THE LAW SOCIETY EDUCATIONAL TRUST
REGISTERED CHARITY NUMBER: 1137234
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
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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: Ian Jeffery Chair of the Board: Amerdeep Clarke (from 1 January 2024) Address: 113 Chancery Lane London WC2A 1PL Independent Auditor: BDO LLP Two 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
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4-7 Trustee’s report
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8 Trustee’s responsibilities in relation to the financial statements
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9-13 Independent auditor’s report to the Trustee of the Law Society Educational Trust
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14 Statement of Financial Activities for the year ended 31 December 2024
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15 Balance Sheet as at 31 December 2024
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16-22 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 2024. 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:
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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.
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The Trustee may delegate day to day management of the affairs of the Charity to any person.
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The Trustee may delegate the management of investments to a Financial Expert provided that:
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the investment policy is set down in writing for the Financial Expert by the Trustee;
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every transaction is reported promptly to the Trustee;
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the performance of the investments is reviewed regularly by the Trustee;
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the Trustee is entitled to cancel the delegation arrangement at any time;
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the investment policy and the delegation arrangements are reviewed at least once a year;
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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
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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 11.
Objectives and activities
The objects of the various funds and the public benefit they provide are as follows:
General funds
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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
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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)
Objectives and activities (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:
£16,000 LPC fees – (to one individual) £16,000 LPC fees – (to one individual) £16,450 LPC fees – (to one individual)
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 2024 the charity held restricted reserves of £1,962,023 (2023 - £1,768,119) and unrestricted reserves of £141,880 (2023 - £137,078).
Investment policy
The Trustees invest the assets of the Charity after seeking relevant professional advice to provide a stable and increasing income over time for the grant giving programmes whilst at least maintaining the real value of the assets.
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 2024 financial statements.
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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:
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there is no relevant audit information of which the Trust's auditors are unaware; and
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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 Amerdeep Clarke CEO of the Law Society Chair of the Board
Date: 29[th] October 2025
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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:
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select suitable accounting policies and then apply them consistently;
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material
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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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INDEPENDENT AUDITOR’S REPORT TO TRUSTEE OF THE LAW SOCIETY EDUCATIONAL TRUST
Opinion on the financial statements
In our opinion, the financial statements:
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give a true and fair view of the state of the Charity’s affairs as at 31 December 2024 and of its incoming
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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 2024 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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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;
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the information given in the Trustees’ Report for the financial year for which the financial statements are prepared is inconsistent in any material respect with the financial statements; or
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• adequate accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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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 in relation to the financial statements, 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 Acts 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.
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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)
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.
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:
Non-compliance with laws and regulations
Based on:
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Our understanding of the Charity and the sector in which it operates;
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Discussion with management and those charged with governance; and
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Obtaining an understanding of the policies and procedures regarding compliance with laws and
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regulations
We considered the significant laws and regulations to be Charities Act 2011 and Charities SORP (FRS 102) 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.
The Charity is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be data protection.
Our procedures in respect of the above included:
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Review of minutes of meeting of those charged with governance for any instances of non-compliance
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with laws and regulations; and
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Review of financial statement disclosures and agreeing to supporting documentation.
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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)
Fraud
We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:
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Enquiry with management and those charged with governance regarding any known or suspected
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instances of fraud;
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Obtaining an understanding of the policies and procedures relating to:
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Detecting and responding to the risks of fraud; and
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Internal controls established to mitigate risks related to fraud.
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Review of minutes of meeting of those charged with governance for any known or suspected instances
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of fraud;
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Discussion amongst the engagement team as to how and where fraud might occur in the financial
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statements;
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Performing analytical procedures to identify any unusual or unexpected relationships that may indicate
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risks of material misstatement due to fraud.
Based on our risk assessment, we considered the areas most susceptible to fraud to be posting inappropriate journal entries to manipulate financial results and management bias in accounting estimates.
Our procedures in respect of the above included:
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Testing a sample of journal entries throughout the year, which met a defined risk criteria, by agreeing
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to supporting documentation; and
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Assessing significant estimates and judgements made by management for bias.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
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.
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INDEPENDENT AUDITOR’S REPORT TO TRUSTEE OF THE LAW SOCIETY EDUCATIONAL TRUST (continued)
Use of our report
This report is made solely to the Charity’s trustee as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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.
[Seman by:
Samantha Lifford (Senior Statutory Auditor) BDO LLP, statutory auditor
Birmingham, UK Date 29 October 2025
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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STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024
| NOTE | ENDOWMENT | UNRESTRICTED | TOTAL 2024 | TOTAL 2023 | |
|---|---|---|---|---|---|
| FUNDS | £ | £ | £ | ||
| £ | |||||
| INCOME AND ENDOWMENTS | |||||
| FROM: | |||||
| Donations and legacies | 2 | 68,500 | - | 68,500 | 67,150 |
| Investment income | 3 | 54,441 | 2,741 | 57,182 | 69,892 |
| Total income and endowments | 122,941 | 2,741 | 125,682 | 137,042 | |
| EXPENDITURE ON: | |||||
| Charitable activities | 4 | (87,414) | - | (87,414) | (79,174) |
| Investment management costs | (8,121) | (381) | (8,502) | (5,342) | |
| Other | - | (5,243) | (5,243) | (6,053) | |
| Total resources expended | (95,535) | (5,624) | (101,159) | (90,569) | |
| Net income/(expenditure) before | |||||
| 27,406 | (2,883) | 24,523 | 46,473 | ||
| other recognised gains and losses | |||||
| Net gains on investments | 166,498 | 7,685 | 174,183 | 99,129 | |
| Net income | 193,904 | 4,802 | 198,706 | 145,602 | |
| Fund balances as at 1 January | 9 | 1,768,119 | 137,078 | 1,905,197 | 1,759,595 |
| Fund balances as at 31 December | 9 | 1,962,023 | 141,880 | 2,103,903 | 1,905,197 |
The notes on pages 16 to 22 all form part of the financial statements.
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BALANCE SHEET AS AT 31 DECEMBER 2024
| NOTE | 2024 £ |
2024 £ 2023 £ |
|
|---|---|---|---|
| FIXED ASSETS | |||
| Investments | 7 | 2,101,559 | 1,878,754 |
| CURRENT ASSETS | |||
| Cash at bank and in hand | 100,376 | 108,962 | |
| Total current assets ~~a~~ |
~~a~~ | 100,376 ~~a~~ |
108,962 ~~a~~ |
| CURRENT LIABILITIES | |||
| Creditors: amounts fallingdue within oneyear | 8 ~~es~~ |
(98,032) ~~ee~~ |
(82,519) |
| Total current liabilities ~~ae~~ |
~~ae~~ ~~es~~ |
(98,032) ~~ae~~ ~~ee~~ |
(82,519) ~~ae~~ |
| ~~es~~ | ~~ee~~ | ||
| NET CURRENT ASSETS | ~~ee~~ | 2,344 | 26,443 |
| NET ASSETS ~~a~~ |
~~a~~ ~~ee~~ |
2,103,903 ~~a~~ |
1,905,197 ~~a~~ |
| ~~ee~~ | |||
| THE FUNDS OF THE CHARITY | |||
| General Unrestricted income funds | 9,10 | 141,880 | 137,078 |
| Restricted | 9,10 ~~ee~~ |
1,962,023 | 1,768,119 |
| TOTAL CHARITY FUNDS ~~a~~ |
9,10 ~~a~~ ~~ee~~ |
2,103,903 ~~a~~ |
1,905,197 ~~a~~ |
The notes on pages 16 to 22 all form part of the financial statements.
The financial statements on pages 14 to 22 were approved by the trustee and signed on its behalf by:
le
Ian Jeffery Amerdeep Clarke CEO of the Law Society Chair of the Board
Date: 29[th] October 2025
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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 recognised at cost.
CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT
Preparation of the financial statements requires the trustees and management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:
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allocation of expenditure and support costs; and
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estimating future income and expenditure flows for the purpose of assessing going concern (see below).
GOING CONCERN
The Trustee has considered whether the going concern basis of preparation for these accounts remains appropriate. The Trustee notes that the Charity has investments and cash balances available that represent many years of expenditure, and that the award of grants is discretionary. As such the Trustee is satisfied 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.
INVESTMENTS
Fixed asset investments comprise of listed investments. Listed investments are stated at fair value at the balance sheet date. Overseas investments are translated into sterling at the rates ruling at the year end.
Realised gains and losses on investments are calculated as the difference between sales proceeds and their cost and are charged or credited to the statement of the financial activities in the period of disposal.
Unrealised gains and losses represent the movement in fair values during the year and are credited or charged to the statement of financial activities based on the market value at the year end.
INVESTMENT INCOME
Interest earned on monies held in a deposit account are recognised when receivable. Income from investments includes dividends and interest and is recognised in the period in which it is receivable.
REVENUE AWARDS
Charitable activities include revenue awards debited to the statement of financial activities when authorised 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.
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NOTES TO THE FINANCIAL STATEMENTS (continued)
1. ACCOUNTING POLICIES (continued)
RESOURCES EXPENDED
Resources expended are recognised 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.
2. VOLUNTARY INCOME
| VOLUNTARY INCOME COMPRISES | 2024 | 2023 |
|---|---|---|
| £ | £ | |
| Restricted Fund | 68,500 | 67,150 |
| 68,500 | 67,150 | |
| RESTRICTED FUND VOLUNTARY INCOME | 2024 | 2023 |
| £ | £ | |
| General BursaryFund: | ||
| Sponsorship | 68,500 | 60,000 |
| Donations | - | 7,150 |
| Total | 68,500 | 67,150 |
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NOTES TO THE FINANCIAL STATEMENTS (continued)
3. INVESTMENT INCOME
| 2024 | 2023 | |||||
|---|---|---|---|---|---|---|
| Endowment | Unrestricted | Total | Endowment | Unrestricted | Total | |
| Funds | Funds | Funds | Funds | |||
| £ | £ | £ | £ | £ | £ | |
| Income from listed investments | 54,308 | 2,565 | 56,873 | 66,602 | 3,097 | 69,699 |
| Interest income | 133 | 176 | 309 | 85 | 108 | 193 |
| 54,441 | 2,741 | 57,182 | 66,687 | 3,205 | 69,892 |
4. CHARITABLE ACTIVITIES
| RESTRICTED FUND CHARITABLE ACTIVITIES | 2024 | 2023 |
|---|---|---|
| £ | £ | |
| General Bursary Fund: DAS 2024 SQE fees | 87,980 | - |
| General Bursary Fund: DAS 2023 SQE fees | - | 35,620 |
| General Bursary Fund: DAS 2023 LPC fees | - | 43,650 |
| General Bursary Fund: DAS 2022 SQE fees | (2,902) | (2,533) |
| General Bursary Fund: DAS 2022 LPC fees | - | 350 |
| DAS Awardees Travel & Accommodation Reimbursement | 1,936 | 1,887 |
| Sir George Fowler Prize | 200 | 200 |
| Newcastle Prize | 200 | - |
| Total expenditure on charitable activities | 87,414 | 79,174 |
5. 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 (2023: None). No expenses were reimbursed to Trustees in the year (2023: None).
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NOTES TO THE FINANCIAL STATEMENTS (continued)
6. TAXATION
The Charity is exempt from tax as all its income is charitable and is applied for charitable purpose.
7. INVESTMENTS
| 2024 | 2023 | |
|---|---|---|
| £ | ||
| Fair Value: | ||
| As at 1 January 2024 | 1,878,754 | 1,713,307 |
| Dividends and interest income | 56,873 | 69,699 |
| Investment management costs | (8,251) | (3,381) |
| Realised(losses) | - | (14,486) |
| Netgain on revaluation | 174,183 | 113,615 |
| As at 31 December 2024 | 2,101,559 | 1,878,754 |
| Book cost | 1,734,323 | 1,734,323 |
| Represented by: | ||
| Multi Asset Funds | 2,101,324 | 1,845,058 |
| Cash | 235 | 33,696 |
| 2,101,559 | 1,878,754 | |
8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2024 | 2023 | |
| £ | £ | |
| General Bursary Fund: DAS awards | 87,637 | 72,187 |
| Due to the Law Society | 10,395 | 10,332 |
| 98,032 | 82,519 |
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NOTES TO THE FINANCIAL STATEMENTS (continued)
9. STATEMENT OF FUNDS
| 2024 | Gains on | ||||
|---|---|---|---|---|---|
| As at 31/12/23 | Income | Expenditure | investments | As at 31/12/24 |
|
| £ | £ | £ | £ | £ |
|
| RESTRICTED FUNDS | |||||
| PERMANENT ENDOWMENT FUNDS | |||||
| The Adam Partington Bequest | 188,959 | 5,724 | (854) | 17,544 | 211,373 |
| TLS National Prize Fund | 163,588 | 4,955 | (738) | 15,190 | 182,995 |
| AW Blackwell Trust | 1,020,513 | 30,908 | (4,612) | 94,757 | 1,141,566 |
| Total permanent endowment funds | 1,373,060 | 41,587 | (6,204) | 127,491 | 1,535,934 |
| EXPENDABLE ENDOWMENT FUNDS | |||||
| General Bursary Fund | 31,381 | 70,306 | (87,263) | 5,130 | 19,554 |
| General Prize Fund | 51,198 | 1,574 | (635) | 4,826 | 56,963 |
| The Harry Faulkner Brown Bursary | 85,915 | 2,603 | (388) | 7,974 | 96,104 |
| The William James Robinson Trust | 123,316 | 3,735 | (557) | 11,449 | 137,943 |
| The William Arthur Hutton Bequest | 67,935 | 2,066 | (328) | 6,351 | 76,024 |
| The JFW Harrison Prize | 35,314 | 1,070 | (160) | 3,277 | 39,501 |
| Total expendable endowment funds | 395,059 | 81,354 | (89,331) | 39,007 | 426,089 |
| TOTAL ENDOWMENT FUNDS | 1,768,119 | 122,941 | (95,535) | 166,498 | 1,962,023 |
| TOTAL RESTRICTED FUNDS | 1,768,119 | 122,941 | (95,535) | 166,498 | 1,962,023 |
| UNRESTRICTED FUNDS | |||||
| Total general fund | 137,078 | 2,741 | (5,624) | 7,685 | 141,880 |
| TOTAL UNRESTRICTED FUND | 137,078 | 2,741 | (5,624) | 7,685 | 141,880 |
| TOTAL FUNDS | 1,905,197 | 125,682 | (101,159) | 174,183 | 2,103,903 |
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THE LAW SOCIETY EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
9. STATEMENT OF FUNDS (CONTINUED)
| 2023 | Gains on | |||||
|---|---|---|---|---|---|---|
| As at 31/12/22 | Income | Expenditure | investments |
As at 31/12/23 |
||
| £ | £ | £ | £ |
£ | ||
| RESTRICTED FUNDS | ||||||
| PERMANENT ENDOWMENT FUNDS | ||||||
| The Adam Partington Bequest | 172,552 | 6,967 | (541) | 9,981 | 188,959 | |
| The Law Society National Prize Fund | 149,384 | 6,031 | (468) | 8,640 | 163,588 | |
| AW Blackwell Trust | 931,425 | 38,123 | (2,920) | 53,885 | 1,020,513 | |
| Total permanent endowment funds | 1,253,361 | 51,122 | (3,929) | 72,506 | 1,373,060 | |
| EXPENDABLE ENDOWMENT FUNDS | ||||||
| General Bursary Fund | 38,323 | 69,272 | (79,133) | 2,919 | 31,381 | |
| General Prize Fund | 46,882 | 1,917 | (348) | 2,747 | 51,198 | |
| The Harry Faulker Brown Bursary | 78,456 | 3,166 | (246) | 4,539 | 85,915 | |
| The William James Robinson Trust | 112,610 | 4,546 | (353) | 6,513 | 123,316 | |
| The William Arthur Hutton Bequest | 62,015 | 2,513 | (195) | 3,602 | 67,935 | |
| The JFW Harrison Prize | 32,220 | 1,301 | (72) | 1,865 | 35,314 | |
| Total expendable endowment funds | 370,506 | 82,715 | (80,347) | 22,185 | 395,059 | |
| TOTAL ENDOWMENT FUNDS | 1,623,867 | 133,837 | (84,276) | 94,691 | 1,768,119 | |
| TOTAL RESTRICTED FUNDS | 1,623,867 | 133,837 | (84,276) | 94,691 | 1,768,119 | |
| UNRESTRICTED FUNDS | ||||||
| Total general fund | 135,728 | 3,205 | (6,293) | 4,438 | 137,078 | |
| TOTAL UNRESTRICTED FUND | 135,728 | 3,205 | (6,293) | 4,438 | 137,078 | |
| TOTAL FUNDS | 1,759,595 | 137,042 | (90,569) | 99,129 | 1,905,197 |
21
THE LAW SOCIETY EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
10. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| 2024 | 2023 | |||||
|---|---|---|---|---|---|---|
| Endowment | Unrestricted | Endowment | Unrestricted | |||
| Total | Total | |||||
| Funds | Funds | Funds | Funds | |||
| £ | £ | £ | £ | £ | £ | |
| Investments | 2,007,584 | 93,975 | 2,101,559 | 1,794,659 | 84,095 | 1,878,754 |
| Current assets | 41,977 | 58,399 | 100,376 | 45,560 | 63,403 | 108,963 |
| Current liabilities | (87,538) | (10,494) | (98,032) | (72,100) | (10,420) | (82,520) |
| Net assets | 1,962,023 | 141,880 | 2,103,903 | 1,768,119 | 137,078 | 1,905,197 |
11. RELATED PARTY TRANSACTIONS
The Law Society paid the 2024 audit fee of £5,229 (2023: £5,166) on behalf of the Law Society Educational Trust. At the year-end 2024 there is £10,395 (2023: £10,332) outstanding to the Law Society in respect of audit fees. This will be invoiced to the Trust and settled in 2025.
.
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