Company Number: 07282606 Charity Number: 1136714 THE STEWARTS LAW FOUNDATION (COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT AND FINANCIAL STATEMENTS YEAR ENDED 30 APRIL 2024 26916517-1
THE STEWARTS LAW FOUNDATION REFERENCE AND ADMINISTRATIVE INFORMATION REGISTERED OFFICE 5 New Street Square London EC4A 3BF CHARITY NUMBER 1136714 COMPANY NUMBER 07282606 XNDEPENDENT EXAMINER Ryan Ketteringham Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW BANKERS Vlrgln Money 154-158 Kensington High Street London W8 7RL 28916517-1
THE STEWARTS LAW FOUNDATION TRUSTEES. REPORT YEAR ENDED 30 APRIL 2024 The Board Members, who constitute the Directors and the Trustees, present thelr report and the financial statements for The Stewarts Law Foundation for the year ended 30 April 2024. The Trustees, Report also Includes the Directors, Report. Thls report has been prepared in accordance with the Companies Act 2006, the Charities Act 2011 and the Charities SORP (FRS102). CONSTITUTION AND OBJECTS The Stewarts Law Foundation Is a company limited by guarantee Incorporated on 14 June 2010 and a registered charSty reglstered on 5 July 2010. The Stewarts Law Foundation (the -Foundation") is a grant glvlng organisation funded by Stewarts Law LLP. Its object for the public benefit is to support charitable actlvities and organisations, In particular those focusing on alleviatlng poverty, enabling access to Justice, supporting dlsability and providing educatlonal opportunity. The Trustees have had due regard to the Charity Commission's guidance on public benefit when considering the Foundation's objectives and activlties. GOVERNANCE AND MANAGEMENT The Trustees who served during the year and up to the date of slgnlng are Ilsted on page 4. The Trustees are all Part I partners in Stewarts Law LLP and are nominated to act as Trustees on becoming a Part I partner. Their formal appointment as a Trustee Is usually at the flrst Trustee meeting following their becoming a Part I partner. On appointment, Trustees receive information about the Foundation's aims and focus of grant makingi as well as guidance notes on acting as a Trustee, financial reports and relevant minutes to ensure they have been provided wlth the information necessary to fulfil thelr dutles. In addition, Trustees are offered relevant ongoing tralning. The Trustees meet at least once a year to, amongst other things, dlscuss the strateglc direction of the Foundation, consider its financial information, review grants to charitable organlsations and track thelr progress. The Trustees delegate the day-to-day management of the Foundation to the Chlef Operating Officer, Philip Studd, at Stewarts Law LLP. The Foundation has not conducted any fundralsing durlng thls flnanclal year or the previous year. GRANTS POLICY Through its grant giving programme, the Foundatlon alms to support charlties In Ilne wlth Its public benefit objectives noted above. Trustees are invited to select from a number of organisations in each of the Foundation's selected Charitable categories, following an Internal assessment of the charity against the Foundation's guidelines. The Trustees vote as to whether the grant is approved and agree the amount and the duration of the grant. A majority vote is needed for the grant to be given. It Is not the policy of the Trustees to accept direct applicatlons for funds. 916517-1
THE STEWARTS LAW FOUNDATION TRUSTEES, REPORT (CONTINUED) YEAR ENDED 30 APRIL 2024 ACHIEVEMENTS AND PERFORMANCE The Foundation ralsed a total of £708,845 (2023: £996,555) through donations from Stewarts Law LLP and related glft ald In the year to 30 April 2024. The Foundation awarded grants of £811,514 (2023: £981,602) to charitable organisations, £250,000 of grant funding was awarded to Access to Justice Foundation of which £200,000 was to support the provlslon of free legal advlce or asslstance to the dlsadvantaged and £50,000 to fund network costs (2023: £250,000). Details of all the grants made durlng the year can be found In note 4 to the flnancial statements. FINANCIAL REVIEW The Foundation's total Income In the year was £708,845 (2023: £996,555) as shown In the Statement of Flnanclal ActlvStles on page 7. Grants totalllng £811,514 (2023: £981,602) were awarded In the year and after charglng support and other costs, the Foundation's net expendlture for the year was £102,669 (2023: Income £14,939). The total funds carrled forward at the year-end are £66,376 (2023. £169,045). RESERVES POLICY The charlty held total funds as at 30 April 2024 of £66,376 (2023: £169,045) all of whlch are unrestrlcted. The reserves pollcy of the Foundatlon Is to malntaln a level of free reserves to cover any future commltments and liabilities. The Trustees alm for the level of free reserves to be equivalent to any commltments due plus one year of support and governance costs excluslve of donated servlces from Stewarts Law LLP, plus an emergency provSslon of £50,000. At 30 Aprll 2024 thls would have equated to approximately £50,000 (2023: £50,025). Actual free reserves were £66,376 (2023: £169,045) at the year-end. The Foundatlon has future commltments totalllng £200,000, as detailed In note 9 of the financlal statements, at the year end. INVESTMENT POLICY AND PERFORMANCE The Foundation has no formal Investment pollcy. As at 30 Aprll 2024, the Foundation's assets were held In cash at Vlrgln Money. 28918517-1
THE STEWARTS LAW FOUNDATION TRUSTEES, REPORT (CONTINUED) YEAR ENDED 30 APRIL 2024 RISK MANAGEMENT The Trustees have reviewed the major risks to which the Foundation is exposed and have taken applicable attion to manage those risks. The Foundatlon malntains a relationship wSth Stewarts Law LLP who manage the day-to-day actlvlties of the Foundation. The most slgnlficant rlsk to the Foundation Is the inablllty of Stewarts Law LLP to make a donatlon to the Charity. All grants made by the Foundatlon are annual and there is no guarantee made to any recipient of ongoing support. FUTURE PLANS The Foundation intends that its affairs should be kept very simple requirlng a minlmum spend on overheads to maximise its giving in accordance with the Foundation's'Guidelines for application of funds, it reviews annually. BOARD OF DIRECTORS/TRUSTEES The Dlrectorsrrrustees who served durlng the period and up to the date of signlng were all Partners of Stewarts Law LLP and were: Chalrman Stuart Dench Board Members - appointed partners from Stewarts Law LLP Jullan Chamberlayne Stephen Foster Daniel Herman Clive Zietman (retired 30 April 2024) Debbie Chism Emma Hatley Keith Thomas Ian Gatt (retlred 30 April 2024) Kate Pollock Mohan Bhaskaran David Pickstone James Price Alex Jay Sam Longworth Fiona Gillett Richard Hogwood Sarah Stewart Matthew Humphrles Peter Neenan Lucy Ward (appointed 20 September 2023) 26916517-1
THE STEWARTS LAW FOUNDATION TRUSTEES, REPORT (CONTINUED) YEAR ENDED 30 APRIL 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees (who are also directors of The Stewarts Law Foundation for the purposes of company law) are responslble for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Klngdom Generally Accepted Accountlng Practlce (Unlted Klngdom Accounting Standards). Company law requlres the Trustees to prepare financlal statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfled that they give a true and falr vlew of the state of affalrs of the charitable company and of the Incomlng resources and applicatlon of resources, Includlng the Income and expendlture, of the charStable company for that perlod. In preparlng these flnanclal statements, the Trustees are required to.. select suitable accounting policies and then apply them conslstentlyi observe the methods and prlnclples In the Charltles SORP. make Judgments and estlmates that are reasonable and prudent. state whether appllcable UK accountlng standards have been followed, subject to any material departures disclosed and explalned in the financlal statements. and prepare the flnanclal statements on the golng concern basls unless It Is inappropriate to presume that the charltable company will continue In business. The Trustees are responslble for keeplng adequate accountlng records that are sufflclent to show and explain the charStable company's transactlons, dlsclose wlth reasonable accuracy at any tlme the financlal posltlon of the charltable company and enable them to ensure that the flnanclal statements comply wlth the Companles Act 2006 and the provlslons of the charlty's constitution. They are also responsible for safeguarding the assets of the charltable company and hence for taklng reasonable steps for the preventlon and detection of fraud and other irregularitles. The above report has been prepared In accordance wlth the speclal provlsions of Part 15 of the Companles Act 2006 relatlng to small companles. By order of the Board Phlllp Studd Company Secretary 18 September 2024 26916517-1
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE STEWARTS LAW FOUNDATION YEAR ENDED 30 APRIL 2024 I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 April 2024, which are set out on pages 7 to 14. This report is made solely to the charitable company's trustees, as a bodyi in accordance with Chapter 3 of Part 16 of the Companles Act 2006 and the charitable company's trustees as a body in accordance with section 154 of the Charities Act 2011. My independent examiner's work has been undertaken so that I might state to the charitable company's trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charitable companyi the charitable company's members as a body and the charitable company's trustees as a bodyi for my independent examiner's work, for this report, or for the opinions I have formed. Responsibllltles and basls of report As the charity's trustees of the accounts of the Company (and also its dlrectors for the purposes of company law) you are responsible for the preparation of the accounts In accordance with the requirements of the Companles Act 2006 ('the 2006 Act,). Havlng satlsfled myself that the accounts of the Company are not required to be audlted for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carrled out under section 145 of the Charities Act 2011 ('the 2011 Act,). In carrying out my examlnatlon I have followed the Directlons glven by the Charlty Commisslon under section 145(5)(b) of the 2011 Act. Independent examlner's statement Since the Company's gross Income exceeded £250,000 your examlner must be a member of a body Ilsted In section 145 of the 2011 Act. I confirm that I am qualifled to undertake the examination because I am a member of The Institute of Chartered Accountants in England and Wales, which Is one of the Ilsted bodies. I have completed my examination. I confirm that no matters have come to my attention In connection with the examination giving me cause to believe: accounting records were not kept In respect of the Company as requlred by sectlon 386 of the 2006 Act; or the accounts do not accord with those records. or 3. the accounts do not comply with relevant accounting requlrements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an Independent examinatlon. or 4. the accounts have not been prepared in accordance with the methods and princlples of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reportlng Standard applicable in the UK and Republlc of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn In this report In order to enable a proper understanding f the accounts to be reached. Ryan Ketteringham Chartered Accountant, ICAEW, Crowe U.K. LLP, 55 Ludgate Hill, London, EC4M 7JW Date: 26 £&pE. 262% 28918517-1
THE STEWARTS LAW FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 30 APRIL 2024 2024 2023 Notes INCOME AND ENDOWMENTS FROM: Donatlons and legacies: Donations from Stewarts Law LLP and related gift ald Total 708,845 708,845 996,555 996,555 EXPENDITURE ON: Charltable actlvitles Support to charltable causes Total 811,514 811,514 981,616 981,616 Net Income / (expendlture) Reconclllatlon of funds Total funds brought forward Total funds carrled forward (102,669) 14,939 169,045 66,376 154,106 169,045 All funds are unrestrlcted and all the actlvltles above arise from contlnulng operatlons. The charlty has no recognlsed galns or losses In the current year other than those reflected above, The notes on pages 10 to 14 form part of these flnanclal statements 26916517-1
THE STEWARTS LAW FOUNDATION BALANCE SHEET 30 APRIL 2024 Notes 2024 2023 CURRENT ASSETS Cash at bank and in hand 66,376 169,045 CREDITORS: amounts falling due within one year NET CURRENT ASSETS 66,376 169,045 NET ASSETS 66,376 169,045 FUNDS Unrestricted funds 66,376 169,045 In the directors, opinion, the charitable company was entitled under section 477 of the Companies Act 2006 (the Act) to exemption from the audit of its financial statements for the year ended 30 Aprll 2024. No members have deposited notice under sectlon 476 requlring an audit of these financlal statements, The directors are responsible for ensurlng that the charitable company keeps accounting records which comply with section 386 of the Att and for preparing flnanclal statements which give a true and fair view of the state of the affairs of the charitable company as at the end of each flnancSal period and of its results for each perlod In accordance with the requirements of section 396 of the Act and which otherwise company with its requirements so far as applicable to the charitable company. The financial statements were approved and authorlsed for Issue by the Board on 18 September 2024 and were signed on its behalf by: Stuart Dench Chairman The notes on pages 10 to 14 form part of these financial statements. 2691e517-1
THE STEWARTS LAW FOUNDATION CASHFLOW STATEMENT 30 APRIL 2024 2024 2023 Cash flows from operating activitles Net (expendlture) / income for the reporting period (102,669) 14,939 Increase In credltors Net cash (outflows) / Inflows from operatlng actlvltles (102,669) 14,939 Cash and cash equlvalents at the beglnning of the reportlng period Cash and cash equlvalents at the end of the reportlng perlod 169,045 154,106 66,376 169,045 Cash and cash equlvalents Cash at bank and In hand 66,376 169,045 The notes on pages 10 to 14 form part of these financial statements. 26916517-1
THE STEWARTS LAW FOUNDATION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 APRIL 2024 COMPANY INFORMATION The Charity is a company limited by guarantee (registered number 07282606), which is incorporated in the UK and domiciled in England and Wales. The address of the registered office is 5 New Street Square, London, EC4A 3BF. The principal activity is as a grant giving organisation to support charitable activities and organisatlons focusing on alleviatlng povertyi enabling access to justlce, supporting disability and providing educational opportunity. The charity is also registered with the Charity Commission of England & Wales, number 1136714. ACCOUNTING POLICIES a) Basls of Accounting The accounts (financlal statements) have been prepared in accordance wlth the Charltles SORP (FRS102) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Charities Act 2011 and UK Generally Accepted Practlce. The Stewarts Law Foundation meets the deflnltlon of a publlc benefit entity under FRS 102, Assets and liabllities are initlally recognised at hlstorical cost or transactlon value unless otherwise stated in the relevant accountlng pollcy notes. Having assessed the Foundation's financial posltion the Trustees are satlsfied that It remains appropriate to prepare the financial statements on the going concern basis. b) Crltical accountlng Judgements and key sources of estimation uncertalnty In the application of the charity's accounting policies, which are descrlbed below, Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlylng assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revlsed if the revision affects only that period, or in the period of the revision and future periods if the revision affects the current and future perlods. In the view of the Trustees, no assumptions concerning the future or estimatlon uncertainty affectlng assets and liabilities at the balance sheet date are likely to result In a material adjustment to their carrying amounts In the next flnanclal year. c) Income Donations are included in the Statement of Financial Activities (SOFA) when the Foundation is legally entitled to the income, the amount can be measured with reasonable accuracy and the expected receipt of monies is more probable than not. 26916517-1 10
THE STEWARTS LAW FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 30 APRIL 2024 ACCOUNTING POLICIES (contlnued) d) Expenditure Expenditure is accounted for on an accruals basls. Charltable activities Include grants awarded and a5soc5ated support costs. All support costs have been allocated IOOO/o to charitable activlties. Support costs are those In respect of compllance with constitutlonal and statutory requirements. The Foundatlon does not employ any staff. e) Grants payable Grants payable are provSded for In full In the year In which they are awarded subject to any attached condltlons. All grants awarded are Institutional grants to charltable organisations. f) Llabillties Llablllties are recognlsed when the Foundatlon has an obligation to make a payment to a thlrd party. g) Taxatlon No provlslon Is made for Corporatlon Tax, as the Foundatlon Is able to clalm full statutory exemptlon subject to the proper appllcatlon of all Its charltable resources. h) Funds The Foundation recelves unrestricted funds only whlch are utillsed by the Trustees In Ilne with the general objects of the charity. i) Financlal Instruments The charlty only has financial assets and flnancial Ilabilities of a kind that qualify as baslc financial Instruments. Basic financial instruments are inltlally recognlsed at transaction value and subsequently measured at thelr settlement value. TRUSTEES, REMUNERATION AND EXPENSES The Trustees received no remuneratlon or expenses durlng the year (2023: £0). 26916617-1 11
THE STEWARTS LAW FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 30 APRIL 2024 CHARITABLE ACTIVITIES During the year grants were awarded to the followlng organisations, no grants were made to individuals: 2024 2023 Access to Justice: Access to Justlce 250,000 250,000 Just for Kids Law JUSTICE RCJ Advice Centre Donations under £3,000 25,000 6,000 40,000 6,000 10,000 282,000 307,000 Arts: Royal Academy of Art SWSQF The Line Art Walk 25,000 11,800 25,000 11,000 36,800 66,000 Educatlon: Alcohol Education Trust Dr Ateh Jewel Foundation Brentwood Catholic Children's Society Flnito Future FrontSers School-Home Support Schools Consent Project The Charlie Waller Memorial Trust XLP Universlty of Law Donatlons under £3,000 15,000 20,000 5,000 9,000 20,000 10,000 10,000 20,000 20,000 28,550 15,000 20,000 9,000 30,000 10,000 10,000 34,500 30,000 160,300 159,750 Health: Back Up Trust Back Up Trust - London to Paris BLISS Brainbox Headway SANDS Spinal Injuries Association Wellbeing of Women Wheelpower Donations under £3,000 26,000 30,000 8,000 40,000 3,000 40,000 10,000 25,000 25,000 25,000 3,000 50,000 10,000 40,000 30,000 196,364 176,102 Homelessness: CAFOD Centrepoint Crisis UK - Christmas Donation Feasti Roundabout Ltd St George's Crypt St Mungo's The Passage Donations under £3,000 5,000 41,000 50,000 5,000 15,000 25,000 50,000 50,000 25,000 250 220 250 929 102 10,000 40,000 40,000 50 136 050 811 514 Subtotal carried forward 2691e517-1 12
THE STEWARTS LAW FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 30 APRIL 2024 CHARITABLE ACTIVITIES (continued) 2024 2023 Subtotal brought forward 811,514 929, 102 Internatlonal Rellef: DEC - Turkey / Syrla 50,000 Rellglon: St Brlde's Church 811 514 981 602 14 14 981 616 Support Costs: other Costs TOTAL SUPPORT TO CHARITABLE CAUSES 811 514 No Independent examlner's fee was charged In the current year (2023: £0), the cost of the servlce belng pald for by Stewart's Law LLP on behalf of the Foundatlon. There were no employees durSng thls financial year or In the precedlng year, 2024 2023 CREDITORS: amounts fallSng due wlthln one year Grants payable 2024 2023 Movement of outstandlng grant commltments Commltments at start of year New awards made durlng the year Commltments met dLJrlng the year- grant payments made 811,514 981,602 (811,514) (981,602) Commltments carrled forward due within one year All grants were made to Instltutlons. ANALYSIS OF NET DEBT other non- cash changes At30 Aprll 2024 At l May Arlslng from 2023 cashflows Cash at bank and in hand 169,045 (102,669) 66,376 26916517-1 13
THE STEWARTS LAW FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 30 APRIL 2024 RELATED PARTY TRANSACTIONS As noted on page 4 of the Trustees, Report each Trustee is also a partner in Stewarts Law LLP. During the year the Foundation received donatlons of £708,845 (2023: £996,555) (including related Gift Aid) from Stewarts Law LLP. One of the Trustees Is a Trustee of the Alcohol Educatlon Trust and during the year they were awarded a grant of £15,000 (2023: £15,000). The Board has a formal process in place to manage potential conf15cts of interest. Other than as disclosed above there were no related party transactions in the year. LIABILITY OF MEMBERS The liability of members is limited to £1 per member. The number of members at 30 April 2024 was 21 (2023: 21). COMMITMENTS In addition to the amounts committed and accrued in note 5, the trustees have also authorlsed certaln grants, whlch are subject to the recipient fulfilling certain condltlons re5ating to the delivery of the grant-funded activities. The total amount authorised but not accrued was £200,000 (2023: £450,000) and of thls total, £200,000 (2023: £250,000) wlll be payable In less than one year, £0 (2023: £200,000) payable between two and flve years. The trustees are confident that these authorised amounts will be met from future income. 2691e517-1 14