Cbrity Registration No. 1153738 Company Registered No. 08636434 HMRC No. EW40609 THE ALLEN & OVERY FOUNDATION (a company limited by guarantee) Annual Report #nd Finaneial Ststemettts For the year ended 30 April 2021 JAJIA%JH* 17112r2021 COMPANIES HOUSE COMPANIES HOUSE BELFAST 17 DEC 7021 RECEPTION JEfK
THE ALLEN & OVERY FOUNDATION (A COMPANY LIMITED BY GUARANTEE) CHARITY REGISTRATION NO. 1153738 COMPANY REGISTRATION NO. 08636434 ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APIUL 2021 CONTENTS Page Refence and AdTninistration Information ............................................................................................ Trustees, Report...................-.-...-..-....-....... Independent auditors. report to ihe mewnbers of The Allen & Overy Foundation... Staiemeni of Firbancial Activities (Includin8 the Income and Expenditure Account) . 13 Sraiement of Financial Position...............................................................................................-............ 14 Statement of Cash Flows........... 15 Notes lo ihe Financial Staiements. 16
THE ALLEN & OVERY FOUNDATION (A COMPANY LIMITED BY GUARANTEE) CHARITY REGISTRA TION NO. 1153738 COMPANY REGISTRATION NO. 08636434 REFERENCE AND ADMINISTRATION INFORMATION FOR THE YEAR ENDED 30 APIUL 2021 Trustees H van der Baan A H Clist B Hannigan M E Johnston M J Mansell P J Mansfield JMPage A van der Pauw F J R&n¢ro A R Wedderburn-Day (Appointed 6 August 2020) (Appointed 9 July 2020) (Resigned I S June 2020) (Appointed 6 August 2020) Registered Address One Bishops Square London. EI 6AD Bankers National Westminster Bank pl¢ 49 Bishopsgate London EC2N 3AS Solieitors Allen & Overy LLP One Bishops Square London EI 6AD Independent AdItorS Pri¢¢wat¢rhouseCoopers LLP charter Ac¢ountanis and Ststutory Auditors M¢r¢hant Square 20-22 Wellington Place Belfast BTI 6GE
THE ALLEN & OVERY FOUNDATION (A COMPANY LIMITED BY GUARANTEE) CHARITY REGISTRATION NO. 1153738 COMPANY REGISTRATION NO. 08636434 TRUSTEES, REPORT FOR THE YEAR ENDED 30 APRIL 2021 The trustees of The Allen & Overy Foundation (the Foundation). who are a150 directors for the Purposes of the Componies Act 2006 (the Aet). present their report together with the audited financial statements for the year ended 30 April 2021 and for the comparative period being the year ended 30 April 2020. The trustees have adopted the provisions of the Aci and the Statement of Recommended Practice: Accounting and Reporting by Charities (Chlrities SORP). Reference and administrAtive information The Foundation is registered with the Charities Commission (Charity Number= I153738)- is a company limit¢d by guarantee registered in England (Company Number.. 08636434). and is also recognised as a ¢harity by HM Revenue and Customs (EW40609). The information wilh respect to officers and professional advisers set out on page I fomis part of this report. Struetur¢* governance attd management The Foundation is a charitabl¢ ¢ompany limited by guarante¢. The trust¢es of the Foundation who served throughoui the financial year and up to the dat¢ of signing th¢ financial statements, except as noted, were: H van der Baan A H Clist B Hannigan M E Johnston M J Mansell P J Mansfield JMPage A van der Pauw F J Ranero A R W¢dderburn-Day (Appoinied 6 August 2020) (Appointed 9 July 2020) (Resigned 15 June 2020) {Appointed 6 August 2020) The Foundation and the appointmeni and retirement of trnstees are governed by its Memorandum and Articles of Association (as amended). New trusl¢¢s are provided with guidance and training in relation to.. Ihe conl¢nt of the Memordndum and Articles of Association. sub-committee tenns of reference, decision-making processes, the objectives, policies and recent financial performance of the Foundation. All new trust¢es are 8iven the opportunity to meet key personnel and oih¢r trustees discuss th¢ activities ofthe Foundation. Trustees are provided with appropriate external trdining and updates where this will fa¢ilitat¢ the undertaking of their role.
THE ALLEN & OVERY FOUNDATION (A COMPANY LIMITED BY GUARANTEE) CHAIUTY REGISTRATION NO. 1153738 COMPANY REGISTRATION INO. 08636434 TRUSTEES, REPORT FOR THE YEAR ENDED 30 APIUL 2021 {CONTINUED) Risk ststement The irustees acknowledge their responsibility in relation to risk management and in aordanCe with the Foundation's risk management licY, they seek to identify potential risks Ihat the Foundation may encounter in ihe delivery of ils charitsble aims, including when granl-making. fundraising or undertaking new initiatives. The trustees identify risks by= {1) looking at the Foundation's objectives. mission and Stragy. and (li) ¢onsid¢ring oiher factors such as= changes to the legislation. the Foundation's reputation. previous problems encountered by the Foundaiion- and the risk management strategies of comparable charities. All risks identified by the trustees are recorded on a risk register which is reviewed annually. li¢ms which are considered to b¢ higher risk are subject to constant review. During the financial year. the trustees have identified oversea5 charities- financial stability of recipients. reputaiional risks associat¢d with recipienis and th¢ impact of Covid-19 on the viability of grants as risks which should be subject to constsnt review. Such risks are miligated by fin8n¢ial and reputational due dilig¢n¢¢ ¢ondu¢ted on all 1plent$ and maintaining regular communication with recipients. Financial risk management The financial risks are bome and wnanaged by Allen & Overy LLP and are disclosed in the publicly available financial statements of Allen & Overy LLP. Key performance indicators Given the strnighrfotivard nature of the business and its principal activities, the trustees ar¢ of the opinion that analysis using key p¢rfom)an¢¢ indi¢atots is not necessary for an understanding of the developmen¢ perforniance or wsition of the Foundation. Objeetives and activities The Foundation was established with the aim of providing donations for the benefit of any one or more qualifying charities. In the trustees. opinion. 811 donations have been made to organisations for purposes which are exclusively charitable and in line with the Foundation's grant making policy outlined on page 4. Funds are generated through donations from Allen & Ov¢ry LLP partners. Key activities undertaken during the year ar¢ stated within th¢ achievements and perforniance section of this report along with the short-temi and long-terni plans of the Foundation. The Foundation has thr¢¢ grants sub-MMIttee5 (Global. IA)ndon and Belfast) and each has a particular focus on a specific geographic location. allowing support to be provided to Iwal communities and its own reporting requiremenis for its grani¢¢s. These are summarised and reported annually lo the Irust¢es. The trustees and sulFcommittee members deterTnine success based on the grantee organisations achieving the objectives agreed in the initial grant agreements. Measures include the number of b¢neficiaries the grantee organisation has helrKd. the impaci of the work being funded and the use of funds. The Fouftdation does not mak¢ us¢ of swial investment and does not have gen¢ral volunteers.
THE ALLEN & OVERY FOUNDATION (A COMPANY LIMITED BY GUARANTEE) CHARITY REGISTRATION NO. 1153738 COMPANY REGISTRA TION NO. 08636434 TRUSTEES, REPORT FOR THE YEAR ENDED 30 APRIL 2021 {CONTINUED) Publie benefit reporting The tru51ees have be¢n advised ofthe guidance contained in the Charity Commission's general guidance on public ben¢fil when reviewing the Foundation's aims and objectives and in planning ils future activities. In particular. the trustees consider how planned activilies will contribute to the aims and objectives it has set. Gr*nt mAking policy The Foundation's grant making policy is sei io enable ihe Foundation to achieve its aims. The Foundation's policy 15 to support charitable causes associated with providing relief in response to national or international disasters. advancing access to justice- advancing access to education and employment. and in ex¢¢ptional Cases, providing relief to those in need generally. as well as other causes which are associated with the pro-bono programme of the partners and staff of Allen & Overy. Applications for fijnding are considered at sub-committe¢ meetings. A¢hievemenls and perfornianee The Foundation received £1.621.313 (2020: £1.842.847) of donalions in ihe year and mad¢ gifts to charities of £1,487,961 (2020= £1.445.551) during the financial year. The most significant grnntee during the financial year was Hope and Homes for Children. 8 charity that works to end institutional care of children. The Foundation donated £373.787 (2020= £339,761). Throughout the year. Allen & Overy LLP and the Foundation provided extrn support to Hope and Homes for Children to deal with the effects of the Covid-19 pandemic - in particular with the dual threats of children being driven into instilulions in large numbers al the same time as panic closure of orphanages, forcing thousands of vulnerdble children back into families with no plannin& preparation or oversi By extending the partnership and funding. the Foundation has helFKd Hope and Homes for Children lo reach 150.230 children during the year. keeping them safe. paying rent for families at risk of eviction, providing food and medicines. deploying frontlÈne sccial workers to respond to a surge in domesti violen¢e and protecting children at risk of being sexually exploited or traiCked itlto forced labour. The relationship ended in July 2021 and a new two year path¢h1P wilh Stre¢t Child UK launched in S¢pt¢mb¢r 2021. The Foundation continued its sUPPOrt for those affected by Covid-19 during the year through its Global grants sul>committee. providing a grant of £25.000 to Gavi COVAX AMC via the Go Give One ¢ampaign. The donation is being used to fund Covid-19 va¢¢ines in lower-income ¢ountrie5. The Foundation leveraged support from staff and partneTS at Allen & Overy LLP, who raised a further £12,899 for the campaign. Additional disaster relief funding was Spent 5UPIM)rting people in the Sahel, Mozambique and the Central African Republic.
THE ALLEN & OVERY FOUNDATION (A COMPANY LIMITED B Y GUARANTEE) CHAIUTY REGISTRATIOIY NO. 1153738 COMPANY REGISTRATION NO. 08636434 TRUSTEES, REPORT FOR THE YEAR ENDED 30 APRIL 2021 (CONTINUED) Aehievements and performan¢e (¢ontinued) The Global 8rnnts sub-committee also funded five international d¢velopm¢nt charities working in countries in Africa through its annual grants round of funding. Of these organisation5, 600/0 were working to increase access to education or employment and the remaining 400/r• were working to increase aeSS to juslice. The London grants sulKommittee funded 42 chariti¢s during th¢ year across England. £170,OIXI was directed towards 18 chariiies on the iheme of access to education and employment and £161,000 towards 18 charities on the theme of access lo justice. £21.500 was dir¢ct¢d to fund university students from low socio-economic backgrounds by way of a bursary. £40.000 represented seven grants to charities to support Allen & Overy employees who have made a significant contribution. £IOO,000 w allocated to Allen & Overy's Match Giving Programm¢ to provide Allen & Overy employees with up to £1,000 per annum for their fundraising effort5. The Belfast grants sub-committee provided grants to six organisations. with 23ts/0 of funding going to a¢c¢ss to justice charities and 774/0 to education and employment initiatives. Financial review and reserves For the financial year ended 30 April 2021. the Foundation has unrestricted r¢serve5 totallin8 £813.732 (2020.. £679,688). The policy of the trust¢¢s is to maintain funds ihat are available for committed and emergency grants. The unresiricied reserves will be used t() enable funds to be available for the Foundation's general purwses. emergen¢y grants and oth¢r uvs¢s. The total balan¢e of gront ommitments al 30 April 2021 was £375,000 (2020.. £200.000) payable in future years strictly subject to Certain conditions being met by the b¢n¢fi¢iary. All of th¢ ben¢ficiari¢s hav¢ been infomied. Investment policy Whilst the Irusiees have a broad power to invest the Foundation's funds. the majority of funds received are dispersed by way of grants during the period of r¢c¢ipt. The policy of the trustees is lo invest in high inierest deposit accounts. The trustees keep the Investment Policy under eonlinual review. Going concern The IrUeeS have 2 reasonable expectation that the Foundation has adequate financial resources to meet ils operational needs for a period of ai least one year from the date of approval of the financial statements and therefore the financial statemenls have been prepared on a going concern basis. T4xation status The Foundation is a regislered charity. and as such is entitled to certain lax exemptions on in¢om¢ and profits from investments. and Surpluses on any trading activities carried on in furtherance of the Foundation's primary objectives, if these profits and surpluses are applied solely for ¢harilable purposes. The Foundation is not registered for V AT and a¢¢ordingly. all its expenditure is recorded inclusive of any VAT incurred.
THE ALLEN & OVERY FOUNDATION (A COMPANY LIMITED BY GUARANTEE) CHARITY REGISTRATION NO. 1153738 COMPANY REGISTRATION NO. 08636434 TRUSTEES, REPORT FOR THE YEAR ENDED 30 APRIL 2021 (CONTINUED) Plans for the future The Foundation plans to cijntinue the grant making policy ferred to above. It has learnt over the past seven years the value of unrestricted and multi-year funding, and therefore will continue with this TT]odel. Additionally, the Foundation would like to explore opportunities to provide additional pro bono and professional support to its grant¢¢s to enhance their pro8ramm¢ delivery as w¢ll as their operational ¢apacity. Reco8nisin8 that the impact of Covid-19 has not yet been fully realised, the Foundation remains committed to resnding to grantèes. needs (such as by offering flexibility with grant temis) in the months ahead. Currently all grants awarded by the London grants sub-cotnmitt¢e, to charities under the th¢m¢ of a¢$$ to education and eTnployment. are ring-fenced to those who operate in. or are based in. Tower Hamlets or Hackney. The London grants sub-wmmitt¢¢ have a8r¢¢d to lift the geographical r¢stri¢tions for the Impact for Assessmenl Award. a multi-year grant of £25,000 peT annum for 3 years in 2022. Whilst London, and in particulaT Tower Hamlets. has the highest percentage of child deprivation in ihe Country, the attainment gaps in knindon schools is the smallest in the county. Tower Hamlet5 is now considered a social mobility hotspoL being one of the ten most socially mobile areas of the country. The focus for the Impact for Assessment Award will take a more national approach. rather than local. This will also align to Allen & Overy's commitment to social mobility. to do more where possible to support areas of ne¢d across the world. Qualifying thÉrd party illdemllity provisioiis The ultimate parent. Allen & Overy LLP. has entered into qualifying third party indemnity arrangements for the knefit of all of the trustee dir¢¢lors in a fom and W*pe which comply with the requirements of the Act. These arrangements were in plac¢ during the financial year and remain in place as at the date of approval of this trust¢¢s" r¢port. Exemptions from disclosure The Foundation has not taken any exemptions trom disclosure. Funds held as custodian ¢rus¢ee on behalf of others There are no funds held as cust¢JJian trustee on behalf of others.
THE ALLEN & OVERY FOUNDATION (A COMPANY LIMITED B Y GUARANTEE) CHARITY REGISTRATIOIY NO. 1153738 COMPANY REGISTRATION NO. 08636434 TRUSTEES, REPORT FOR THE YEAR ENDED 30 APRIL 2021 (CONTINUED) Statement of trustees, rponSibl11ti in respect of¢he fEn4nci¥l statements The trustees are respotisibl¢ for preparing the trustees. report and the financial statements in accordance wilh applicable law and regulations. CompaJ)y law requires the tru51ees lo prepare financial statem¢nts for ¢a¢h financial y¢ar. The trustees have prepared the financial statements in accordance with th¢ Aet- lh¢ Charities SORP and Uniied Kingdom Generally Accepted Accounting Practice (UK GAAP). including Financial Reporting Standard 102 ' The F1Pela1 Reporring Standard applicable in ihe UK ap Republ of Ireland, (FRS102). Pursuant to the Act, the trnstees must not approv¢ the financial statements unless they are satisfied that they give a tru¢ and fair view of the stale of the affairs of the Foundation and of the income and expenditure of the Foundation for that period. In preparing these financial statements. the Iruslees are required to- select suitable accounting tK)licies and then apply them consistently. make judgements and ¢stimat¢s that are rwonable and prud¢nL state whether ihe applicable United Kingdom accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements. and prepar¢ the financial stal¢ments on the going concern basis unless it is inappropriate to presume that the Foundation will continue in busines5. The trustees are responsible for keeping adequate accounting reeords that are sutTicient to show and explain the Foundation's transactions. disclose with reasonable accuracy at any lime the financial position of the Foundation and to enable the trustees to ensure that the financial statements comply with the Act. The trustees are also responsible for safeguarding the assets of the Foundation and hence for t8kin8 r¢asonable steps for the prevention and detection of fraud and other irregularilies. Statement of disclosure of ittformation to audilors Each of the persons who is a trusiee at the dat¢ of approval of this trust¢es' reporr confirn)s that.. so far as ihe trustee is aware. there is no relevant audit information of which the Foundation's auditors are unaware. and the trustee has taken all reasonable steps that they ought to hav¢ tsken to mak¢ themselves aware of any relevant audit inforniation and to establish that the Foundation's audiiors are aware of th information. This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Act.
THE ALLEN & OVERY FOUNDATION (A COMPANY LIMITED B Y GUARANTEE) CHARITY REGISTRATION NO. 1153738 COMPANY REGISTRATION NO. 08636434 TRUSTEES, REPORT FOR THE YEAR ENDED 30 APRIL 2021 (CONTINUED) Independent auditors The independenl auditor. Pricewaterhousecoopers LLP. ha5 indited its willinw to b¢ r¢appointed. Approval Approved by the trustees on 8 December 2021 and signed on their behalf by Franz Ranero. Franz Ranero TStee Director Date.. 8 December 2021
THE ALLEN & OVERY FOUNDATION (A COMPANY LIMITED B Y GUARANTEE) CHARITY REGISTRA TION NO. 1153738 COMPANY REGISTRATIOIY NO. 08636434 Independent auditors, report to the me7nbers of The Allen & Overy Foundation Report on the audit of the financial statements Opinion In our opinion, The Allen & Overy Foundation's firthncial statements {Ihe"financial statemenis'?= give a true and fair view of the state of the eharitable company's affairs as at 30 April 2021 and of its incoming resources and application of resources, including its income and expenditure, and cash flows, forthe yearthen have been properly prepared in accordantt with United Kingdom Generally Accepted Accounting Practlce (United Kingdom Accounting Standards. comprising FRS J02'The Financial Report2Dg &aEJdard applicable i the UK and Republic of Ireland-. and applicable law): and have been prepared in accorda))ce with the requiremenis of the Companies Art 2006. We have audited the financial statements, included within the Annual Report and Financial Statements {the 'Annual Report.), which COTnprise.' the 5taternent of financial position as at 30 April 2021.. the 5tstement of financial activities {induding the income and expenditure account), the $13tement of cash flows for the year then ended,. and the notes to the financial stateTnents. which include a deSCTiPtion of 5isnificant accountins policies. Basis for opinion We conducted our audit in accordanc¢ with International Standards on Auditing (UK) ("ISAs IUK)") and applicable law. Our responsibilities under ISAS {UKI are further described in the Auditors. responsibilities for the audit of the financial atern¢nts section of our report. We believe that the auditevidence we have obthined is sutTicient and appropriate io provide a basis for our opinion. Independence We remained independenr of the charitable company in accordance with the ethical r¢quiT¢m¢nts that are relevant to our audit of the fjnancial 51aiem¢nts in che UK. which includes the FRC'S Ethic81 Standard and we have fulfilled our other eihical responsibilitie5 in acrordance with these rUIrements. Conclusions relating to going collcer Based on the work we have perforrned, we have not identified any material uncertainties relating to events or condition5 thaL individually or colleciively. may c&8t significant doubt on the charirable company's abiliry to ntinue as a going concern for a period of ai Iwt twelve months from ihe dale on which ihe financial statements are authorised for issue. IE) auditing ihe financial siatements, we have concluded thai the trustees. use of the going concern basis of accounting in Ihe preparydrion of ihe financial sthtements is appropriate. However. b¢cau5¢ not all futur¢ events orconditions can be predi¢t¢d. this ¢onclus?on is not a guaranree a5 to the ¢haritable company's ability to continue as a going concem. Our responsibilities and the responsibiliiie5 of the trusttts with respect to gotng conctrn are deKribed in th¢ r¢levant sections of this repon. Reporting on other infornlation The other infomation ¢ornpris¢s all of th¢ inforTnation in the Annual Report oiher than the financial ststements and our audiiors. r¢port th¢r¢on. Th¢ trustees are responsible for ihe other infomation. Our opinion on the financial statements does noi cover the other information and, accordingly, we do express an audit opinion or. except to the extent otherwise expliciily st4t¢d in this f¢FrfJrt, any forni of wurane¢ thereon.
THE ALLEN & OVERY FOUNDATION (A COMPANY LIMITED BY GUARANTEE) CHARITY REGIST114TION NO. 1153738 COMPANY REGISTRATION NO. 08636434 Independent auditors, report to the members of The Allen & Overy Foundation (eontinued) Reporting on other information (eontinued) In connection with our audit of the financial 5taternen ow re5pon5ibility is to read the oiher inforniation and. in doing so. onsider whether The other infoTTnation is materially in¢on51St¢nt with ihe financial statements or our knowledge obtain¢d in th¢ audit. or otherwise appears 10 be materially misstated. If we id¢ntify an appar¢nt material inconsi5t¢n¢y or rnaterial mi55taternent, w¢ ar¢ required io perforn) procedures io conclude whether there i$ a rnaterial misstat¢rn¢nt of the financial statements or a material mi55tatement of the other inforniation. If, b&sed on the work we have performed. we conclude Ih there is a material misstsiemeni of this other inforniatTron, we are required to report that fact. W¢ have nothing io report based on these responsibilities. Based on our work undertaken in the course of th¢ audiL th¢ Cornpanies Act 2(M)6 requires us also to report certain opinions and matters as described below. Trustees" Report In our opinson, bas¢d on the work undertaken in the course of the audil the infomiation given in the Trustees, Report. for the financial year for which th¢ financial statemenis are prepared is consisteni with the financial s(atemenis.' and the Trustees, Repon has been prepared in accordanc¢ with appli¢abl¢ legal r¢quir¢m¢nis. In addition, in light of th¢ knowledge and understanding of the charithble company and its environment obtained in the course of ihe audit, we are required io report if we have ideniified any maierial MiSsleMents in Trustees. Report. We have nothing io report in this respect. Responsibilities for the finaneial statements and the audit R¢spoi)sibilities of the irusiees for the fiiiancial staiements As explained more fully in the Sthtemeni of tnjsrees. responsibiliiies in respect of ihe financial statements, the tNsiees (who are also ihe directors of the charitable cornpany for the purposes of company law) are responsible for the preparaliijn of rhe finaJKial statements in accordance with the appliubl¢ framework and for being satlsfied that they giv¢ a true and fair view. The trusiees are also responsible forsuch internal control as they detertnine is necessary to enable the prepaTaiion of financial staiements ihat are free from maierial misststement. wheiher due io fraud or error. In preparing the financial 5tatem¢nr5. the Mte¢S are responsible for assessing ihe charitsble company's ability to continu¢ as a going concern, disclosing as appIlble, matters relai¢d to going concern and using ihe going concern basis of accouniing unless the trus(ees either intend to liquidaT¢ the ¢haritabl¢ company or to cease operations, or have no realistic alternative but to do so. Auditors. SponSibl1111¢s for th¢ audit of the financial stateinents Our objeciives are to obtain reasortable assurance about wheth¢r th¢ fJnan¢ial 5tatem¢nts a5 a whol¢ #r¢ fre¢ fr(bm mat¢rial rnisststement. whether due to ft3ud or error, and to issue an auditor5. report ihai includes our opinion. R¢a50nable a55uran¢¢ is a high level of assurance, bui is not a guarantee that an audii ¢onduct¢d in acwrdance wilh ISAS (UK) will always dete¢t a material missiatemeni when li exists. Misstatemenls can arise from fraud or eor and are considered material if. individually or in the awegate. chey could reasonably be expected to influence th¢ econornic decisions of users taken on Ihe basis of these financial siatemenis. Irregularilies, including fraud, are instsn¢¢s of I-¢0mpli4nce with law5 and regulations. We design procedures in line Wlth our r¢sponsibiliti¢s, outlined above, to detect mar¢rial rnis51alements in respect of irregularities. including fraud. The extent to which our procedures are capable of deiecring irregularities. including fraud. is detailed below. Based on our undersianding of the ¢hariiable company. we identified ihai rhe principal risks of non-compliance with laws and regulations related io data proieciion. employmeni and lax legislation, and we considered ihe exnt to which non- compliance might have a material effeci on the financial statements. We also considered those laws and regulations thar have a direct impact on the financial atemen[S such as the Companies Act 2£6. 10
THE ALLEN & OVERY FOUNDATION (A COMPANY LIMITED BY GUARANTEE) CHAIUTY RIGISTRATION NO. 1153738 COMPANY REGISTRATION NO. 08636434 Independent auditors, report to the meinbers of The Allen & Ouery Foundation (continued) Responsibiliti for the financial statements 2nd the audit {continued) Auditors, responsibilities for the audit of the financial statements (continued) We evaluated management's incentives and opportunities for fraudulent rnanipulaiion of the financial siaiemen (including the Tisk of oveIde of controls). and deterniined that the principal risks were related to posting inappropriate journal entrses to increase profit, inappropriate recognition of revenue and management bias in deiern)ining accounting estimates. Audit procedure5 performed included.. Evaluation of the design of managemeni's conirols designed io prevent and deteci irregularities. As5essmeTri ofwhisileblowing mallers reported. and investiglOnS perfornied by management (if applicablel- Identifying and iesting unusual joumal entries, in partscular those journal entries posted with an unusual account combination,. and Evaluating and. where appropriaie. challenging assumptions and judgements made by managernent in determining significant accounting e5timaie5 There are inherent limitations in the audit PTocedures described above. We are less likely io become aware of instances of non-compliance wilh laws and regulations (h are noi closely relaied to events and transactions reflected in financial 5tstements. Also, Ihe risk of not deteciing a maierial misststement due to fraud is higher (han ihe risk of not deiecting one resulting from error, &$ fraud may involve deliberate concealmeniby. forexample, forgery or intentional misr¢presentations or ihrough collusion. A furth¢r description of our responsibiliiies for the audii of ihe financial statements is located on the FRC'S website at: www.frt.org.uk/auditorsr¢sponsibiliiies. This des¢ription fomis pan of our auditors. rept. Use of this report This reFbOrt, including the opinion5, ha5 b¢en prepared for and only for the charity's members as a body in ac¢ord¥nce with Chapter 3 of Part 16 of the Compani¢5 Act 2006 and for no other purp05¢. We do not. in giving th¢s¢ opinion5, accept or assume responsibility for any other purpos¢ or to any oth¢r person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior ¢ons¢nt ID writing.
THE ALLEN & OVERY FOUNDATION (A COMPANY LIMITED B Y GUARANTEE) CHARITY REGISTRA TION NO. 1153738 COMPANY REGISTRATION IYO. 08636434 Independent auditors, report to the members of The Allen & Overy Foundation (continued) OTHER REQULRED REPORTING Companies Act 2006 exception reporting Under the Companies Act 2006 w¢ ore required ro report to you if, in our opinion.. we have not obtained all the inforn)ation and explanations we require for our audit-, or adequate accounting records have Dot been kept or return5 adequate for our audit have not been reeeived from branches not wsited by us- or rtain disclosures of tw$tees' remuneratiorL specified by law are not made: or the financial statements are not in agemellt with the accounting records and returns. We have no exceptions to report arising from this respoiisibility. Entitlement to exemptions Under th¢ Compani¢s Act 2006 we are Tequired to Tewrt to you 1£ in oui opinion. rhe trusiees were not entitled to.. tak¢ advantage of th¢ Small cornpanie5 exemption from preparing a Srra(egic Report. We have no excep(ion5 to report arising from this responsibility. Brenda Heenan (Senior StatutoryAuditor) for and on behalf of PnWaterbouSee00pers Ll Chartered Accountants and Statutory Audito Belfast 9 tkcember 2021
THE ALLEN & OVERY FOUNDATION (A COMPANY LIMITED BY GUARANTEE) CHAIUTY REGISTRATION NO. 1153738 COMPANY REGIST114TION NO. 08636434 STATEMENT OF FINANCIAL AcftVITIES (INCLUDING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 APRIL 2021 Total Unrestricied Fund$ 2021 Tot#1 Unreslricted Fund$ 2020 Note Income Donations and legacies Interest income ,621,313 692 1,842.847 1.552 Total 1,622,005 ,844.399 Expenditure Charitabl¢ activities 1.487.961 1.445.551 To¢al 1.487.961 1,445.551 Net income and llet movement futtds for the y¢2r 134.044 398.848 Unr¢5tricted Fund balances brought forward atlMAy 679,688 280.840 Unrestricted Fund balances carried fonvard at 30 April 813.732 679.688 The notes on pages 16 to 25 are an integral part of these financial statements. The Foundation has no r¢cognised gains and losses other than the SUItS above and therefore no separate statement of total changes in equity is presented. All income and exndItuTe is derived from continuing activities and is considered to relate to unrestricted funds. The net movement in funds of the Foundation for the year was £134.044 (2020.. (£398.848)).
THE ALLEN & OVERY FOUNDATION (A COMPANY LIMITED BY GUARANTEE) CHARITY REGISTRA TION NO. 1153738 COMPANY REGIST114TION NO. 08636434 STATEMENT OF FINANCIAL POSITIOIY AS AT 30 APRIL 2021 2021 2020 Note Currettt assets Debtors Cash ai bank and in hand 265.841 614.891 159.562 554.626 Total eurrent a¢¢$ 880,732 714,188 Current liabilities Creditors.. amounts falling du¢ within one year io (67.000) (34.500) Iyet eurrent ae¢S 813.732 679,688 The fund$ of ¢he ¢harity Unrestricted income funds 13 813,732 679,688 Total charity funds 813,732 679,688 The notes on pages 16 10 25 are an integral part of these financial atementS. The financial Siatements have been prepared in accordance with the provisions relating to small companies under Part 15 of ihe Act. The financial statements on pages 13 to 25 were approved by the trLtstees on 8 December 2021 and Signed on iheir behalf by Franz Ranero. Franz Ranero Trustee Director Date.. 8 December 2021 14
THE ALLEN & OVERY FOUNDATION (A COMPANY LIMITED BY GUAIL4NTEE) CHAIUTY REGISTRATION NO. 1153738 COMPANY REGISTRATION NO. 08636434 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 APRIL 2021 2021 2020 Note Cash ioflow (rom oper¢ing a¢tivities: Net ¢ash inflow from operating activities 60.265 249.286 Change in cash and cash equivalents in the reporting period Cash and CLsh ¢quival¢nts at the beginning of the reporting period 60.265 554.626 249.286 305,340 Cash and cash equivalents at the ¢nd of the pOrtIng perl 614,891 554.626 Cash 2nd ¢¥sh equivleots eoo$ists of: Cash al bank and in hand 614,891 554.626 Total cash and eash equivglents 614,891 554,626 The notes on pages 16 to 25 are an integral part of these financial statements.
THE ALLEN & OVERY FOUNDATJON (A COMPANY LIMITED BY GUARANTEE) CHARITY REGISTRATION NO. 1153738 COMPANY REGISTRATION NO. 08636434 NOTES TO THE FINANCIAL ST ATEMENTS FOR THE YEAR ENDED 30 APRIL 2021 GENERAL INFORMATION Th¢ Foundation was estsblished to provide donations for the b¢n¢fit of any on¢ or more qualifying Charities. Funds are generaied through donations from Allen & Ov¢ry LLP pattrers. The Foundation is a private company limited by guarantee incorporated and registered in England and Wales with its registered office at One Bishops Square. London. El 6AD. SUMMARY OF SJGNIFICANT ACCOUNTING POLICIES The principal accounting policies applied in the preparation of these financial statements are set out below. These policie5 have been consistently applied to all of the years presented. unless otherwise stated. B*sis of preparation These financial statements have been prepared in a¢¢ordan¢e with the ACL Charities SORP and UK GAAP, including FRSIO2. The financial staiewnents have been prepared under the historical cost convention. The preparation of financial statements in conforniity with FRS 102 rquires ihe use of Certain critical accountin8 estimates. It also requires the trustees to exercise their judgement in the pro¢¢ss of applying accounting PKJlicies. The ar¢as involving a higher degree of judgement or complexity. or areas where assumptions and estimates are significant to the financial stat¢m¢nts, ar¢ disclosed in note 3. Going eoneern The irusiees have a reasonable expeciation that the FoLtndalion has adequate financial resources to meet its operational needs for a period of 31 least one year from the date of approval of th¢ rinancial atements. The trUeeS therefore coniinue to adopt th¢ going concern basis in preparing these financial statements. Incoming resour¢es Jncom¢ is recognised when ihe Foundation has eniiilement to the funds. any p¢rfomianc¢ onditions attached to ihe items of income have b¢¢n m¢L it is probabl¢ that the income will I received and the amount can be measured reliably. The specific basis used is as follows: Voluntary income Voluntsry income received by way of donations, gifts and gift aid to the Foundation is included in the stat¢m¢nt of financial activiti¢s set out on pag¢ 13. 16
THE ALLEN & OVERY FOUNDATION (A COMPANY LIMITED BY GUARANTEE) CHARITY REGISTRA TION NO. 1153738 COMPANY REGISTRATION NO. 08636434 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021 (CONTINUED) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Incoming resources (continued) Fund accounting ' Unreslrieied incomefvnds, r¢f¢rred to in the statement of financial position on page 14 are donations and other incoming resources received or generated and which are expendable at the discretion of ihe Foundation in fiirtherance of its ObJIlve$. Deposit interest Deposit interest is accounted for on an accruals basis and credited to the unrestricted fund. Expendi¢ure 'Charitable activities. (see note 6) are accounted for when the trustees (or the members of the suIKommittees) have approved the funding applilOn and the recipient of the grant has been notified. Governance costs include those incurred in the governance of the Foundation's assets and are aslated with constitutional. statutory and strategic requirements. Other re¢eivables Other receivables are initially recognised at fair value and subsequently carried at amortised cost and reduced for estimated irrecoverable amounts. Cash and cash equiYgleDts 'Cash andcash equivalents. refeed to in the statement of cash flows on page 15 includes cash in hand, deposits held at call with banks and other short-terni highly liquid investments Wlth ori8inal maturities of three months or less. Other payables Other payables are initially measured at fair value subsequently Caled at &mortised cost and reduced for discounts given by suppliers. Financial liabilities are dere¢ognis¢d when the liability is settled. that is when the coniracied liability is discharged. ncell¢d or expires. CRrricAL ACCOUNTING ESTIMATES AND JUDGEMENTS Estimates and judgements are based on histori1 experience and other factors including, expectations of future events thal are believed to be reasonable and constitute management's best judgement as at the date of the financial stalements. Th¢r¢ are no critical ¢stimal¢s or judg¢m¢nts in applying the Foundation's accounting policies. 17
THE ALLEN & OVERY FOUNDATION (A COMPANY LIMITED BY GUARANTEE) CHARITY REGISTRATION NO. 1153738 COMPANY REGISTRATION NO. 08636434 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APIUL 2021 (CONTINUED) DONATIONS AND LEGACIES 2021 2020 Donations including amounts received via Gift Aid 1.621,313 1,842.847 All income received was credited to the unrestricied fund. LEGAL STATUS OF TEIE CIiARITY The Foundation is a company IiTnited by guardntee and has no share capitsl. The liability of each member in th¢ event of winding-up is limited to £1. CHARITABLE AcfiviTIES 2021 2020 A¢c¢ss Your Right Action Tutoring Afrikids Ltd Azrush Iqbal Amala (Sky School Limited) Ambition Institute Adam Brown Aware NI Ali¢¢'s Ar¢ ATLEU Bail for tmmigration Iktainees Barnardos Tiwne 4me B¢llevill¢ Wix Academy Birbeck Universiry of London Cara Friend Cambridge Cyrenians Causeway Education Centre for Military Justice C¢r¢bra Charities Aid Foundation Central England taw Centre 10,000 25.000 5.000 250 50.000 10.000 10.500 5,000 20.000 i 0,000 i 0.000 12.000 20.000 10.O(K) 5.0 10,000 2.51x1 10.000 2.500 10.000 10,000 125.655 25.000 311, 155 25.000 JJ5,250
THE ALLEN & OVERY FOUNDATION (A COMPANY LIMITED BY GUARANTEE) CHARITY REGISTRATION NO. 1153738 COMPANY REGISTRATION NO. 08636434 NOTES TO THE FINANCIAL ST ATEMENTS FOR THE YEAR ENDED 30 APRIL 2021 (CONTINUED) cHARr[AB ACTivrrJES (CONTINUED) 2021 2020 Subtotal carriedforword Christ Church Primary Brick Lane PFA Centrepoint EDP Civil Liberties Trnst Changing Lives Child Poverty Action Group Choice in Ha¢kn¢y Deaih Penalty Project Depaul UK Drive Forward Foundation East End Community Foundation Enabling Enterprise Envision Equal Education Law Cent Extern Fair Tria15 International Flourish Nl Franklin Scholars Fundacion Entreculturns Gavi COVAX AMC Greenhouse Sports Limited Hackney Migrant Centre Haslings Advi¢¢ and R¢pr¢sentation Centre Helen Bamber Foundalion Harrow Law Centre Hearing Dogs for Deaf People Help Age International Hop¢ and Hom¢s for Children Independent Parental Special Educaiion Advice Integrated Education International Senior Lawyers Project OSLP) Intouniversity Inquest 151ington People's Rights Jenna Wilkins Foundation Just for Kids Law Ltd JUSTICE 311.155 10.000 115,250 2,500 5.1)00 2,SOO 5.000 9,917 50,000 8,000 so.000 i 0.000 39,800 25,000 10,000 50,009 5.000 10.000 10.000 10,000 50.009 25.000 10.000 9.560 50.000 25.000 25.000 5.000 9,000 10,000 10.000 4.950 50,000 339.761 373.787 9,000 5,300 10.000 10,000 5.000 10.000 10.000 10.000 5.000 5,000 i 0,000 952.i02 i 0.000 882,996 19
THE ALLEN & OVERY FOUNDATION (A COMPANY LIMITED BY GUARANTEE) CHAIUTY REGISTRATION NO. 1153738 COMPANY REGISTRATION NO. 08636434 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021 {CONTITrIUED) CHARrrABLE ACTtvrTIES (CONfINUED) 2021 2020 Subtotal carriedforward LASA Laura Ukpokolo Law C¢ntres Network Leamin8 With Parents Lisa Tabard London Legal Support Tnjst London Youth Madeline Mcmillan Maggie's Barts Migrants Organise Mousetrap Theatre Nana Yaa Adu Norfolk Community Law Service North Kensington Law Centre Orwell Panthers Athletics Peter Jones Foundaiion Place2Be Power2 Praxis Community ProjKts Prisoners, Advi¢e Servi¢e Protect Redthread Youth Ltd Reach out Youth Reprieve Saf¢ Passage Samphir¢ Solicitors Pro Bono Group TIA Lawworks Spitalfields Crypt Trnst Sidal Daghan South West tA)ndon tAw Centr¢ Southwark Law Centre School-Home Support Shania Charles St Giles Trust Surviving Economic Abuse Support Through Court 952.502 882,996 5,000 250 25.000 25,000 10.000 5,000 i 0,000 7,000 10.000 15.000 5,000 5,000 i 0.000 4,371 250 9.000 i 0,000 5,000 5,000 5,000 5,000 10,000 i 0.000 5.000 10,000 10,000 i 0.000 5,000 i 0,000 i 0,000 5,000 5.000 10.500 20,000 7.000 20.000 10,000 15,000 i 0,000 5.000 5,000 1,047.367 5.000 I.JOI.502
THE ALLEN & OVERY FOUNDATION (A COMPANY LIMITED BY GUARANTEE) CHARITY REGISTRATION NO. 1153738 COMPANY REGISTRATION NO. 08636434 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021 (CONTINUED) CHARITABLE ACTIVITIES {CONTINUED) 2021 2020 Subiolal carriedforward Syria Relief Samuel Cole Talent Ed Education Taxaid Th¢ AesS Project The Acces5 to Justice Foundation The Aire Centr¢ Th¢ Brilliant Club The Cardinal Hume Centre The Civil Liberties Trust The Dash Charity The Economist Educational Foundation The Girls Network The Hawk and Owl Trust The Literacy Pirares The kn)ndon Community Foundation The Public Law Project The RCJ Advice Bureau The Red$S Trust The Turnaround Project The UK Career Academy Foundation Tower Hamlets Education Business Partnership Toynbee Hall Trees for Cities UCL Development Fund UN High Commissioner for Refugees Upreach Voi¢¢ 21 War Child Why Me? UK Women for Women International Working Families Yajvee Kowlessur Young Cilizens (Fornierly Citizenship FoLEndation) Yusra Siddique Zacchaeus 2000 Trust Total gifts to ch8riti Bank Charges Expenditure on Chgritable activities J.J6J,502 1,047.367 333 250 5.000 i 0,000 i 0,000 25,000 25,000 i 0,000 10,000 i 0.000 5,000 i 0.000 10.0 6,000 2,500 10,000 25.000 5,000 5.000 5,000 5,000 50.000 5.000 6,600 6,700 20.000 6.700 20.000 10,000 7,000 loo.000 75.000 i 0,000 10.000 54.001 5,000 50.000 5,000 15.000 7,650 250 25,000 25,000 1,487,952 51 7.650 1,487,961 1,445,551 21
THE ALLEN & OVERY FOUNDATION (A COMPANY LIMITED B Y GUARANTEE) CHARITY REGISTRATION NO. 1153738 COMPANY REGISTRATION NO. 08636434 NOTES TO THE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 30 APRIL 2021 (CONTINUED) GOVERNANCE AND OTHER COSTS Fees payable to the Foundation's auditors for the audit of the Foundation's annual financial stalements have been borne by the Lbltimate parent undertaking for the year5 ended 30 April 2021 and 30 April 2020. The fe¢s borne by the ultimate parent undertaking were £1.500 for the year ended 30 April 2021 (2020= £1.500)- Th¢ Foundation has no employees and no paym¢nts of r¢wnun¢ration or expenses have been made to the trustees and thus no k¢y management compensation is required (2020: £Nil). RELATED PARTY TRANSACTIONS All of ihe trustees ar¢ or have been, members of All¢n & Overy LLP. In addilion to what has been disclosed in note 4 and the funds generated through donations from Allen & Overy partners, Allen & Overy LLP provides support setvices to the Foundation on a pro bono basis. During the year. Allen and Overy partners donated £1.175.116 (2020.. £1.458,397) to the Foundation with a further £180.356 (2020= £171.700) in donations havin8 b¢¢n re¢¢ived from Allen and Overy employees. Additional Gift Aid on partner donations in the year totalled £265,841 (2020.. £212,750). There ar¢ no outstanding balances with related parties at 30 April 2021 (2020= £Nil)- DEBTORS 2021 2020 Prepayments and accrued income 265,841 159,562 io. CREDrroRS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 2020 Accruals and deferred income 67,000 34.500
THE ALLEN & OVERY FOUNDA TION (A COMPANY LIMITED BY GUARANTEE) CHARITY REGISTRATKON NO. 1153738 COMPAL¥Y REGISTRATION NO. 08636434 NOTES TO THE FINANCIAL ST ATEMENTS FOR THE YEAR ENDED 30 APRIL 2021 (C0Tr4TINUED) ii. NOTES TO THE STATEMENT OF CASH FLOWS Net ¢ash inflow from operating activities 2021 2020 Net income for the year Adjustments for= Movement in r¢¢eivables Movement in payables 134.044 398.848 (106,279) 32,500 (159,562) 10,000 Cash inflow from operating *etlvlties 60,265 249,286 Net debt analysis Asat Imay 2020 Cash flows Asat 30 April 2021 Cash and cash equivalents 554.626 60.265 614,891 Total 554,626 60.265 614,891 Asat l Nlay 2019 Cash flows Asat 30 April 2020 Cash and cash equival¢nts 305,340 249.286 554,626 Total 305.340 249.286 554.626 12. TAXATION The Foundation is a registered charity and as such is exempt from taxalion on its income and gains io the extent that they are applied to its charitable purrM)ses.
THE ALLEN & OVERY FOUNDATION (A COMPANY LIMITED BY GUARANTEE) CHARITY REGISTRATION NO. 1153738 COMPANY REGISTRATION NO. 08636434 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APIUL 2021 (CONTINUED) 13. UNRESTRICTED FUNDS 2021 2020 Atlmay Total incoming resources Total resources expended 679,688 280,840 1.622,005 1.844,399 (1.487,961) (1.445,551) At30 April 813.732 679.688 14. ANALYSIS OF FUNDS Balance Imay 2020 Balance 30 April 2021 Incoming resources Resources expended Trnnsfers Unrestricted Funds Reserves 679.688 1.622.005 (1,487,961) 813.732 Total Funds 679.688 1.622.CK15 {1.487,961) 813,732 Balance Imay 2019 Balan¢e 30 April 2020 Incoming Resour¢es expended Transfers Unrestricted Funds Reserves 280.840 1.844.399 (1.445.551) 679.688 Total Funds 280.840 1.844.399 (1,445,551) 679.688 15. LIABILITY OF MEMBERS Pursuant to the Memorandum and Articles of Association of ihe Foundation the liability of its members is limikd to an amount not exceeding £1. 16. GRANT COTrtMITMENrs During the financial year, the Foundation granted donaiions of £525,000 {2020.. £50.000). The total balance of grant commitments at 30 April 2021 was £375.000 (2020.. £200,000), payable in future years strictly subject to Certain ¢onditions iKing m¢t by the beneficiary. All of the beneficiaries have been infomi¢d. 24
THE ALLEN & OVERY FOUNDATION (A COMPANY LIMITED BY GUARANTEE) CHAIUTY REGISTIL4TION NO. 1153738 COMPANY REGISTRATION NO. 08636434 NOTES TO THE FINAIYCIAL STATEMENTS FOR THE YEAR ENDED 30 APIUL 2021 (CONTINUED) 17. FINANCIAL INSTRUMENTS 2021 2020 Finanei21 assets held at amorti5ed cost Cash at bank and in hand 614.891 554.626 Financial liabilities held at amortised ¢ost A¢cruals and deferred inwme 67.000 34,500 18. ULTILVIATE PARENT UNDERTAKING The irnmediate parent. the ultimate controlling party and the ultimate parent undertaking of the Foundation is Allen & Ov¢ry LLP. Allen & Overy LLP isthe parenlundertakiftg ofthe smallest and largest group to which the Foundation belongs and for which consolidated financial statements are prepared. Copies of the consolidated financial statements of Allen & Overy LLP can be obtained from In-House Legal, Allen & Overy LLP, 68 Donegall Quay. B¢lfasL BTI 3NL. 25