		 464,662 429,104
Other Income 27,500 36,500
Loan Repayments 188,484 272,494
1,651,115 1,515,285
(Loan Repayments
and Advances are		 not included
in the		 SOFA)
Expenditure 2021 2020
Grants and Welfare 1,679,132 1,875,336
Fundraising
8 Membership		 205,536 222,738
Governance
Costs		 30,401 38,431
Loan Advances 20,127
1,915,069 2,156,632

Investment
management
tender
carried out in 2021
IFAC meets quarterly to review financial
position and monthly
management
Severe ongoing loss ofincome accounts produced
Investment
managers
attend
IFAC
twice a year
Review ofapproach to reserves,
funds and spending
rules under way
Marketing
plan incorporates
RCB
generation
as key target
Policy and processes
in place reviewed
Data Protection and GDPR by external
DPO
Compliance Regular advice and guidance from DPO
Staff and trustee training
in Data
Protection carried out regularly
Audit ofall systems carried out in 2020
by external cyber security specialists
All recommendations
from audit
Software security implemented
Regular guidance
updates from «yber
security specialists followed up with
ITservice providers
Specific guidance
also proactively		 sought
Succession planning
informed
by skills
audit for Board and sub-committees.
~ New trustees with specific expertise
Quality ofBoard decision making recruited
in 2021
Committee
TaRs reviewed
in 2021
and effectiveness Governance
Oversight
Committee
established
~ Development
ofboard appraisal
mechanisms
underway

Independent auditor's report to the members of the Solicitors, Benevolent Association Limited.

Supporting The Solicitors, Charity

ayments
of2250 and above
in 20
ollowing:		 21 induded
Finn &other solicitors'
organisations
Donations
City of London Solicitom'
Company 2,500
London Solicitors' Litigation
Association 1.000
Browne Jacobson LLP 750
Royds Wtthy
King Solicitors		 500
Hegarly
Solicitors
Newland
Solicitors Ltd		 460
425
Bond Pearce LLP Solicitors 390
Seymours
Solicitors
Gillhams
Solicitom
Tozers Solicitors
Cartmell
Shepherd
Solicitors
The Merriman
Partnership		 350
300
275
250
250

Devon &Somerset Law Society 1,750
Bournemouth
&District Law Society		 1,000
Cornwall
Law Society		 1,000
Halifax Incorporated Law Society 1,000
Leicestershire
Law		 Society 500
Cardiff District Law Society 250
Notaries Society 250

Generous donations were also received from:
5
The Pritt Fund* 16,000
HM Hubbard
Will Trust		 5,000
The Charles Russell Speechlys
Foundation 5,000
Mills &Reeve Charitable Trust 1,500

Statement of Financial Activities.

Unrestricted Restricted Endowment Total Funds Total Funds
Note Funds Funds Funds 2021 2020
E
INCOME
Donations and Legacies 970469 27500 997,969 813,687
Investment
Income		 464662 464 662 429104
Total Income 1435131 27500 1
631		 1242 791
EXPENDITURE
Raising Funds s 197,640 7,896 205,536 222,738
Charitable
Activitie		 7 1682033 27500 709533 I913767
Total E
nditu		 1879673 27500 7896 1915069 21365 5
NET EXPENDITURE
before gains on investments (444,452) (7,896) (452,438) (893,714)
Net gains on Investments 12 1,891,012 603,718 2,494,730 10,441
NET MOVEMENT IN FUNDS 1,446,470 595,822 2,042,292 (883,273)
RECONCILIATION
OF FUNDS;
F n
b
h Forward		 18818971 6008074 24827 2 71 318
TOTAL FUNDS CARRIED FORWARD 20,265,441 6,603,896 26,869,337 24,827,045

Statement of Cash Flows.

Total Funds Total Funds
Note 2021 2020
Net Cash (used in)/ provided
byoperating activities		 22 (842,600) (784,930)
Coshfiows fmm investing activities:
Interest and dividends 5 464,662 429,104
Purchase ofinvestments (excluding cash equivalents) 12 (1,944,675) (4,387,138)
Proceeds from sale ofinvestments 12 18199242 4404 912
I' vi
used in investin
activities		 16719229 446878
Change
In cash and cash		 equivalents in the year 15,876,629 (338,052)
Cash and cash equivalents brought forward 1,493,493 1,831,545
Cash and cash equivalents Carried forward 23 17,370,122 1,493,493

Balance Sheet.

Unrestricted Endowments Taint Funds Taint Funds Total Funds
Note
Funds		 Funds 2021 2020
E f 6
Tangible Fixed Assets 11
179,841		 279WS 190,980
Investments 12 5,670,304 5,67LS304 29Jt30,141
Secured loans to benefida ries S,928,526 - 3,928~6 4,113,820
4,103,367 5,670,304 9,778,671 23,7$4rgot
Oebtom ts 135,256 135,256 143,150
Cash and cash enuivalents 16,436,530 933,592 17,370,122 tr493J(83
16,571,786 933,592 17,505,378 1,636,64$
Creditors fsSing due
within one year 14 (405,104) (405,104) (533,863)
Net current assets 16,166,6S2 953,592 17,M0,274 1,102,780
Total Assets less Current
Uabgities 20,275,049 6,603,896 26/TS,945 24,837,721
Creditors falling due
After mare than one year (9,608) (9,808) (10,676)
20,265,441 6,603,895 26~,337 24,827p04S
Funds
Unmstricted
Funds
General Fund ts 7r436,736 7~736 6,897,050
Residual
Client aalances
Undesignated
Fund		 se 3,227,879 3,227,873 3,227,879
Designated
Fund		 ts 9,600,826 9,600,826 8,694,042
Endowmern
Funds		 ta - 6,603,896 6,$8,896 Sft08,074
Total Funds 20,265,441 6,603,896 26~,3$7 2JS827r045
notes on poges 32 to 42form part ofthese
These		 accounts
on		 pages 29 to 41 were oppro
unts.
Solicitors		 Benevolent Assoc/orion Limited
the		 Boord of Trustees ond authorised for issu
istered
componlr		 number: 6601907 15June 2022 and signed on its ocher
by:
stered
charity number:		 1124512
Vi i oSetter r
irs Mc wen, nor y(FT
surer
(

Notes to the Accounts,

Unrestricted Restricted Endowment Total Funds
Notes Funds Funds Funds 2020
f f f f
2. Previous Year Statement ofFinancial Activities Analysis
INCOME
Donations
and Legacies		 777,187 36,500 813,687
Investment
Income		 429,104 429,104
Total Income 1,206,291 36,500 1,242,791
EXPENDITURE
Raising Funds 218,786 3,952 222,738
Charitable
Actiwities		 1,877,267 36,500 1,913,767
Total Expenditure 2,096,053 36,500 3,952 2,136,505
NET INCOME/(EXPENDITURE)
before other recognised gains and losses (889,762) (3,952) (893,714)
Other recognised gains and losses
Realised loss on investment assets (450,4SO) (137,416) (587,896)
Unrealised
gains on investment		 assets 458,480 139,857 598,337
NET MOVEMENT
IN FUNDS		 (881,762) (1,511) (883,273)
Funds brought forward 19,700,733 6,009,585 25,710,318
TOTAL FUNDS CARRIED FORWARD 18,818,971 6,008,074 24,827,045
Unrestricted Restricted Endowment Total Funds Total Funds
Fullds Funds Funds 2021 2020
f f f f f
3.
Donations and Legacies
Annual
subscriptions
and Donations		 54,357 54,357 152,372
Life subscription
s(see note 15)		 1,068 1,068 1,186
Legacies 2,922 2,922 12,664
Other charities
(see note 20)		 27,500 27,500 36,500
Residual client balance
donations
(see note 19)		 912,122 912s122 610,965
970,469 27,500 997,969 813,687
Notes tothe Accounts Notes tothe Accounts
fortheyear
ended
31December 2021
Continued
Unrestriicted Total Funds Total Funds
Funds 2021 2020
4. Fundraising
Activities
Events
5. Investment
Income
income from listed investments 464,365 464,365 427,388
Interest on cash deposits 297 297 1,726
464,662 429,104
UnrestriiCted
Restricted		 Endowment Total Funds Total Funds
Funds
Funds		 Funds 2021 2020
f
E		 E f f
6. Raising Funds
Costs ofraioging voluntary Income
Business development
and		 advertising 66,510 66,510 167
Repayments of residual client balance 5,338 7,896 13,234 6,007
donations
(see notes 18and 19)
Investment
portfolio management		 fees 88,822 88,822 77,797
Salary costs 11,829 11,829 38,909
Support costs
(see note		 10) 25,141 25,141 99,858
197,640 7,896 205,536 222,738
Unrestricted Restricted Total Funds Total Funds
Fundsf Funds
6		 2021
f		 2020
f
7. Charitable
Activities
Grants to beneficiaries
Cost of living allowances 538,538 27,500 566,038 902,256
Supplementary,
special and
miscellaneous
grants		 330,402 330,402 255,369
LawCare 110,000 110,000 90,000
Citizens Advice Manchester 7,920 7,920 4,980
Renovo Fees 9,858 9,858 18,960
996,718 27,500 1,024,218 1,271,565
Welfare salaries, travel, admin and legal costs 257,497 257,497 212,609
Support costs
(see note 10)		 397,417 397,417 391,162
Governance costs
(see note 8)		 30,401 30,401 38,431
1,682,033 27,500 1r709,533 1,913,767

Vnrestricted Vnrestricted Vnrestricted Vnrestricted Restricted Restricted Total Funds Total Funds
Funds Funds 2021 2020
E E E
8. Governance
Costs
Auditors'
remuneration		 - audit services 9,900 9,900 11,577
Consultancy
inc.Trustee recruitment		 17,439 17,439 24,000
Cost ofTrustees'
meetings		 and travel 3,062 3.062 2,854
30,401 30,401 38,431
Expenses reimbursed to 3Trustees (2020:3)for travel amounted to 61,121 (2020:6943). No other reimbursements
were made toTrustees.
Consultancy
incl. Trustee		 recruitment cost617,439(2020;E24,000)
Staff Total
Costs 2021
E 6
9. Total bxpenditure
Raising Funds (see note 6) 26,912 178,624 205,536 222,738
Charitable
activities		 (seenote 7) 425,212 1,284,321 1,709,533 1,913,767
452,124 1,462,945 1,915,069 2,136,505
Staffcosts
Wages and salaries 3S8,160 369,029
Socialsecurity costs 42,603 32,249
Pension costs 18,801 18,112
StaffTraining Costs 2,560 4,188
452,124 423,578
Other costs
Grants to beneficiaries 1,024,218 1,27L565
Premises, equipment and administrative 169,158 245,194
Business development, advertising, legal, audit and trustee expenses 256,335 190,161
Re a ments of residual client balances (see notes 18) 13,234 6,007
1r462,945 1,712,927
Emp/oyees
who received		 emolvmentsr 2021 2020
Above E90,000 1
E80,001toE90,000
E70,001toE80,000
E60,001toE70,000
The
average
monthly		 head count was 7.4 staff
(2020:		 6.S), and the average rnontihly number
of		 employees
on a full time equivalent basis was: 2021 202(i
Beneficiary welfare 3.4 2.8
Fundraising,
membership,		 and publicity 0.2 1.0
Management
and administration		 3.8 3.0
7.4

2021 2020
14. Eyeditors: amounts
falling due within one year
Trade creditors and accruals 66,069 149,781
Unpaid beneficiary
awards		 308,356 371,317
Other tax and soaal security 30,679 12,765
405,104 533,863
2021 2020
15. Creditors: amounts
falling due after more than One year
Life subscription
s - Balance at1January		 10,676 11,862
Received during the year
10,676 11,862
Transferred to income (1,068) (1,186)
Balance at31December 10,676

2020 The End owment
Fun		 d comprises solely ofinvestments. Agotherassets were
Includ		 edin
the 6enenrl Fund.
Permanent Endowment
Main Residual Client Total
Fund Balance Fund Funds
f f E
18 Endowment Funds (Current Year)
At 1January 2021 2,058,507 3,949,567 6,008,074
Movements - Residual Client Balance Repayments (7,896) P,896)
-Investment
Gains		 206,848 396,870 603,718
At 31December 2021 2,265,355 4,338,541 6,603,896
Endowment
Funds (Prior		 Year)
At 1January 2020 2,057,671 3,951,914 6,009,585
Movements - Residual I7lent Balance Repayments (3,952) (3,952)
-Investment
Gains		 836 1,870 2,441
At 31December 2020 2,058,507 3,949,567 6,008,074

20 Restricted Funds (Current Year)
At 1January Incoming Outgoing Transfer/Gains At31December
2021 Resources Resources or Losses 2021
f f f f
The HM Hubbard Will Trust 5,000 (5,000)
The City ofLondon Solicitor's 6,500 (6,500)
Company-Charitable Fund
The Pritt ~16000 ~16000
~27
20Restricted Funds (Prior Year)
At 1January Incoming Outgoing Transfer/Gains At 31December
2020
f		 Resources
f		 Resources or Losses
f		 2020
f
The HM Hubbard Will Trust 20,000 (20,000)
The City ofLondon Solkftor's (2,500)
Company-Charitable
The Pritt		 Fund ~14 000 ~14,000
3~6500 ~36500
Permanent Endowment
General Main Residual Client Total
Fund Fund Balance Fund Funds
f f E f
21 Reconciliation ofMovements in Unrealised
Gains on Fixed Asset Investments
Net unrealised gains at 1January 2021 3,751,418 428,546 633,917 4,813,881
Add attributable to disposals in the year (2,492,771) (284,764) (421,230) (3,198,765)
Add: net gains on revaluations inthe year 342,363 37,449 71,852 451,664
Net unrealised gains at 31December 2021 1,601,010 181,231 284,539 2,066,780
Total Funds Total Funds
2021 2020
f f
22.Reconciliation ofnet rnovernent in funds to net
cash flow from operating
activities
Net movement
in funds		 2,042,292 (883,273)
Add back depreciation
charge		 13,248 9,267
Deduct income shown
in investing		 activities (464,662) (429,104)
Deduct gains on investments (2,494,730) (10,441)
Purchase of Property
Plant &		 Equipment (2,109) (17,844)
Decrease in secured loans to beneficiaries 185,294 286,801
Decrease in debtors 7,894 37,251
Increase/(Decrease)
in creditors		 (129,827) 222,413
Net cash flow from operating activities (842,600) (784,930)
Total Funds Total Funds
2021 2020
23.Analysis ofCash and Cash Equivalents
Cash in hand 17,370,122 1,493,493
Total Cash and Cash Equivalents 17,370,122 1,493,493