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← Solicitors Benevolent Association Limited

2023-12-31-accounts

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Supporting you, since 1858

We’re here for solicitors when . times get tough

Trustees’ Report and Accounts.

For the year ended 31 December 2023.

The Solicitors’ Charity is the operating name of The Solicitors’ Benevolent Association a charitable company limited by guarantee, registered in England & Wales. Company number 6601907. Registered Charity number 1124512.

Contents.

Chair’s Report ....................................................................................... 03 Trustees in office 2023 ........................................................................ 05 The Solicitors’ Charity Vision Mission Statement and Values ........ 09 How we helped in 2023 - in figures ................................................... 11 Trustees’ Report ................................................................................... 15 Statement of Trustees Responsibilities ............................................ 22 Auditors Report to the Members ...................................................... 25 Supporting The Solicitors’ Charity ..................................................... 30 Statement of Financial Activities ....................................................... 32 Statement of Cash Flows .................................................................... 34 Balance Sheet ....................................................................................... 36 Notes to the Accounts ......................................................................... 38 Who’s who at The Solicitors’ Charity .................................................. 48

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Ginny Cannon
Chair
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. Chair’s Report

2023 was a significant year in the ongoing development of the Charity. In addition to providing support to growing numbers of solicitors in need (and their dependants) we completed two major projects: the development of an exciting new strategy for 2024 – 2026 and the introduction of a new Client Relationship Management (CRM) system.

Both pieces of work play a substantial part in helping us to ensure that the right kind of help is offered to our clients, promoting self-sufficiency and independence where that is possible and maintaining longer-term support for those who need it.

Our strategy and our new CRM also help us focus on raising awareness of the Charity, diversifying and increasing our income, improving our systems for clients and being more transparent in our dealings with them, and understanding their needs better so that we can widen the support we offer in the right way. As part of the strategy, we will also focus on supporting our staff team to work with ever more complex and challenging requests for help from clients.

Overall in 2023, we awarded a net sum of £972,064* in direct grants and payments for services for solicitors in need. Whilst this is a slight increase in financial terms on 2022, we used the funds involved to support 33% more new clients (and 12% more clients overall including those who were new to us, those re-applying, and those we were continuing to support ). Our funding also helped LawCare in providing assistance to 17% more solicitors from England & Wales than in the previous year.

In addition to awards and payments for services, we also provided £37,069 in support in the form of secured loans with sums paid directly to third parties for goods and services provided to clients in need.

Provision of help is much more than making a single grant award to a client. Our evolving network of expert complementary organisations gives our client-facing team opportunities to find the right support to tackle the needs of each individual. We increased referrals to such organisations across the board in 2023, including seeing large increases in the number of referrals for mental health assessment and follow-up therapy and in money management advice.

Underpinning these funded referrals were over 540 separate financial awards ranging from ongoing day-to-day support to help with debt, provision of equipment and adaptations, the costs associated with a return to work and a wide selection of other tailored support.

As we moved through the year we saw an acceleration in the numbers of clients assisted by the Charity. This reflects the efforts over recent years to raise awareness of our work and has continued into 2024, where we are now regularly

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seeing over 20 new approaches for help a month. This is a doubling compared with 2022 and more than 50% higher than in 2018, our previous busiest year pre-pandemic.

We aim to provide tailored support to all eligible people who ask for our help. We are very grateful to the individuals who donate to us or leave us legacies, to Law Societies, Trusts and Foundations who support us, and to firms who donate unclaimed client balances. All are vital in helping us provide much needed help for clients. However, as we can see a growing need for help our new strategy includes an aim of diversifying and growing our income streams. This will be a significant focus for the Charity in coming years.

Our investments continue to give us good levels of in-year income, which is a key part of being able to afford what we do. Following a volatile period we saw a healthy growth in the value of those investments in 2023 and the trustees are confident in investing in the roll-out of our strategy over the coming three years.

During 2023 two trustees stepped down from the Board. Michael Gillman and Matthew Robbins are both former Chairs of Trustees. Both had given many years of dedicated commitment to the Charity as Chair of Trustees, Vice-Chair, chair and members of our committees. I am very grateful for all that they have done to strengthen and develop our work.

I was delighted that an open, external recruitment process to find new trustees with specific skills and knowledge needed to strengthen our governance was highly successful. We recruited five new trustees in 2023: Ejike Ndaji, Hannah Al-Rifai, Rachel Nir, Rory O’Keeffe and Simon Dinnick. They bring with them expertise in charity law and governance, cybersecurity, data protection, EDI, and grant making in the benevolent sector. They also widen and deepen representation of parts of the profession amongst our trustee body, including experience in-house in the commercial and professional indemnity sectors, in high street firms, and in legal education.

Volunteering as a trustee is vital to good governance. It demands huge skill, good judgement, commitment, and time. I am especially grateful to all my trustee colleagues for the many hours of thoughtful input that they have offered in such an important year for our strategic development.

We could not have achieved any of what we have done for solicitors in need without the considerable efforts of the staff team in post in 2023: Andrew Imbrah, Anita McCallum, Dervilla Carroll, Jack Blackwell, Jacqui Staniforth, Paul Norton, Sue Ellis, Ricardo Premchand, and Nick Gallagher, the Charity’s CEO. It is because of the work and dedication of the staff team and of the trustees in a demanding year that we can now face the future confidently with great excitement about the growth and development of the Charity and what it can provide for its clients.

On a purely personal note, it has altogether been a year when I have felt proud and privileged to be the Chair of the Charity.

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£972,064 is net of awards made but unclaimed from previous years totalling £107,529.

**Ginny Cannon is registered as a Director and Trustee at Companies House and with the Charity Commission under her married name, Virginia Salter. The Trustees Report and Accounts are, therefore, signed in that name.

Virginia Salter

Ginny Cannon, Chair** 3 July 2024

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. Trustees in office 2023

Board Officers

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Ginny Cannon

Chair; Ex-officio member of all committees

Ginny Cannon joined The Solicitors’ Charity as Chair-elect in March 2021 and took over as Chair in September 2021. A retired in-house commercial solicitor, she is Senior Warden of the City of London Solicitors’ Company. Chair of the Friends of Moorfields Eye Hospital until 2021, Ginny is also an independent trustee of the Investment Managers’ Charitable Trust.

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James Brennan

Honorary Treasurer; Ex-officio member of all committees

James Brennan has a three decade long career in banking, investment management and business development and currently works with charities as Portfolio Director for Cazenove Capital.

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Chairs of Committees

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Kirsty McEwen

Michael Gillman

People & Development Committee (Chair); Governance Oversight Committee.

(until June 2023)

Governance Oversight Committee (Chair); Investment, Finance and Audit Committee

Kirsty McEwen was the Honorary Treasurer of The Solicitors’ Charity until June 2022. She is a partner at leading Black Country law firm Higgs & Sons. She specialises in advising charities and not-for-profit organisations, including social enterprises, on all aspects of their operations.

Michael Gillman became a The Solicitors’ Charity trustee in 2009 and was chairman between 2012 and 2015. He was the senior partner and specialist matrimonial solicitor at Bishop & Sewell LLP. Michael was president of the City of Westminster & Holborn Law Society in 2008.

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Christl Hughes

Andrew Wauchope

Awards Committee (Chair until June 2023); Governance Oversight Committee (Chair from June 2023)

Investment, Finance and Audit Committee (Chair); Strategy Working Group (Chair)

Andrew is a Chartered Fellow of The Chartered Institute for Securities & Investment and has over 30 years of investment experience including at Quilter Goodison, Gerrard Vivian Grey and Laing & Cruickshank (later UBS). At UBS he was Head of Charities Investment. He performed a similar role at Psigma Investment Management, now Punter Southall Wealth. He has experience as an investment committee chair and finance committee member. He is currently a member of the Court of the Worshipful Company of Ironmongers, a trustee of CABA, the Sir Halley Stewart Trust, and the Accountants Charities as well as being the current Chair of the Harrow Mission Trust.

Christl Hughes was only the sixth woman in The Solicitors’ Charity’s history to be appointed Chairman.

A former high street solicitor specialising in contentious business, she has been a trustee for the Gender Identity Research & Education Society, a charity offering support to transgender individuals. Christl was Chairwoman of the Association of Women Solicitors of London in 2021.

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Shams Rahman

Awards Committee (Co-Chair from June 2023); Senior Trustee For Trustee Concerns and Whistleblowing

Shams Rahman is a solicitor and partner at leading Lincoln’s Inn law firm Edwin Coe LLP, specialising in commercial and property related litigation. He is a member of the Law Society and a regular speaker at events promoting law career development and mentoring of law students and young professionals.

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Eugene Farrell

Awards Committee (Co-Chair from June 2023); People & Development Committee; Strategy Working Group

Eugene is a mental wellbeing specialist with more than 30 years of experience. He is the Mental Health Consultancy Lead at AXA Health, providing consultancy to corporate clients. A leader in workplace mental wellbeing, counselling and psychological therapy, he authors articles, provides training and speaks at conferences and roundtables, and is a regular media contributor and webinar producer. He has a keen interest in digital health solutions and testing mental health and wellbeing Apps. He is a twice former Chairperson and an Emeritus Member of UK Employee Assistance Professionals Association.

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Board Members

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Robert Banner

People & Development

Committee; Investment, Finance and Audit Committee; Strategy Working Group

For 11 years, Robert Banner sat on the Law Management Section of The Law Society (TLS) and was the Section’s longest serving Chair. He also sat on the committee of the Small Firms Division of TLS for a decade (having been a member of the steering committee leading to its formation). Once again for 10 years, he served on TLS’s Financial Benchmark Survey Committee responsible for organising one of the most important surveys in the legal marketplace.

Robert retired as a solicitor at the beginning of 2022 after a long and highly successful career. He was a recognised Legal 500 personal injury lawyer and received a lifetime achievement award from the local business community in 2019. In 20224, he was appointed to the Council of the Institute of Legal Finance and Management (ILFM).

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Rebecca Litherland

Awards Committee; Investment, Finance and Audit Committee

Rebecca specialises in welfare benefits law and has significant experience of criminal and family law, as a practitioner and volunteer.

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Ejike Ndaji

Anthony Cumming

(from January 2024) Governance Oversight Committee (from March 2024)

(Trustee until June 2022) Awards Committee

Anthony Cumming was an equity partner in Lupton Fawcett of Leeds, being a personal injury specialist. He was president of Leeds Law Society in 2003/4 and was chairman of The Solicitors’ Charity in 2001.

Ejike is a partner with Spire Solicitors in Norwich, setting up their Charity Law team. He has trustee experience of small and mid-sized charities. In 2016 he set up a charitable foundation at his firm, Spire Charitable Trust, which he chairs. The Trust helps support people locally in Norfolk.

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Rory O’Keeffe

Hannah Al-Rifai

(from September 2023) Awards Committee (from March 2024)

(from October 2023) People & Development Committee (from March 2024)

Hannah qualified in 2008, initially practising as an IT transactional solicitor in private practice, before being enticed to join AIG in 2012 following a successful secondment. As head of Cybersecurity and Privacy Legal, Hannah advises AIG globally on a full range of privacy and cybersecurity legal risks and issues, including cyber security incident response, digitalisation and Artificial Intelligence, data entanglement and retention, as well as overseeing AIG’s global privacy governance and accountability framework.

Rory was previously a Partner at Matheson LLP and in 2024 became a Legal Consultant at RMOK Legal Consulting. He brings nearly two decades of experience spanning diverse international technology and business transformation deals. Rory adeptly melds private practice, in-house and practical expertise with clear understanding of cybersecurity and emerging technologies. Prior to Matheson, Rory served for 10 years as Senior Legal Counsel at Accenture UK having started his career as a criminal and conveyancing solicitor.

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Board Members

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Matthew Robbins

(until June 2023) Awards Committee

Matthew Robbins was The Solicitors’ Charity’s Chairman until September 2021. He is Senior Partner at Jasper Vincent solicitors in Southampton and past President of Hampshire Incorporated Law Society (HILS). He was the first solicitor to arrive at the Law Society conference by canoe, from London to Birmingham along the Grand Union canal in aid of The Solicitors’ Charity.

Tanya Dunbar

People & Development Committee

Tanya Dunbar joined The Solicitors’ Charity in 2014. She qualified in 2008, having had a previous career as a Business Development Manager for an Internet Service Provider. Tanya practised as a solicitor at Ashfords LLP until early 2016. She is now the Associate Director, Innovation - Global Data Office at EY, having also worked in house.

Simon Dinnick

(from September 2023) Governance Oversight Committee (from March 2024)

Simon is a retired senior solicitor (with over 35 years’ experience in professional regulation and healthcare law. He was a partner in a national law practice for 26 years, and for 11 years was Head of Legal Services and then General Counsel for the Medical and Dental Defence Union of Scotland, where he was a member of the Senior Management Team.

He has experience as a Trustee of the Royal Medical Benevolent Fund (RMBF), a leading medical charity, and served as a member and Chair of its Grants and Awards Committee.

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Haroon Qayum

Governance Oversight Committee

Haroon Qayum is a partner in private practice. Haroon was President of the Cambridgeshire & District Law Society between March 2014 and October 2015.

Rachel Nir

(from November 2023) People & Development Committee (from March 2024)

Rachel’s background is that of a City solicitor who moved into university teaching in 1999. She is a Reader and currently works as the Director for Equality Diversity and Inclusion for the School of Law and Policing at the University of Central Lancashire. She is a specialist lead on EDI issues within Higher Education and has served in a number of national diversity positions.

She was a member of the Law Society’s EDI Committee from 2013 – 2019 as one of two academics appointed to represent the sector. Her focus was on increasing inclusion within the legal profession. She currently serves on the panel for the Higher Education Race Equality Charter, and on the Society for Legal Scholars’ EDI committee.

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Our vision*

To be here for all Solicitors and their dependants, to help and support their wellbeing in times of need and beyond, . so that they can thrive

Our mission*

We provide personalised support for emotional, physical, professional and . financial wellbeing

Our core values

*formally adopted March 2024

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How we live our core values.

Non-judgemental

Trustworthy

Engaged

Collaborative

Professional

Understanding

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The Solicitor’s Charity Trustees’ Report and Accounts 2023

Trustees’ . Report

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. Trustees’ Report

The Solicitors Benevolent Association (SBA), originally instituted in 1858, was incorporated as a charitable company limited by guarantee in 2008. In December 2020, a new operating name of The Solicitors’ Charity was adopted.

The Articles of Association specify a minimum of ten trustees as directors of the company, all of them to be members of the company. Two-thirds of trustees must be, or have been, solicitors. In the event of dissolution of the company each member bears a maximum liability of £10.

In 2023, new trustees with expertise in charity law & governance, cybersecurity, data protection, and diversity, equity and inclusion were recruited. During 2023 eighteen people served as trustees (with 15 in post in December 2023). Twelve of the sixteen trustees (75%) were solicitors. One trustee who had initially been coopted to the Board became a trustee in January 2024.

The objects of the Charity are ‘to provide relief and assistance for persons in need who are or who have been admitted to the Roll of Solicitors for England and Wales or who are or have been married to or are or have been the civil partner of solicitors so admitted or who are or have been dependents of solicitors so admitted .’

Support takes a variety of forms including direct emotional support, provision of services through funded or contracted partner organisations and direct financial payments. Direct financial assistance usually takes the form of a grant. Historically, we also provided help in the form of loans secured against property. In March 2020, Trustees resolved that loan payments would, in future, only be paid in a very limited range of circumstances usually directly to third parties for provision of equipment or services to clients.

Contracted or funded expert partners providing services to our beneficiaries (who we refer to as clients) include Citizens’ Advice Manchester (CAM), Renovo, LawCare, One Bright, and Advice Works. Referral and signposting to other sources of help is also used as appropriate to an individual enquirer or applicant’s circumstances.

During 2023 we looked at further expansion of these partners and in the first few months of 2024 have entered into agreements with PennySmart, to provide money advice assessment and casework, and Law Sight, who, as former solicitors or law firm professionals who have re-trained as psychotherapists, offer particularly informed mental health assessment and therapy.

Structure, Governance and Management

The trustees/directors bear overall legal responsibility for the administration of the Charity. It is their responsibility to provide strategic direction to the Charity, to control its affairs, to safeguard its assets, to identify and manage risk and to ensure that the Charity pursues its charitable objects.

Trustees are recruited via advertisement and the appointment process is overseen by the Governance Oversight Committee who ensure a fair, inclusive and transparent process. New Trustees can serve a fixed term of two years followed by up to two further terms of four years each. Trustees are inducted via a tailored

process of conversations with their peers, the Chief Executive and staff as well as the provision of key background information and documentation. All new Trustees are offered a mentor for their first year and the opportunity to attend training in the role and duties of a charity trustee. They must undergo data protection training and are required to sign the Trustee Code of Conduct. In addition to individually tailored training sessions, formal training opportunities for all trustees are usually carried out at least once per year by way of an in-person Trustee Away Day and through specialised virtual training sessions.

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The Articles of Association provide that the trustees shall meet at least four times a year. Day to day management is delegated to the CEO, Nick Gallagher, who works alongside two part-time and five full-time

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colleagues. The staffing establishment in 2023 was 7.8 full-time equivalents (FTE) (and temporarily 8.6 FTE during a period of staff handover)

In 2023, the work of the board is supported by four committees and a Strategy Working Group. Committee Terms of Reference were reviewed in 2021. The Chair and Honorary Treasurer are ex-officio members of all committees, and each committee has at least three other trustees as members.

The Awards Committee establishes detailed policy guidelines for awardmaking that are adopted by the Board. It has oversight of the awarding of grants and, on rare occasions, loans. It meets up to eight times a year and can co-opt experts to assist its deliberations. The staff Casework Team attends meeting to provide insight into the needs of clients and recommendations for their support. Decisions about awards are subject to carefully considered delegation arrangements that support timely decision making by staff. Awards made under the delegated arrangements are subject to review by the Committee, internal audit, as well as annual external audit.

The Investment, Finance and Audit Committee (IFAC) scrutinises the work of the Charity’s investment managers, the setting of investment and reserves policy, the setting of the annual budget and progress against it and oversees internal audit practice. In 2023 it appointed Sayer Vincent to carry out internal audit functions on a project basis.

The Committee also recommends, for decision by the full Board, the appointment of auditors, the approval of the annual accounts and the appointment of investment managers.

The Governance Oversight Committee exercises general oversight of the structure, composition and effectiveness of the Board and its committees and of regulatory matters and governance, including compliance with best practice. In 2023 it oversaw the recruitment of five new trustees.

Committee focuses on human

resource and wellbeing issues for staff and any future volunteers, including staff and executive remuneration.

The Strategy Working Group, consisting of trustees and staff (and with co-opted external expertise) was established to oversee delivery of a new Strategy for 2024 – 2026, reporting to the full Board of Trustees.

In 2023 it oversaw the completion of a major piece of research into the needs of the profession and their views of the work that the charity does, carried out by a highly respected external team of researchers. A Strategy Lead was appointed on a one-year fixed term contract to work with the CEO in drawing up the new strategy, overseen by the Committee.

The new strategy was agreed by the Board in March 2024 and is now being implemented. As a result the Strategy Working Group was dissolved.

Public Benefit

The public benefit of The Solicitors’ Charity’s work is in providing relief to those in need because of “youth, age, ill-health, disability, financial hardship or other disadvantage” under section 3(1)(j) of the Charities Act 2011.

The relevant Charity Commission guidance provides that “it is likely to be charitable to relieve either the poverty or the financial hardship of anyone who does not have the resources to provide themselves, either on a short or long-term basis, with the normal things of life which most people take for granted”.

The trustees confirm that they have complied with their statutory duty to have regard to the Charity Commission’s guidance on public benefit.

Volunteers

As part of the strategy 2024 – 2026 a new volunteering scheme designed to help promote awareness of the charity and to increase support will be established.

Grant-Making Policy

During 2023 a full review of the Charity’s grant-making approach was carried out. Trustees agreed, as part of strategy development, that the only criterion to receive some support is that clients must be (or have been) on the Solicitors’ Roll for England and Wales or be the dependent of such a person.

There are no further eligibility criteria, other than need, to receive indirect support through funded or contracted expert partners. Referrals to services provided by these experts in such areas as welfare benefits, money or debt management, mental health assessment and therapy and career conversion counselling are often made immediately on application.

To receive direct financial assistance (for instance day to day support awards, one-off payments to help with debt, or purchase of equipment and furnishings) various financial eligibility criteria must be met.

In 2024, the Charity will move to using the Households Below Average Income (HBAI) calculations as a means of establishing eligibility for income, and the level of readily accessible financial assets above which a client will usually be ineligible will rise to £16,000.

However, in 2023 applicants continued to be assessed for financial eligibility using the Joseph Rowntree Minimum Income Standard (MIS) as the starting point. This looks at the incomes different households require to meet a minimum standard of living broadly accepted in society as decent. Applicants with income greater than the MIS for their circumstances or with liquid assets greater than £10,000 will often be ineligible for direct financial support.

Trustees have absolute discretion to waive financial eligibility criteria where they decide, after thorough assessment, that some early, targeted financial assistance would help prevent problems from escalating.

The People and Development

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The needs of clients are considered with a view to ensuring a return to self-sufficiency wherever possible. Where this is not possible, due, for instance, to chronic ill-health, disability, or age, longer-term support can be provided.

For all clients, our approach is to support targeted interventions that deliver long-lasting positive change in all aspects of wellbeing:

Emotional/mental – with providers in the field of psychotherapy, we offer an initial assessment followed by funded sessions with a qualified therapist. We also part-fund the mental health and wellbeing charity, LawCare, staffed with trained volunteers (many of whom are lawyers) providing a phone and email peer support helpline.

Financial – if individuals are struggling with finances and money management, we have services in place which can help with budgeting and drawing up a practical money management plan, with debt management, and with welfare benefits issues. We also help with direct financial support.

Professional/career – some of our clients may be returning to work after a break or may need to change the sector of the law they practice. Perhaps they have been made redundant and need support with securing their next job role. We fund sessions offering career counselling support.

Physical – clients of any age can experience physical illness or disabilities which affect their ability to work or manage at home. We can provide occupational health assessments as well as direct financial support for equipment and adaptations.

The Charity does not pay off student loans, nor does it clear business debt.

Consideration of applications is overseen by the Awards Committee within their Terms of Reference. A range of decisions, within agreed parameters, is delegated to staff. Delegated awards are kept under review by the Awards Committee

and are subject to internal audit, independent of the Awards Committee, reporting to IFAC and the full board.

The Board retains the discretion to act as it sees fit in all cases.

Achievements and Performance

The key performance indicators used to measure progress on achieving objectives and delivering strategy can be seen from the statistics below (2022 figures in brackets):

We provided support in the form of awards to 33% more new clients year-on-year (2023: 52 compared with 2022: 39) and, overall, to 12% more new, returning and ongoing clients (2023: 163 compared with 2022: 145). This is the highest level of support, excluding the extraordinary situation with Covid in 2020, since 2018.

A net total of £972,064 (2022: £962,229) was awarded in grants directly to clients and payments to partner organisations to provide services to clients. This included over 500 direct financial awards to our clients.

Loans awarded to clients were £37,069 (2022: £25,316)

Total funds increased from £24.76m to £26.11m due to Net Funds movement of £1.35m (2022: (£2.11m) ) and gain on the investment portfolio of £1.8m (2022: (£2.3m) ).

In Autumn 2022 we adjusted day to day support living allowances in line with changes to the Joseph Rowntree Minimum Income Standard, backdating these changes to September 2022.

For clients in receipt of day to day support the average monthly payment rose from £475 in December 2022 to £553 in December 2023, an increase of 16%. This reflects the roll out of higher sums across the year as each client’s award was reviewed.

Our client-facing staff provide emotional support to clients through

their engagement by phone and email. This important part of our work, which was highly praised by respondents to our strategy research project, is not captured in quantitative figures.

Collaboration to ensure clients get the right help at the right time

Working in collaboration with other charities and service providers helps us to deliver more services to our clients, utilising the expertise that these partners supply.

LawCare . During 2023, LawCare provided emotional support and guidance to 324 (2022: 276) solicitors in England and Wales via its helpline, using funds provided by The Solicitors’ Charity. This was a 17% increase in people helped.

Onebright carried out mental health assessments and/or provided therapy to 28 clients (2022: 8). This was a 250% increase in the first full year that our relationship with Onebright was established.

Renovo . 19 (2022: 7) clients were referred to Renovo for career transition counselling during 2023, an increase of 171%. Eligible clients are supported by financial assistance for up to a year whilst they undertake the three-month-long course and actively seek a new position.

Citizens Advice Manchester (CAM).

During 2023, The Solicitors’ Charity funded 32 (2022: 19) referrals for expert, priority advice on welfare benefits and debt management from the advice centre in Manchester, an increase of 68% on 2022.

AdviceWorks provided in-depth across-the-board money management advice to 37 of our clients (2022: 21). This represented a 71% year-on-year increase.

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Key Management Salaries

The Solicitors’ Charity is committed to rewarding its people, to recognise their effort and to retain their skills, and to attract new high-calibre staff. The charity believes in the importance of transparency in how it sets pay and is particularly conscious of the need for clarity and openness in setting executive pay.

Decisions on pay for all staff are made by the Board of Trustees. All members of the Board, including the Chair, are independent volunteers who bring their skills, knowledge and expertise from outside the organisation to decision-making.

A sub-committee of the Board, the People & Development Committee (which is made up of volunteer Board members), scrutinises pay proposals in detail on behalf of the full Board.

Transparency and reporting

The Charity has adopted a pay policy that applies to all staff in the organisation. In line with good practice, the draft policy was shared with staff for comment before trustee approval. The policy clearly sets out how recommendations on pay increases are to be governed, the parameters to be considered in making decisions about pay, how and when grading and benchmarking of salaries is to be carried out and the importance of independent review in the grading and benchmarking process.

Under the terms of the Pay Policy, decisions on pay are made by the full Board, on the recommendation of the People and Development Committee following scrutiny of a formal annual proposal from the Chair with respect to the CEO and from the CEO for all other staff.

Responsibility for the application of the Pay Policy in respect of the CEO lies with the Chair of the Board. Application of the Pay Policy with regards to all other staff lies with the CEO.

Proportionality of executive pay

The Charity considers how proportionate executive pay is both to the external market and in relation to other pay in the organisation. In common with all other roles in the Charity, the CEO’s salary is assessed against similar roles in similarly sized organisations within similar sectors and locations, using the benchmarking process outlined in the Pay Policy.

The Charity pays due regard to NCVO and ACEVO good practice guidance on ratios between executive salaries and those of other employees. The Board has agreed a maximum cap of 3:1 between the salary of the CEO and the median of all other salaries in the organisation.

To calculate this ratio the CEO’s salary is compared with the median of all other full-time equivalent salaries. Where there is an even number of staff, the average of the two middlemost salaries in the set is used. The ratio of CEO to median staff pay in 2023 was 2.4:1. (2022 2.4:1)

Executive performance

In common with all staff of the organisation, the CEO is subject to a 6-month probationary period. Successful completion of the CEO’s probationary period is assessed by the Chair and one other member of the Board. Annual KPIs agreed between the Chair and the CEO are shared with all trustees and staff. Performance is monitored in regular meetings between the Chair and CEO. The Chair, supported by one other member of the Board, is responsible for ensuring that a formal annual performance appraisal is carried out.

In adopting its current pay policy, the Charity has chosen not to use individual performance-related pay, though organisational performance is a factor considered in setting across the board pay rises.

Recruitment and retention

Since attracting high-calibre staff who can help grow and develop the Charity is important to the organisation, the Charity recognises the need to be competitive in the labour market whilst paying due regard to prudent use of charitable funds.

The Pay Policy sets out an approach to benchmarking that ensures salaries for all staff are commensurate with those of people performing similar roles in similarly sized organisations within similar sectors and locations. Taking account of affordability, it is the aim of the Charity to pay all salaries including that of the CEO at, or above, the median of the benchmarked salary range for each role. However, salaries will not normally be paid above the level of the 75th centile of the relevant benchmark.

The Charity also offers a pension scheme with staff contributions matched by the employer as well as a holiday leave entitlement above statutory guidelines.

==> picture [293 x 268] intentionally omitted <==

The Solicitor’s Charity Trustees’ Report and Accounts 2023

18

Financial Review

==> picture [257 x 132] intentionally omitted <==

Income
Subscriptions
and Donations
Legacies
Residual Client Balances
Investment Income
Other Income
Loan Repayments		 2023
2022
44,611
39,779
52,923
638,387
769,115
885,996
597,942
633,653
46,385
49,039
117,653
56,887
1,628,629
2,303,741

==> picture [251 x 136] intentionally omitted <==

(Loan Repayments and Advances are not included in the SOFA)

Expenditure
Grants and Welfare
Fundraising & Membership
Governance Costs
Loan Advances		 2023
2022
1,857,162
1,761,737
79,383
226,586
61,955
108,314
37,068
25,316
2,035,568
2,121,953

Total income for the year 2023 (excluding loan repayments) amounted to £1,510,976 {2022: £2,246,854}. Total expenditure for the year (excluding loan advances) amounted to £1,998,500 {2022: £2,096,637}. The consequent net expenditure before investment gains and losses was (£487,524) (2022: £150,217).

pot of funds to repay any client balances transferred to it under the Solicitors Account Rules. The balances are used to protect The Solicitors’ Charity’s investments to produce income to fund future charitable grants or for funding occasional interest free loans to beneficiaries secured on property.

Other recognised gains and losses included gain on investments amounting to £1,835,438 {2022: (£2,258,503)}. When added to the net expenditure and the funds brought forward, total net assets have increased to £26,108,965 {£24,761,051}. The principal net assets are the investment portfolio of £21,075,399 {£17,622,430} and the secured loans to beneficiaries of £3,810,950 {£3,898,040}.

The principal source of funding for The Solicitors Charity is conditional donations of residual client balances from solicitors’ firms. The Solicitors Regulation Authority allows for donation of client balances to charity in the event the client is untraceable. The Solicitors’ Charity offers an indemnity for all client balances received. The Charity holds a designated

Since January 2023, the Charity has operated a spending rule that allows 4% of the value of the investments to be spent on in-year activities. This 4% includes income from investments.

The Charity continues to receive donations from individual solicitors, firms, and law societies. These are gratefully received, and the income is utilised in year to make a positive difference to the lives of our clients through grants, support commissioned from partners and occasional secured loans. In 2023, The Solicitors’ Charity did not use professional fundraisers to raise funds

The Solicitor’s Charity Trustees’ Report and Accounts 2023

19

Spending Rule & Reserves

Trustees recognise that it is important both prudently to steward the finances of the charity and that those resources should be used effectively in the interests of members of the profession in need.

Therefore, at the board Meeting of 7th December 2022, having carefully considered research into returns on investments in the long term, they resolved to introduce a spending rule which allows:

4% per annum of the value of the investment portfolio to be spent (the 4% to include income from those investments).

An investments floor value of £11,037,487, below which the value of investments may not fall. This figure represents the value of the investments on 31st December 2008 plus a designated fund of £1,250,000 to meet claims for reimbursement of RCBs and £750,000 against wind up costs.

Spending from the portfolio beyond the 4% spending rule down to the investments floor, if agreed by the full board and placed in a designated fund against defined purposes with timescales within which the money must be spent. Trustees recognise that spending these sums will reduce future investment income

At December 2023, the value of investments above the investment floor which are, therefore available to be spent, should trustees so designate, was £10,037,668.

Free reserves at the end of 2023 were £11,102,187 (approximately 43% of the Charity’s overall wealth). These exclude endowment funds, tangible fixed assets, long term liabilities, designated funds and funds which have been applied to beneficiary loans. Three years’ expenditure is £6.43m.

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20

Risk Management

The trustees risk management strategy comprises:

The trustees are satisfied that the major risks to which the Charity is exposed have been identified and that systems and procedures have been established to manage them successfully.

Principal risks and their management are set out below:

Severe ongoing loss
of income		 •
Investment management re-tender concluded in 2021, and
new managers appointed.
•
IFAC meets quarterly to review fnancial position and monthly
management accounts produced.
•
Investment management expert trustees in place as Chair of
IFAC and Treasurer.
•
Investment managers attend IFAC twice a year.
•
Review of approach to reserves, funds and spending rule
completed.
•
Marketing plan incorporates RCB generation as key target.
•
Director of Impact & Development appointed in May 2024
•
Consultancy for Fundraising Strategy identifed.
Data Protection and
GDPR
Compliance		 •
Policy and processes in place and reviewed by external DPO.
•
Regular advice and guidance from DPO
•
Staf and trustee training in Data Protection carried out
regularly.
•
Two trustees with Data protection expertise recruited
Software security •
Audit of all systems carried out by external cyber security
specialists for cyber essentials accreditation -Cyber essentials
certifcation successfully obtained, and all recommendations
implemented.
•
Regular guidance updates from cyber security specialists
followed up with IT service providers.
•
Two factor authentication on all Outlook accounts and on
grant making and donor management CRM.
•
Microsoft Security score regularly monitored, and actions
taken to further strengthen score.
•
Two trustees with substantial cyber security experience have
been recruited
IT infrastructure •
Modern, resilient, ft for purpose grant and donor
management solution implemented. ·
•
Cloud based server adopted for more efcient working.
•
Review of system vulnerabilities completed, and
recommendations implemented.
•
DPO in place
•
IT support contract reviewed annually to ensure its it is up to
date.
•
Tender of IT support provider to be carried out in 2024
Internal controls •
Financial controls manual in place.
•
Regular review of controls against CC8 guidance including full
review against new guidance in 2023
•
Delegated authority limits for payments to clients agreed and
reporting and audit trail in place.
•
Delegated authorities subject to internal audit
•
Internal auditor appointed and approach agreed.
•
All recommendations from audits implemented.
Quality of Board
decision
making and efec-
tiveness		 •
Succession planning informed by skills audit for Board and
sub-committees carried out in 2022
•
New trustees with specifc expertise in investment
management and business development recruited in 2022
•
Committee ToRs reviewed in 2021
•
Governance Oversight Committee established
•
Board appraisal mechanisms introduced
•
Senior Trustee for Trustee Concerns and Whistleblowing
appointed in 2022
Quality of Board
decision
making and
efectiveness		 •
Trustee Succession planning informed by skills audit.
•
As of 2024 all trustees will have terms of ofce limited to 10
years.
•
Trustees with specifc expertise in Charity Law, grant-making,
GDPR, Cyber Security and EDI recruited in 2023
•
Committee ToRs reviewed and standardised in 2021.
•
Governance Oversight Committee in place to provide
governance oversight.
•
Senior Trustee for Trustee Concerns and Whistleblowing in
place.

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21

Future Plans

In March 2024 Trustees agreed a new Strategy for 2004-2006.

The Strategic Aims are:

  1. Strengthen and diversify funding sources.

  2. Build awareness of the Charity.

  3. Ensure greater transparency.

  4. Broaden our range of support (including for mental health).

  5. Promote greater resilience and independence for clients (but where this is not possible, continue to offer them long-term support).

  6. Optimise staffing levels and support for our people.

A cross-cutting theme underpinning all of the six aims:

Key deliverables in 2024 include:

Trustees’ responsibilities in respect of the preparation of the accounts

The trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the Accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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

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 accounts 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 charity and financial information included on the charity’s website.

Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.

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22

Statement as to disclosure of information to the Auditors

In so far as the trustees are aware:

Accounting Principles

This report has 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 FRS 102’’ applicable in the UK and Republic of Ireland.

Approved by the Board of Trustees on 3 July 2024 and signed on its behalf by

Vir inia Salter g

Virginia Salter , Chair

The Solicitor’s Charity Trustees’ Report and Accounts 2023

23

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

The Solicitor’s Charity Trustees’ Report and Accounts 2023

24

Annual Accounts 2023

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE SOLICITORS’ BENEVOLENT ASSOCIATION LIMITED

Opinion

We have audited the financial statements of The Solicitors Benevolent Association Limited (the 'charitable company') for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance sheet, the Statement of cash flows and the related notes, 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Trustees' 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 charitable company'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.

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25

Annual Accounts 2023

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

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Trustees are 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 gives 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view,

The Solicitor’s Charity Trustees’ Report and Accounts 2023

26

Annual Accounts 2023

and for such internal control as the Trustees determine 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 Trustees are responsible for assessing the charitable company'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 Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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 Auditor's 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:

Our assessment focussed on key laws and regulations the Charitable Company has to comply with and areas of the financial statements we assessed as being more susceptible to misstatement. These key laws and regulations included but were not limited to compliance with the Companies Act 2006, Charities Act 2011, Charities (Protection and Social Investment) Act 2016, taxation legislation, data protection, anti-bribery and employment legislation.

We are not responsible for preventing irregularities. Our approach to detecting irregularities included, but was not limited to, the following:

Whilst considering how our audit work addressed the detection of irregularities, we also considered the likelihood of detection based on our approach. Irregularities arising from fraud are inherently more difficult to detect than those arising from error.

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27

Annual Accounts 2023

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's 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 charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Cooper Parry Group

Glen Bott FCA (Senior statutory auditor) for and on behalf of

Cooper Parry Group Limited Statutory Auditor

Sky View Argosy Road East Midlands Airport Castle Donington Derby DE74 2SA Date: 12/09/24

The Solicitor’s Charity Trustees’ Report and Accounts 2023

28

Supporting . The Solicitors’ Charity

The Solicitor’s Charity Trustees’ Report and Accounts 2023

29

Annual Donations

Individual solicitors can support The Solicitors’ Charity by making one-off or regular donations. Law firms can also make regular donations on behalf of their partners and employed solicitors as can other solicitors’ organizations.

Payments of £250 and above in 2023 included the following:


ollowing:
Firm & other solicitors’
organisations
Donations: £
Falcon Chambers (Burrell
Lectures) 6,650
The City of London Solicitors'
Company Foundation Trust 2,500
Greenhouse Stirton & Company
Limited 1,000
London Solicitors’ Litigation
Association 1,000
Browne Jacobson LLP 750
RWK Goodman 500
Hegarty LLP 460
Bond Pearce LLP 390
Gillhams Solicitors LLP 300
Tozers Solicitors LLP 275
Cartshep Office 250
The Merriman Partnership
 250
Trusts & Foundations:
Generous donations were also
received from:
HM Hubbard Will Trust 22,385
The Pritt Fund* 14,000
The Charles Russell Speechlys
Foundation 5,000
Mills & Reeve Charitable Trust 1,500

Residual Client Balances

Solicitors may transfer unclaimed balances in their firm’s client account on a conditional basis, in the knowledge that The Solicitors’ Charity retains substantial reserves which would enable repayment of the balance if claimed by the person entitled. Solicitors’ Regulation Authority approval is required for transfer of individual sums over £500.

Residual Client Balances are a large part of The Solicitors’ Charity’s income, and we are grateful to all firms who send their client balances to us.

Local Law Societies

Local Law Societies
Donations were gratefully received from the following
Law & Notary Societies:
£
Devon & Somerset Law Society
3,500
Bournemouth & District Law Society
250
The Notaries Society
250
Middlesex Law Society
100		 Local Law Societies
Donations were gratefully received from the following
Law & Notary Societies:
£
Devon & Somerset Law Society
3,500
Bournemouth & District Law Society
250
The Notaries Society
250
Middlesex Law Society
100		 Local Law Societies
Donations were gratefully received from the following
Law & Notary Societies:
£
Devon & Somerset Law Society
3,500
Bournemouth & District Law Society
250
The Notaries Society
250
Middlesex Law Society
100
Donations were gratefully received from the following
Law & Notary Societies:
£
Devon & Somerset Law Society
3,500
Bournemouth & District Law Society
250
The Notaries Society
250

Middlesex Law Society
100
Legacies:£
B M Walters
32,942
S Blackmam
15,000
A Lam
2,500
J Lishman
1,000
A H Day
500
R Champion
500
M M Poole
481

*The Pritt Fund is administered by The Law Society Liverpool. We are grateful for the Society’s ongoing support.

The Solicitor’s Charity Trustees’ Report and Accounts 2023

30

Statement of Financial Activities.

The Solicitor’s Charity Trustees’ Report and Accounts 2023

31

Annual Accounts 2023

Statement of Financial Activities

For the year ended 31 December 2023

(Incorporating the income and expenditure account)

Unrestricted Restricted EndowmentTotal FundsTotal Funds
Note Funds Funds Funds20232022
£ £ £ £ £
INCOME
Donations and Legacies 3876,649 36,385- 913,0341,613,201
Investment Income 5597,942- - 597,942633,653
Total Income 1,474,591 36,385- 1,510,9762,246,854
EXPENDITURE
Raising Funds 670,599 - 8,78479,383226,586
Charitable Activities 71,882,732 36,385- 1,919,1171,870,051
Total Expenditure 1,953,311 36,385 8,7841,998,5002,096,637

NET EXPENDITURE
before gains on investments (478,740) - (8,784)(487,524)150,217
Net gains on Investments 121,394,863 - 440,5751,835,438(2,258,503)
NET MOVEMENT IN FUNDS 916,123 - 431,7911,347,914(2,108,286)
RECONCILIATION OF FUNDS:
Funds brought Forward 18,817,454-5,943,59724,761,05126,869,337
TOTAL FUNDS CARRIED FORWARD 19,733,577 - 6,375,388 26,108,96524,761,051

The Statement of Financial Activities includes all gains and losses recognized in the financial year.

All income and expenditure derive from continuing activities.

The notes on pages 34 to 43 form part of these accounts

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32

Statement of Cash Flows.

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33

Annual Accounts 2023

Statement of Cash Flows

For the year ended 31 December 2023

Total Funds Total Funds Note 2023 2022 £ £ Net Cash (used in)/ provided by operating activities 22 (901,121) (820,589) Cashflows from investing activities: Interest and dividends 5 597,942 633,653 Purchase of investments (excluding cash equivalents) 12 (1,617,531) (19,608,930) Proceeds from sale of investments 12 - 5,398,301 Net Cash provided by/(used in) investing activities (1,019,589) (13,576,976) Change in cash and cash equivalents in the year (1,920,710) (14,397,565) Cash and cash equivalents brought forward 2,972,557 17,370,122 Cash and cash equivalents Carried forward 23 1,051,847 2,972,557

34

The Solicitor’s Charity Trustees’ Report and Accounts 2023

34

Balance Sheet.

The Solicitor’s Charity Trustees’ Report and Accounts 2023

35

Annual Accounts 2023

Balance Sheet as at

31 December 2023

Unrestricted EndowmentsTotal FundsTotal Funds
Note Funds Funds20232022
£ £ £ £
Fixed Assets
Tangible Fixed Assets 11166,124 -166,124173,438
Investments 1214,700,011 6,375,38821,075,39917,622,430
Secured loans to beneficiaries 3,810,950- 3,810,9503,898,040
18,677,085 6,375,38825,052,47321,693,908
Current Assets
Debtors 13250,650 -250,650437,569
Cash and cash equivalents 231,051,847 -1,051,8472,972,557
1,302,497 -1,302,497 3,410,126
Creditors falling due
within oneyear 14 (238,223) -(238,223) (334,336)
Net current assets 1,064,274 - 1,064,274 3,075,790
Total Assets less Current
Liabilities 19,741,259 6,375,38826,116,74724,769,698
Creditors falling due
After more than one year 15(7,782)- (7,782)(8,647)
Net Assets 19,733,577 6,375,388 26,108,965 24,761,051
Funds
Unrestricted Funds
General Fund 1915,071,478 - 15,071,4785,157,687
Other unrestricted Fund 194,662,099 -4,662,09913,659,767
Endowment Funds 18- 6,375,3886,375,3885,943,597
Total Funds 19,733,577 6,375,388 26,108,965 24,761,051

The notes on pages 38 to 47 form part of these accounts. Solicitors Benevolent Association Limited Registered company number: 6601907 Registered charity number: 1124512

These accounts on pages 32 to 47 were approved by the Board of Trustees and authorised for issue on 3 July 2024 and signed on its behalf by:

Virginia Salter Virginia Salter, Chair

James Brennan James Brennan, Honorary Treasurer

The Solicitor’s Charity Trustees’ Report and Accounts 2023

36

Notes to the Accounts.

The Solicitor’s Charity Trustees’ Report and Accounts 2023

37

Annual Accounts 2023

Notes to the Accounts for the year ended 31 December 2023

  1. Accounting Policies The Solicitors’ Benevolent Association, operating as The Solicitors’ Charity, is a company limited by guarantee, incorporated in England and Wales. The principal activity of the charity is to provide relief and assistance to enrolled and previously enrolled solicitors and their dependents. The financial statements are presented in Sterling and this is the functional currency of the Charity. The financial statements have been prepared under the historical cost convention, and in accordance with applicable accounting standards. In preparing the financial statements the Charity follows best practice as set out in the Statement of Recommended Practice : 'Accounting and Reporting by Charities' 2019 (SORP), the Financial Reporting Standard applicable in the United Kingdom and Ireland (FRS 102) and the Charities Act 2011 and Companies Acts 2006.

  2. A summary of the more important accounting policies, which have been applied consistently, is set out below.

  3. (a) All income is recognised once the Charity has entitlement to the income, there is sufficient certainty of receipt and it is probable that the income will be received, and the amount of income receivable can be measured reliably.

  4. (b) Life subscriptions are credited to a deferred income account in the balance sheet when received. One tenth of the balance of this account is credited each year to income (see note 15).

  5. (c) Investment income is accounted for on an accruals basis.

  6. (d) Grant awards are communicated to beneficiaries immediately. These are frequently agreed to be payable over a period, but the full cost including unpaid awards is recognised in expenditure immediately.

  7. (e) Direct costs are allocated to the appropriate heading in the SOFA as follows:

  8. Raising Funds comprises advertising relating to fund raising, business development, membership, and event costs.

  9. Charitable activities comprises grants to individual beneficiaries, welfare, advertising directed at beneficiaries and associated legal costs. It also includes Governance costs comprising costs associated with constitutional and statutory requirements. Support costs comprises the apportionment of common office costs between the fund-raising activities and the charitable activities, in proportion to the staff in each of these areas.

  10. (f) Freehold land is not depreciated but the freehold building is written off in equal instalments over 50 years.

  11. (g) Office equipment costing less than £500 is not capitalised but is written off on acquisition through the Statement of Financial Activities. Furniture and Equipment is depreciated over ten years. IT equipment is depreciated over three years.

  12. (h) Fixed asset investments are stated at closing mid-market value at the balance sheet date. Movement in the carrying value of any investment is treated as unrealised, except in the year of disposal when the surplus or loss on disposal is shown as realised and represents the difference between either the brought forward carrying value, or cost, if purchased in the year, and disposal proceeds. Partial disposals are accounted for using average book value. Any gain or loss on revaluation is taken to the SOFA. All gains and losses are taken to the SOFA as they arise. Realised and unrealised gains are combined in the SOFA and are shown separately in note 12.(i) Cash and cash equivalents are cash and short term highly liquid investments with a short maturity of three months or less from the

  13. date of acquisition or opening of the deposit or similar account.

  14. (j) Secured Loans are made to beneficiaries where the beneficiary has assets which might enable repayment on the sale of those assets. New loans are made infrequently and only in circumstances where payments against the loan can be made directly to third parties for services provided to the beneficiary. Loans are recognised when paid, and any outstanding commitment is noted in the accounts. The loans, which are protected by a notice at the Land Registry are included in the balance sheet as fixed assets. Unsecured loans are included in the balance sheet as debtors at their estimated recoverable value.

  15. (k) Details of the nature and purpose of each fund is set out in notes 18, 19 and 20.

  16. (l) The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial

  17. instruments are initially recognised at transaction values and subsequently measured at their settlement value.

  18. (m) In applying the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. These are based on the most reliable evidence at the time and are reviewed regularly. The key estimates and assumptions made in these accounts are the provision for irrecoverable loans and the allocation of support costs between activities.

  19. (n) The charitable company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the charitable company. The annual contributions payable are charged to the Statement of Financial Activities

  20. (o) Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price.

The Solicitor’s Charity Trustees’ Report and Accounts 2023

38

Annual Accounts 2023

Notes to the Accounts for the year ended 31 December 2023 Continued

Unrestricted Restricted Endowment Total Funds
Notes Funds Funds Funds 2022
£ £ £ £
Previous Year Statement of Financial Activities Analysis
INCOME
Donations and Legacies 1,573,162 40,039 - 1,613,201
Investment Income 633,653 - - 633,653
Total Income2,206,815 40,039 - 2,246,854
EXPENDITURE
Raising Funds 121,378 - 105,208 226,586
Charitable Activities 1,830,012 40,039 - 1,870,051
Total Expenditure1,951,390 40,039 105,208 2,096,637
NET INCOME/(EXPENDITURE)
before other recognised gains and losses255,425 - (105,208) 150,217
Other recognised gains and losses
Realised loss on investment assets (205,150) (22,933) (43,920) (272,003)
Unrealised gains on investment assets (1,498,262) (167,482) (320,756) (1,986,500)
NET MOVEMENT IN FUNDS (1,447,987) (190,415) (469,884) (2,108,286)
Funds brought forward20,265,441-6,603,896 26,869,337
TOTAL FUNDS CARRIED FORWARD 18,817,454 (190,415) 6,134,012 24,761,051
Unrestricted Restricted EndowmentTotal FundsTotal Funds
Funds Funds Funds20232022
£ £ £ £ £
3. Donations and Legacies
Annual subscriptions and Donations 43,746 - -
43,74638,818
Life subscriptions (see note 15) 865 - -865961
Legacies 52,923 - -52,923638,387
Other charities (see note 20) 10,000 36,385 -46,38549,039
Residual client balance
donations(see note 19)769,115 - -769,115885,996
876,649 36,385- 913,0341,613,201
2.

Total Client Balances received from Jasper Vincent, where Solicitors Benevolent Association Trustee, Matthew Robbins, is a partner, was £3,918.89 (2022: £830.77). Total funds from The City of London Solicitors Company Foundation Trust (Part of Other Charities Donations), where The Chair of our Board of Trustees, Ginny Cannon is a Vice Chair of the Charity’s Committee was £2,500.00 (2022: £2500.00).

The Solicitor’s Charity Trustees’ Report and Accounts 2023

39

Annual Accounts 2023

Notes to the Accounts for the year ended 31 December 2023

Continued

4.
5.
6.
7.








 UnrestrictedTotal FundsTotal Funds
Funds20232022
£ £ £
Fundraising Activities
Events - - -
Investment Income
Income from listed investments 588,911588,911631,799
Interest on cash deposits 9,0319,031 1,854
597,942597,942633,653
Unrestricted Restricted EndowmentTotal FundsTotal Funds
Funds Funds Funds20232022

£ £ £ £ £
Raising Funds
Costs of raising voluntary income
Business development and advertising 65,570 - -65,27065,695
Repayments of residual client balance 4,711 - 8,78413,495160,142
donations (see notes 18 and 19)
Investment portfolio management fees 318 - -318749
70,599 - 8,78479,383226,586
Unrestricted RestrictedTotal FundsTotal Funds
Funds Funds20232022
£ £ £ £
Charitable Activities
Grants to beneficiaries
Cost of living allowances 497,069 36,385533,454583,249
Supplementary, special and
miscellaneous grants 292,195 -292,195249,081
LawCare 110,000 -110,000110,000
Advice Works
9,000 -9,0008,907
Citizens Advice Manchester 5,520 -5,5206,240
Onebright 10,609 -10,609-
Renovo Fees 11,286 -11,2864,752
935,679
36,385
972,064962,229
Welfare salaries, travel, admin and legal costs 333,552 -333,552274,002
Support costs (see note 10) 551,546 -551,546525,506
Governance costs(see note 8)61,955 -61,955108,314
1,882,732 36,385 1,917,1171,870,051
In 2023, a total of £1,079, 593 was awarded in grants to beneficiaries and payments to partners for service for beneficiaries.

A sum of £107, 529 in unclaimed awards from previous years was written back giving a net total of £972,064.

In addition to net grants of £972,064 (2022: £962,229), £37,069 in secured loans (2022: £25,316) were advanced to beneficiaries.

Repayments of secured loans totaling £116,933(2022: £55,803) and unsecured loans totaling £720(2022: £1,084) were received. Grants written back in the year amounted to £107,529 (2022: £15,889).

The Solicitor’s Charity Trustees’ Report and Accounts 2023

40

Annual Accounts 2023

Notes to the Accounts for the year ended 31 December 2023 Continued

Unrestricted RestrictedTotal FundsTotal Funds Unrestricted RestrictedTotal FundsTotal Funds
Funds Funds20232022
£ £££
8. Governance Costs
Auditors' remuneration - audit services 15,000 -15,0009,900
Consultancy inc. Trustee recruitment 35,772 -35,77286,603
Cost of Trustees' meetings and travel 11,183 -11,18311,811
61,955 -61,955108,314
Expenses reimbursed to 9 Trustees (2022:8) for travel amounted to £2,226 (2022: £1,876). No other reimbursements were made to Trustees.
Consultancy incl. Trustee recruitment cost £30,050 (2022: £Nil)
Staff OtherTotalTotal
Costs Costs20232022
£ £££
9. Total Expenditure
Raising Funds(see note 6) - 79,38279,382226,586
Charitable activities(see note 7) 564,607 1,354,5101,919,1171,870,051
564,607 1,433,8921,998,4992,096,637
Staff costs
Wages and salaries
 490,747419,563
Social security costs 51,15844,914
Pension costs 18,65416,739
Staff TrainingCosts 4,0485,086
564,607486,302
Other costs
Grants to beneficiaries 972,064962,229
Premises, equipment and administrative 234,065243,047
Business development, advertising, legal, audit and trustee expenses214,268244,917
Repayments of residual client balances(see notes 18) 13,495160,142
1,433,8921,610,335
Employees who received emoluments: 2023 2022
£110,001 to £120,000
 1 1
£100,001 to £110,000 - -
£90,001 to £100,000 - -
£80,001 to £90,000 - -
£70,001 to £80,000 - -
£60,001 to £70,000 2 -
The average monthly head count was 8.2 staff (2022: 7.6), and the average monthly number of employees
on a full time equivalent basis was: 20232022
Beneficiary welfare 3.83.8
Fundraising, membership, and publicity --
Management and administration 4.03.8
7.87.6

The total salary received by the CEO was £113,959 (2022: £113,759) and the total employer pension contribution was £5,673 (2022: £5,403). Two other employees had employee benefits more than £60,000 (2022: 0). The key management personnel of the Charity comprise of the trustees, CEO, and the FD. The key management personnel in the prior year consisted only of the trustees and the CEO. The total employee benefits of the key management personnel of the Charity were £205,629 (2022: £128,499) .

The Solicitor’s Charity Trustees’ Report and Accounts 2023

41

Notes to the Accounts for the year ended 31 December 202 3 Continued

The board of directors, who are the Charity’s trustees, and the Chief Executive comprise the key management personnel of the charity in charge of directing, controlling, and operating the Charity. All trustees give of their time freely and no trustee received remuneration in the year. Details of trustees' expenses are disclosed in note 8 to the accounts.

Charities are encouraged to report not just figures but also pay ratios against median salaries. The ratio of the CEO’s salary when compared to the median salary is 2.4:1. As some staff are part-time, the ratio remains the same as 2.4:1 after adjustment to equivalent full-time salaries.

Staff pay is founded on the principle that the Board of The Solicitors’ Charity wishes to attract high calibre staff capable of contributing actively to the drive to professionalise the charity in everything that it does. The trustees’ approach to pay is set out in the 2022 Trustees Report.

The Solicitors’ Charity has Indemnity Insurance costing £2,699 (2022 : £2,273) to protect the charity from loss arising from the neglects or defaults of its trustees, employees or volunteers, and to indemnify the trustees, officers and volunteers against the consequences of any neglect or default on their part.

10. 2023
2022
£
£
Support Costs
Breakdown of support costs
Management and administrative salaries
317,480
282,460
Office accommodation and administration costs
234,066
243,046
551,546
525,506
Allocation of support costs
Charitable activities
551,546
525,506
Costs of raisingvoluntaryincome
-
-
551,546
525,506

Support costs are allocated between Charitable activities and Costs of raising voluntary income in proportion to direct salary costs incurred in each area. The apportionment represents 209% of direct salary costs (2022: 258%).

Support costs represent 55% (2022: 54%) of grants and loans made to beneficiaries.

11. Freehold
Freehold
Furniture &
Total
Land
Buildings
Equipment
£
£
£
£
Tangible Fixed Assets
100,000
172,161
64,487
336,648
Cost b/f at 1 January 2023
Additions in the year
-
-
2,904
2,904
Cost c/f at 31st December 2023
100,000
172,161
67,391
339,552
(46,210)(163,210)
Depreciation b/f at 1 January 2023
Depreciation charge for the year
-
(117,000)
-
(3,443)
(6,775)(10,218)
Depreciation c/f at 31 December 2023
-
(120,443)
(52,985)(173,428)
Net book value at 31 December 2023
100,000
51,71814,406
166,124
Net book value at 31 December 2022
100,000 55,16118,277 173,438
There were no capital commitments (2022: £nil).

The Solicitor’s Charity Trustees’ Report and Accounts 2023

42

[Annual Accounts 202][3]

Notes to the Accounts

for the year ended 31 December 202 3 Continued

12 2023
2022
£
£
Fixed Asset Investments
Quoted investments
Market value at 1 January
17,622,430
5,670,304
Additions
1,617,531
19,608,930
Disposals
-
(5,398,301)
Net realised (losses)/gains
-
(272,003)
Net unrealisedgains
1,835,438(1,986,500)
Market value at 31 December
21,075,399
17,622,430
Historical cost as at 31 December
20,290,155
21,598,952
Investments analysis at 31 December
UK Fixed Interest
1,888,630
969,538
Overseas Fixed Interest
UK Equities
1,605,201
Overseas Equities
13,696,998
Property and Other
1,920,824
Infrastructure & OperatingAssets
1,959,454
21,075,39917,622,430
4,292
1,983,070
11,443,263
1,574,027
1,652,532
-

At 31 December 2023 there were no investments exceeding 5% of the investment portfolio market value.

13. Permanent Endowment
Main
Residual
Unrestricted
Fund
Client Balance Total Funds Total Funds
Funds
Fund
2023
2022
£
£
£
£
£
Gains on Investment Assets
Realised (losses)/gains on disposals
-
-
-
-
(272,003)
Unrealisedgains(see note 21)
1,394,863
153,807
286,768 1,835,438
(2,258,503)
1,394,863
153,807
286,768 1,835,438
(2,258,503)
Gains or Losses on Investment Assets during the year are allotted to the Permanent Endowment Funds in the proportion that the
opening balance bears to Total Funds, and the balance is allocated to Unrestricted Funds.
There were no investments exceeding 5% investment portfolio market value.
2023
2022
£
£
Debtors
Income tax recoverable
676676
Unsecured loans to beneficiaries
10,045
3,540
Prepayments
50,394
26,628
Other debtors
189,534406,725
250,650
437,569

Unsecured loans to beneficiaries have no predetermined repayment date and accordingly may not be repaid within twelve months of the balance sheet date.

39

The Solicitor’s Charity Trustees’ Report and Accounts 2023

43

Annual Accounts 2023

Notes to the Accounts

for the year ended 31 December 2023 Continued 2023 2022 £ £ 14. Creditors: amounts falling due within one year Trade creditors and accruals 64,698 80,145 Unpaid beneficiary awards 156,251 238,569 Other tax and social security 17,274 15,622 238,223 334,336 2023 2022 £ £ 15. Creditors: amounts falling due after more than one year Life subscriptions - Balance at 1 January 8,647 9,608 Received during the year - - 8,647 9,608 Transferred to income (865) (961) Balance at 31 December 7,782 8,647 16. Contingencies and Commitments

The Trustees at the Dec 2022 Board meeting agreed to set aside a contingent liability of £1,250,000, under 'RCB Designated Fund' to pay back any RCB refunds.

17 Analysis of Net Assets between Funds (Current Year) 2023: The Endowment Fund comprises solely of investments. All other assets are included in the General Fund.

Analysis of Net Assets between Funds (Prior Year)

2022: The Endowment Fund comprises solely of investments. All other assets were included in the General Fund.

18 Endowment Funds (Current Year) At 1[ st] January 2023 Incoming Resources Outgoing Resources At 31[ st] December 2023 £ £ £ £ Permanent Endowment Main Fund 2,074,940 153,807 - 2,228,747 Residual Client Balance Fund 3,868,657 286,768 (8,784) 4,146,641 5,943,597 440,575 (8,784) 6,375,388 18 Endowment Funds (Prior Year) At 1[ st] January 2022 Incoming Resources Outgoing Resources At 31[ st] December 2022 £ £ £ £ Permanent Endowment Main Fund 2,265,355 (190,415) - 2,074,940 Residual Client Balance Fund 4,338,541 (364,676) (105,208) 3,868,657 6,603,896 (555,091) (105,208) 5,943,597

The Solicitor’s Charity Trustees’ Report and Accounts 2023

44

Annual Accounts 2023

Notes to the Accounts for the year ended 31 December 2023

Continued

Gains or losses on Investment Assets during the year are allocated to the Permanent Endowment Fund in the proportion that the opening balance bears to Total Funds, and the balance is allocated to Unrestricted Funds.

The Main Fund - This was created during the years ended 31 December 1995 and 1996 when with Charity Commission approval 14 small charities forming part of the SBA Common Investment Fund were transferred to the SBA General Fund. The permanent endowment value included within these charities was confirmed in a Charity Commission Scheme dated 1 August 1996 as £932,409. Income, which is included in unrestricted funds, and (to the extent that it does not represent permanent endowment) capital may be used for the general purposes of the SBA.

19 Unrestricted Funds 1 Jan 2023 Incoming Outgoing Other gains Transfers 31 Dec 23 Resources Resources /Losses £ £ £ £ £ £ General Funds 5,157,687 1,474,591 ( 1,953,331) 630,459 9,762,072 15,071,478 Other Unrestricted Funds: RCB Designated 10,431,888 - - 764,404 (9,946,292 ) 1,250,000 RCB Undesignated 3,227,879 - - (3,227,879) - Investment Floor - - - - 2,662,099 2,662,099 Other Designated Funds - - - - 750,000 750,000 Total Funds 18,817,454 1,474,591 (1,953,331) 1,394,863 - 19,733,577 19 Unrestricted Funds 1 Jan 2022 Incoming Outgoing Other gains Transfers 31 Dec 2022 Resources Resources /Losses £ £ £ £ £ £ General Funds 7,436,736 - (2,279,049) - - 5,157,687 Other Unrestricted Funds: RCB Designated 9,600,826 831,062 - - - 10,431,888 RCB Undesignated 3,227,879 - - - - 3,227,879 Total Funds 20,265,441 831,062 (2,279,049) - - 18,817,454

Within Residual Client Balances, the Designated Fund comprises the donations received during the period 1 January 2004 to 28 February 2013, and donations received from 1 January 2018 onwards. Movements in the year are net of £13,494 repayments. The Undesignated Fund comprises the donations received prior to 2004. RCB undesignated Fund is no longer held as a separate fund. Investment floor amount is the investment fund less the value of the permanent endowment. RCB designated is the value set aside to pay back RCB refunds.

The Solicitor’s Charity Trustees’ Report and Accounts 2023

45

Annual Accounts 2023

Notes to the Accounts for the year ended 31 December 2023 Continued

20 Restricted Funds (Current Year) At 1 January Incoming Outgoing Transfer/Gains At 31 December 2023 Resources Resources or Losses 2023 £ £ £ £ £ The HM Hubbard Will Trust - 22,385 (22,385) - - The Pritt - 14,000 (14,000) - - - 36,385 (36,385) - - 20 Restricted Funds (Prior Year) At 1 January Incoming Outgoing Transfer/Gains At 31 December 2022 Resources Resources or Losses 2022 £ £ £ £ £ The HM Hubbard Will Trust - 20,039 (20,039) - - The Pritt - 20,000 (20,000) - - - 40,039 (40,039) - -

The charity received income from other charities for specific beneficiaries, and these have all been spent in full during the year as intended.

Permanent Endowment General Main Residual Client Total Fund Fund Balance Fund Funds £ £ £ £ 21 Reconciliation of Movements in Unrealised Gains on Fixed Asset Investments Net unrealised gains at 1 January 2023 (3,039,813) (341,982) (594,727) ( 3,976,522) Add attributable to disposals in the year 2,237,003 251,665 437,660 2,926,328 Add: net gains on revaluations in the year 1,394,863 153,807 286,768 1,835,438 Net unrealised gains at 31 December 2023 592,187 63,557 129,500 785,244 Total Funds Total Funds 2023 2022 £ £ 22. Reconciliation of net movement in funds to net cash flow from operating activities Net movement in funds 1,347,914 (2,108,286) Add back depreciation charge 10,218 10,796 Deduct income shown in investing activities (597,942) (633,653) Purchase of Property Plant & Equipment (2,904) (4,393) Deduct gains on investments (1,835,438) 2,258,503 Decrease in secured loans to beneficiaries 87,090 30,486 Decrease in debtors 186,919 (302,313) Increase/(Decrease) in creditors (96,978) (71,729) Net cash flow from operating activities (901,121) (820,589)

The Solicitor’s Charity Trustees’ Report and Accounts 2023

46

Annual Accounts 2023

Notes to the Accounts

for the year ended 31 December 2023 Continued Total Funds Total Funds 2023 2022 £ £ 23. Analysis of Cash and Cash Equivalents Cash in hand 1,051,847 2,972,557 Total Cash and Cash Equivalents 1,051,847 2,972,557

24. Related party transactions

Details of expenses paid to trustees are summarised in note 8 of the financial statements. There were no other related party transactions.

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47

The Solicitors’ Charity Organisational Structure 2023

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The Solicitor’s Charity Trustees’ Report and Accounts 2023

48

Patron

His Majesty the King

President

The President of The Law Society

Vice-Presidents

Anthony Surtees | Malcolm Farrer-Brown

Trustees

Chair

Ginny Cannon

Honorary Treasurer James Brennan

Auditors

Cooper Parry Group Limited

Sky View Argosy Road East Midlands Airport Castle Donington Derby DE74 2SA

Bankers

National Westminster Bank plc

PO Box 281 156 Fleet Street London EC4A 2DX London EC4A 2DX

Investment Managers

CCLA Investment Management Ltd

Senator House, 85 Queen Victoria Street London EC4V 4ET

The Solicitor’s Charity Trustees’ Report and Accounts 2023

49

The Solicitors’ Charity exists to help persons in need who are or have been admitted to the Roll of Solicitors for England and Wales, or who are or have been married to or the civil partner of solicitors so admitted, or who are or have been dependents of solicitors so admitted.

Solicitors Benevolent

Association Limited

A charitable company limited by guarantee registered in England & Wales number 6601907 Registered charity number 1124512

Registered Office

1 Jaggard Way London SW12 8SG Telephone: 020 8675 6440

thesolicitorscharity.org

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Supporting you, since 1858