## **THE LAW SOCIETY EDUCATIONAL TRUST** 

REGISTERED CHARITY NUMBER: 1137234 

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 

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THE LAW SOCIETY EDUCATIONAL TRUST 

## REFERENCE AND ADMINISTRATIVE DETAILS 

Trustee: The Law Society (the "Trustee") The following notable persons served the Law Society throughout the year and to the date of this report: Chief Executive: Paul Tennant (to 17 December 2021) Gerry Walsh (from 4 January 2022 to 12 September 2022) Ian Jeffery (from 13 September 2022) Chair of the Board: Robert Bourns Address: 113 Chancery Lane London WC2A 1PL Independent Auditor: BDO LLP 2 Snow Hill Birmingham B4 6GA Bankers: Barclays Bank Plc Level 27 1 Churchill Place London E14 5HP 

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THE LAW SOCIETY EDUCATIONAL TRUST 

## CONTENTS 

## Pages 

- 4-7 Trustee’s report 

- 8 Trustee’s responsibilities in relation to the financial statements 

- 9-12 Independent auditors’ report to the Trustee of the Law Society Educational Trust 

- 13 Statement of Financial Activities for the year ended 31 December 2021 

- 14 Balance Sheet as at 31 December 2021 

- 15-19   Notes to the Financial Statements 

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THE LAW SOCIETY EDUCATIONAL TRUST 

## TRUSTEE’S REPORT 

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

## Structure, governance and management 

The Law Society has long been the trustee of a large number of prize and bursary funds. These arose from lifetime donations and legacies given to the Law Society to hold on separate charitable trusts; most were established more than 50 years ago. 

To simplify the structure and administration of the prizes and bursaries, the Council approved the creation of a new charity called the Law Society Educational Trust, with a view to the prize and bursary funds being transferred to it, along with some other funds. 

The Law Society Educational Trust was registered with the Charity Commission on 2 August 2010. The Management Board has passed formal resolutions for the transfer of individual funds to the Charity. The Charity Commission has consented to these resolutions. On the dissolution of Management Board, the Council delegated the decisions on individual funds to the Board. 

The Charity is a charitable trust constituted by a trust deed dated 26 March 2010 which made The Law Society Trustee. The Charity is registered with the Charity Commission for England & Wales and is identified by the number 1137234. 

The Trustee has the following powers to delegate: 

- The Trustee may delegate any of its powers or functions to committees consisting of two or more persons appointed by it and all proceedings of committees must be reported promptly to the Trustee. 

- The Trustee may delegate day to day management of the affairs of the Charity to any person. 

- The Trustee may delegate the management of investments to a Financial Expert provided that: 

   - the investment policy is set down in writing for the Financial Expert by the Trustee; 

   - every transaction is reported promptly to the Trustee; 

   - the performance of the investments is reviewed regularly by the Trustee; 

   - the Trustee is entitled to cancel the delegation arrangement at any time; 

   - the investment policy and the delegation arrangements are reviewed at least once a year; 

   - all payments due to the Financial Expert are on a scale or at a level which is agreed in advance and are notified promptly to the Trustee on receipt; and 

   - the Financial Expert may not do anything outside the powers of the Trustee. 

The powers and functions of the Trustee have been delegated to a committee consisting of the Chair of the Board and Chief Executive of the Law Society. 

The Charity is administered day to day by the Governance team and the Finance team of The Law Society. 

## Risk management 

The Trustee regularly assesses the risks to which the Charity is exposed and is satisfied that the systems in place manage the exposure to major risks. 

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THE LAW SOCIETY EDUCATIONAL TRUST 

## TRUSTEE’S REPORT (continued) 

## Related parties and connected organisations 

The Trustee ensures any related party and connected organisation transactions are conducted at arm’s length and are made entirely in furtherance of the objects of the charity. Related party transactions are fully disclosed in note 9. 

## Objectives and activities 

The objects of the various funds and the public benefit they provide are as follows: 

## _General funds_ 

- to advance legal education, including, but without limitation, of persons who are or wish to become solicitors and by the provision of bursaries, scholarships and prizes and other grants for persons who wish to become solicitors in England & Wales; and 

- to promote the sound administration of the law, including but without limitation, by the provision of Continued Professional Development training to persons who are solicitors in England and Wales. 

## _Restricted funds (General Bursary Fund)_ 

The advancement of legal education by providing bursaries, scholarships and other grants and financial assistance for persons who wish to become solicitors in England & Wales and, in so doing the Trustee may award the bursaries in the name(s) of any of the original donors as it thinks fit. 

## _Restricted funds (General Prize Fund)_ 

The advancement of legal education by providing prizes and other awards to persons who wish to become solicitors in England & Wales and, in so doing, the Trustee may award the prizes and awards in the name(s) of any of the original donors as it thinks fit. 

## _Restricted funds (Adam Partington Bequest)_ 

The advancement of legal education by providing bursaries, scholarships and other grants and financial assistance for persons who wish to become solicitors in England & Wales who are studying or intend to study the Legal Practice Course in the Manchester Area. 

## _Restricted funds (AW Blackwell Trust)_ 

The provision of student prizes. 

## _Restricted funds (Harry Faulkner Brown Bursaries)_ 

The advancement of legal education by the provision of bursaries and grants for persons who wish to become solicitors in the name of “Harry Faulkner Brown” in such manner and in such amounts as the Law Society from time to time thinks fit. 

## _Restricted funds (William James Robinson Bursary)_ 

The advancement of legal education by the provision of bursaries and grants for persons who wish to become solicitors in the name of “William James Robinson” in such manner and in such amounts as the Law Society from time to time thinks fit. 

## _Restricted funds (JFW Harrison Prize)_ 

Provision of an annual prize or prizes to the student(s) who achieve the highest percentages among all the authorised Legal Practice Course provider institutions for an elective which substantially involves the law of wills, probate and administration. Power to associate a prize with the name of the donor John Mullens Watson Harrison. 

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THE LAW SOCIETY EDUCATIONAL TRUST 

## TRUSTEE’S REPORT (continued) 

## _Restricted funds (William Arthur Hutton Prize)_ 

The advancement of legal education by providing a prize or other award to persons who wish to become solicitors in England & Wales who are studying the Legal Practice Course at Northumbria University or another institution in the North East region of England as The Law Society thinks fit. 

## _Restricted funds (The Law Society National Prize Fund)_ 

The advancement of legal education of persons who wish to become solicitors in England and Wales by the provision of scholarships. 

## Financial review, achievements and performance 

The Charity was able to award a number of bursaries during the year in pursuit of its objects for persons who are or wish to become solicitors in England & Wales. Some of the larger awards made were: 

£13,800 LPC fees – Nerifa Lukuamus £12,900 LPC fees – Jade Weeks £13,800 LPC fees – Erica San £13,800 LPC fees – Katie Collins £10,800 LPC fees – Roxana Cretu £13,500 LPC fees – Ruffa Kemp 

## Reserves policy 

It is not the aim of the Charity to accumulate large cash balances; however, it has sufficient funds to meet its commitments to further funding. It is the aim of the Charity to continue to make awards within its objects and policies according to the income it receives. At 31 December 2021 the charity held restricted reserves of £1,644,027 (2020 - £1,669,244) and unrestricted reserves of £140,818 (2020 - £148,492). 

## Investment policy 

The Charity invests its cash funds in a cash deposit account as it allows easy access to funds as well as low risk returns. 

## Plans for the future 

The Charity plans to continue to make grants to individuals in line with the objectives of the various funds held. 

## Public Benefit 

The Trustee has had due regard to the Charity Commission statement on public benefit. 

## Going concern and long-term viability 

The Trustees consider that the Charity will have sufficient resources to meet its liabilities as they fall due for the foreseeable future, at least over the next 12 months from the date of signing the financial statements. As a result, the Trustees are satisfied that the Charity is a going concern. 

## Independent auditor 

BDO LLP are the Charity’s auditor for the 2021 financial statements. 

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THE LAW SOCIETY EDUCATIONAL TRUST 

## TRUSTEE’S REPORT (continued) 

## Statement of disclosure of information to Auditors 

So far as the Trustee is aware at the time the report is approved: 

- there is no relevant audit information of which the Trust's auditors are unaware; and 

- the Trustee has taken all steps that it ought to have taken to make itself aware of any relevant audit information and to establish that the auditors are aware of that information. 



Ian Jeffery                                                              Robert Bourns CEO of the Law Society                                        Chair of the Board 

Date:30/10/2022 

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THE LAW SOCIETY EDUCATIONAL TRUST 

## TRUSTEE’S RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS 

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

Charity law requires the Trustee to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).  Under charity law the Trustee must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. 

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

- select suitable accounting policies and then apply them consistently; 

- make judgements and accounting estimates that are reasonable and prudent; 

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 

- charity will continue in business. 

The Trustee is responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011.  They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

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THE LAW SOCIETY EDUCATIONAL TRUST 

## INDEPENDENT AUDITOR’S REPORT TO TRUSTEE OF THE LAW SOCIETY EDUCATIONAL TRUST 

## Opinion on the financial statements 

In our opinion, the financial statements: 

- give a true and fair view of the state of the Charity’s affairs as at 31 December 2021 and of its incoming resources and application of resources for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

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

## 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## _Independence_ 

We remain independent of the Charity in accordance with the ethical requirements relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. 

## Conclusions related to going concern 

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

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

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

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THE LAW SOCIETY EDUCATIONAL TRUST 

## INDEPENDENT AUDITOR’S REPORT TO TRUSTEE OF THE LAW SOCIETY EDUCATIONAL TRUST (continued) 

## Other information 

The Trustee is responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our auditor’s report thereon. 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## Matters on which we are required to report by exception 

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

- the information given in the Trustee’s Report for the financial year for which the financial statements are prepared is inconsistent in any material respect with the financial statements; or 

- adequate accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

## Responsibilities of the Trustee 

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

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

## Auditor’s responsibilities for the audit of the financial statements 

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

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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. 

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INDEPENDENT AUDITOR’S REPORT TO TRUSTEE OF THE LAW SOCIETY EDUCATIONAL TRUST (continued) 

## Auditor’s responsibilities for the audit of the financial statements (continued) 

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. 

_Extent to which the audit was capable of detecting irregularities, including fraud._ 

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: 

We made enquiries of management, and the Board of Trustees. This included the following: 

- how they have identified, evaluated and complied with laws and regulations and whether they were aware of any instances of non-compliance; 

- their process for detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and 

- which internal controls have been established to mitigate risks related to fraud or non-compliance with laws and regulations. 

We obtained an understanding of the legal and regulatory frameworks that are applicable to the Charity. These include, but are not limited to, compliance with, Charities Act 2011, UK GAAP, Charities SORP and tax legislation. 

In addition, the Charity is subject to many other laws and regulations where the consequences of noncompliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: data protection. Auditing standards limit the required audit procedures to identify noncompliance with these laws and regulations to enquiry of the Those Charged with Governance and other management and inspection of regulatory and legal correspondence if any. 

We considered management’s incentives and opportunities for fraudulent manipulation of the financial statements (including revenue recognition and the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial results and management bias in accounting estimates. 

Audit response to risks identified 

- we reviewed the financial statement disclosures and sample tested to supporting documentation to assess compliance with relevant laws and regulations discussed above; 

- we made enquiries of the Trustee and management; 

- we read minutes of meetings of those charged with governance and; 

- in addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; considered completeness of related party transactions; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business. 

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THE LAW SOCIETY EDUCATIONAL TRUST 

## INDEPENDENT AUDITOR’S REPORT TO TRUSTEE OF THE LAW SOCIETY EDUCATIONAL TRUST (continued) 

## Auditor’s responsibilities for the audit of the financial statements (continued) 

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. 

A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council’s (“FRC’s”) website at: https://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 Charity’s trustee, as a body, in accordance with the Charities Act 2011. Our audit work has been undertaken so that we might state to the Charity’s trustee 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 Charity and the Charity’s trustee as a body, for our audit work, for this report, or for the opinions we have formed. 


Kyla Bellingall (Senior Statutory Auditor) 

For and on behalf of BDO LLP, statutory auditor Birmingham Date 31 October 2022 

BDO LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127). 

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THE LAW SOCIETY EDUCATIONAL TRUST 

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021 

|NOTE|ENDOWMENT|<br>UNRESTRICTED|<br>TOTAL 2021<br>TOTAL 2020|
|---|---|---|---|
||FUNDS|<br> <br>£|<br>£<br>£|
||£|||
|INCOME AND ENDOWMENTS||||
|Donations and legacies<br>2|52,500|<br>-|<br>52,500<br>42,500|
|Investment income|163|<br>14|<br>177<br>3,738|
|Total income|52,663|<br>14|<br>52,677<br>46,238|
|||||
|EXPENDITURE||||
|Other|-|<br>(7,688)|<br>(7,688)<br>(8)|
|Charitable activities<br>3|(77,880)|<br>-|<br>(77,880)<br>(52,698)|
|Total expenditure|(77,880)|<br>(7,688)|<br>(85,568)<br>(52,706)|
|||||
|Net (expenditure)<br>8|(25,217)|(7,674)|(32,891)<br>(6,468)|
|||||
|Fund balances as at 1 January|1,669,244|<br>148,492|<br>1,817,736<br>1,824,204|
|Fund balances as at 31 December|1,644,027|<br>140,808|<br>1,784,845<br>1,817,736|



The notes on pages 15 to 19 all form part of the financial statements. 

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THE LAW SOCIETY EDUCATIONAL TRUST 

## BALANCE SHEET AS AT 31 DECEMBER 2021 

|NOTE|2021<br>2020|
|---|---|
||£<br>£|
|CURRENT ASSETS||
|Cash at bank and in hand|1,874,995<br>1,841,269|
|Total current assets|1,874,995<br>1,841,269|
|||
|CURRENT LIABILITIES||
|Creditors: amounts falling due within one year<br>6|(90,150)<br>(23,533)|
||(90,150)<br>(23,533)|
|NET CURRENT ASSETS|1,784,845<br>1,817,736|
|NET ASSETS|1,784,845<br>1,817,736|
|||
|THE FUNDS OF THE CHARITY||
|General Unrestricted income funds<br>7|140,818<br>148,492|
|Restricted<br>7|1,644,027<br>1,669,244|
|Total charity funds<br>7|1,784,845<br>1,817,736|



The notes on pages 15 to 19 all form part of the financial statements. 

The financial statements on pages 13 to 19 were approved by the Board of trustees and signed on its behalf by: 



Ian Jeffery                                                         Robert Bourns CEO of the Law Society                                    Chair of the Board 

Date: 30/10/22 

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THE LAW SOCIETY EDUCATIONAL TRUST 

## NOTES TO THE FINANCIAL STATEMENTS 

## 1. ACCOUNTING POLICIES 

## BASIS OF ACCOUNTING 

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing financial statements in accordance with the Financial Reporting Standard (FRS 102), applicable in the UK and Republic of Ireland, and the Charities Act 2011. The Charity is considered a public benefit entity as defined by FRS102. The financial statements have been prepared on the going concern basis, under the historical cost convention with items recognized at cost. 

## GOING CONCERN 

The Trustee has considered whether the going concern basis of preparation for these accounts remains appropriate based on available liquid assets, forecast expenditure and the uncertainty created by the global pandemic. The Trustee notes that the Charity has cash balances available that represent many years of expenditure and that the award of grants is discretionary.  As such the Trustee is satisfied that that the Charity can settle its obligations for a period of at least 12 months from the date of signing the financial statements and that it is appropriate for the financial statements be prepared on a going concern basis. 

## VOLUNTARY INCOME 

Voluntary income is received by way of sponsorship, donations and gifts and is included in full in the statement of financial activities when receivable, the Charity has entitlement, and the amount can be measured reliably. 

## INVESTMENT INCOME 

Interest earned on monies held in a deposit account are recognized when receivable. 

## REVENUE AWARDS 

Charitable activities include revenue awards debited to the statement of financial activities when authorized and committed to by the Trustee. 

## RESTRICTED FUNDS 

Restricted funds represent Funds which are permanent endowment funds, expendable endowment funds and/or have restricted purposes. 

## RESOURCES EXPENDED 

Resources expended are recognized in the period in which they are incurred and allocated to either restricted or unrestricted funds. Resources expended on charitable activities include awards payments made and those granted awaiting payment as well as resources expended on governance costs. Any grants awarded but unpaid at the year-end are held within creditors. 

## GENERATING FUNDS 

Costs of generating funds are incurred on behalf of the Charity by the Law Society and not recharged. These costs and the associated donation in kind are not included in the statement of financial activities because their value cannot be reliably estimated. 

## GOVERNANCE 

The Charity benefits from centralised services and facilities provided by the Law Society which includes accounting administration, treasury management and fundraising activities which are not recharged to the Charity. These costs and the associated donation in kind are not included in the statement of financial activities because their value cannot be reliably estimated. 

## TRUSTEE EMOLUMENTS 

All trustees give of their time freely and no expenses have been paid by the charity to the trustees as such costs are met by the Law Society. 

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THE LAW SOCIETY EDUCATIONAL TRUST 

## NOTES TO THE FINANCIAL STATEMENTS (continued) 

## 2. VOLUNTARY INCOME 

|VOLUNTARY INCOME COMPRISES|2021|2020|
|---|---|---|
||£|£|
|Restricted Fund|52,500|42,500|
||52,500|42,500|
|RESTRICTED FUND VOLUNTARY INCOME|2021|2020|
||£|£|
|General Bursary Fund: sponsorship|52,500|42,500|
||52,500|42,500|



## 3. CHARITABLE ACTIVITIES 

|VOLUNTARY ACTIVITIES COMPRISE|2021<br>2020|
|---|---|
||£<br>£|
|Restricted Fund|77,880<br>52,698|
||77,880<br>52,698|
|||
|RESTRICTED FUND CHARITABLE ACTIVITIES|2021<br>2020|
||£<br>£|
|General Bursary Fund: DAS 2020 LPC fees – Nora Garaz|-<br>13,600|
|General Bursary Fund: DAS 2020 LPC fees – Art Badivuku|900<br>14,750|
|General Bursary Fund: DAS 2020 LPC fees – Shay|-<br>9,290|
|General Bursary Fund: DAS 2020 LPC fees – Jennifer|-<br>13,130|
|General Bursary Fund: DAS 2021 LPC fees – Nerifa Lukuamusu|13,800<br>-|
|General Bursary Fund: DAS 2021 LPC fees – Jade Weeks|12,900<br>-|
|General Bursary Fund: DAS 2021 LPC fees – Erica San|13,800<br>-|
|General Bursary Fund: DAS 2021 LPC fees – Katie Collins|13,800<br>-|
|General Bursary Fund: DAS 2021 LPC fees – Roxana Cretu|10,800<br>-|
|General Bursary Fund: DAS 2021 LPC fees – Ruffa Kemp|13,500<br>-|
|General Bursary Fund: DAS PLUS 2017 Training Contract - Matthew Brown|(2,220)<br>1,928|
|Sir George Fowler Prize|400<br>-|
|Newcastle Prize|200<br>-|
|||
||77,880<br>52,698|
|||



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THE LAW SOCIETY EDUCATIONAL TRUST 

## NOTES TO THE FINANCIAL STATEMENTS (continued) 

## 4. STAFF COSTS 

There were no employees during the year. 

Neither the Trustee nor any person related or connected by business to the Trustee has received any remuneration from the Charity during the year (2020: None). No expenses were reimbursed to Trustees in the year (2020: None). 

## 5. TAXATION 

The Charity is exempt from tax as all its income is charitable and is applied for charitable purpose. 

## 6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 

||2021|2020|
|---|---|---|
||£|£|
|General Bursary Fund: DAS awards|78,600|-|
|General Bursary Fund: DAS PLUS|-|19,662|
|Due to the Law Society|11,550|3,871|
||90,150|23,533|



## 7. ANALYSIS OF TOTAL ASSETS BETWEEN FUNDS 

||2021|2020|
|---|---|---|
||£|£|
|Restricted funds: permanent endowment|1,270,090|1,269,966|
|Restricted funds: expendable endowment|373,937|399,278|
|Unrestricted funds: general funds|140,818|148,492|
||1,784,845|1,817,736|



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## NOTES TO THE FINANCIAL STATEMENTS (continued) 

## 8. NET MOVEMENT ON FUNDS 

|B/FWD|<br>INCOME<br>EXPEND<br>C/FWD|
|---|---|
|£|-ITURE|
||<br>£<br>£<br>£|
|RESTRICTED FUNDS||
|PERMANENT ENDOWMENT FUNDS||
|The Adam Partington Bequest<br>174,845|<br>17<br>-<br>174,862|
|The Law Society National Prize Fund<br>151,368|<br>15<br>-<br>151,383|
|AW Blackwell Trust<br>943,753|<br>92<br>-<br>943,845|
|Total permanent endowment funds<br>1,269,966|<br>124<br>-<br>1,270,090|
|||
|EXPENDABLE ENDOWMENT FUNDS||
|General Bursary Fund<br>61,249|<br>52,506<br>(77,280)<br>36,475|
|General Prize Fund<br>48,703|<br>5<br>(600)<br>48,108|
|The Harry Faulker Brown Bursary<br>79,496|<br>8<br>-<br>79,504|
|The William James Robinson Trust<br>114,105|<br>11<br>-<br>114,116|
|The William Arthur Hutton Bequest<br>63,095|<br>6<br>-<br>63,101|
|The JFW Harrison Prize<br>32,630|<br>3<br>-<br>32,633|
|Total expendable endowment funds<br>399,278|<br>52,539<br>(77,880)<br>373,937|
|TOTAL RESTRICTED FUNDS<br>1,669,244|<br>52,663<br>(77,880)<br>1,644, 027|
|||
|UNRESTRICTED FUNDS||
|Total general fund<br>148,492|<br>14<br>(7,688)<br>140,818|
|TOTAL UNRESTRICTED FUND<br>148,492|<br>14<br>(7,688)<br>140,818|
|||
|TOTAL FUNDS<br>1,817,736|<br>52,677<br>(85,568)<br>1,784,845|



## 9. RELATED PARTY TRANSACTIONS 

The Law Society paid the 2021 audit fees of £3,990 (2020: £3,871) on behalf of the Law Society Educational Trust. At the year-end there is £11,250 outstanding to the Law Society in respect of audit fees. This will be invoiced to the Trust and settled in 2022. 

## 10. SUBSEQUENT EVENTS 

The Trust transferred the majority of its funds on 06 May 2022 from cash holdings to investment funds, managed by Cazenove Capital, an investment management arm of Schroders PLC. £1,270,138 of 

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permanent endowment funds, £388,600 of expendable endowment funds and £77,754 of unrestricted funds were transferred, a total transfer of £1,736,492. Cash reserves have been maintained to ensure sufficient liquid funds are available for day-to-day operations. 

The latest market valuation of these funds available at October 2022 is £1,659,927. 

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