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← The Allen Overy Shearman Sterling Foundation

2024-04-30-accounts

Charity Registration No. 1153738 Company Registered No. 08636434 HMRC No. EW40609

THE ALLEN OVERY SHEARMAN STERLING FOUNDATION

(formerly The Allen & Overy Foundation)

(a company limited by guarantee)

Annual Report and Financial Statements For the year ended 30 April 2024

THE ALLEN OVERY SHEARMAN STERLING FOUNDATION (formerly 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 APRIL 2024

CONTENTS

Page

Reference and Administration Information ............................................................................................. 1 Trustees’ Report for the year ended 30 April 2024 ................................................................................. 2 Independent auditors’ report to the members of The Allen Overy Shearman Sterling Foundation (formerly The Allen & Overy Foundation) ............................................................................................. 9 Statement of Financial Activities (Including the Income and Expenditure Account) ............................ 12 Statement of Financial Position .............................................................................................................. 13 Statement of Cash Flows ........................................................................................................................ 14 Notes to the Financial Statements .......................................................................................................... 15

THE ALLEN OVERY SHEARMAN STERLING FOUNDATION (formerly The Allen & Overy Foundation) (A COMPANY LIMITED BY GUARANTEE) CHARITY REGISTRATION NO. 1153738 COMPANY REGISTRATION NO. 08636434

REFERENCE AND ADMINISTRATION INFORMATION FOR THE YEAR ENDED 30 APRIL 2024

Trustees

H van der Baan A H Clist B Hannigan C S Jarrett M E Johnston F R Longley M J Mansell P J Mansfield J M Page F J Ranero

Registered Office

One Bishops Square London E1 6AD United Kingdom

Bankers

National Westminster Bank plc 250 Bishopsgate London EC2M 4AA United Kingdom

Solicitors

Allen Overy Shearman Sterling LLP One Bishops Square London E1 6AD United Kingdom

Independent Auditors

PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors 1 Embankment Place London WC2N 6RH

1

THE ALLEN OVERY SHEARMAN STERLING FOUNDATION (formerly 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 2024

On 1 May 2024 the company changed its name from The Allen & Overy Foundation to The Allen Overy Shearman Sterling Foundation ( Foundation ).

The trustees of the Foundation, who are also directors for the purposes of the Companies Act 2006 (the Companies Act ), present their report together with the audited financial statements for the year ended 30 April 2024. The trustees have adopted the provisions of the Companies Act, the Charities Act 2011 (the Charities Act ) and the Statement of Recommended Practice: Accounting and Reporting by Charities ( Charities SORP ).

Reference and administrative information

The Foundation is registered with the Charities Commission (Charity Number: 1153738); is a company limited by guarantee registered in England and Wales (Company Registration Number: 08636434); and is also recognised as a charity by HM Revenue and Customs (HMRC Number: EW40609).

The information with respect to officers and professional advisers set out on page 1 forms part of this report.

Structure, governance and management

The Foundation is a charitable company limited by guarantee.

The trustees of the Foundation who served throughout the financial year and up to the date of approval of the financial statements, unless otherwise stated, were:

H van der Baan A H Clist B Hannigan C S Jarrett (Appointed 1 September 2023) M E Johnston F R Longley (Appointed on 1 July 2024) M J Mansell P J Mansfield J M Page F J Ranero

The Foundation and the appointment and retirement of trustees are governed by its Memorandum and Articles of Association (as amended).

New trustees are provided with guidance and training in relation to: the content of the Memorandum and Articles of Association, sub-committee terms of reference, decision-making processes, the objectives, policies and recent financial performance of the Foundation. All new trustees are given the opportunity to meet key personnel and other trustees to discuss the activities of the Foundation. Trustees are provided with appropriate external training and updates where this will facilitate the undertaking of their role.

2

THE ALLEN OVERY SHEARMAN STERLING FOUNDATION (formerly 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 2024 (CONTINUED)

Risk statement

The trustees acknowledge their responsibility in relation to risk management and in accordance with the Foundation’s risk management policy, they seek to identify potential risks that the Foundation may encounter in the delivery of its charitable aims, including when grant-making, fundraising or undertaking new initiatives.

The trustees identify risks by: (i) looking at the Foundation’s objectives, mission and strategy; and (ii) considering other factors such as: changes to legislation; the Foundation’s reputation; previous problems encountered by the Foundation; and the risk management strategies of comparable charities. All risks identified by the trustees are recorded on a risk register which is reviewed annually. Items which are considered to be higher risk are subject to constant review.

During the financial year, the trustees have identified overseas charities; financial stability of recipients; and reputational risks associated with recipients as risks which should be subject to constant review. Such risks are mitigated by financial and reputational due diligence conducted on all recipients and maintaining regular communication with recipients.

Financial risk management

The financial risks are borne and managed by Allen Overy Shearman Sterling LLP (formerly Allen & Overy LLP) and are disclosed in the publicly available consolidated financial statements of Allen Overy Shearman Sterling LLP.

Key performance indicators

Given the straightforward nature of the business and its principal activities, the trustees are of the opinion that analysis using key performance indicators is not necessary for an understanding of the development, performance or position of the Foundation.

Objectives 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, all 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 Overy Shearman Sterling partners.[1 ] Key activities undertaken during the year are stated within the ‘Achievements and performance’ section of this report.

The Foundation has three grants sub-committees (Global, London and Belfast as further detailed below) and each has a particular focus on a specific geographic location, allowing support to be provided to local communities, and its own reporting requirements for its grantees. These are summarised and reported annually to the trustees. The trustees and sub-committee members determine success based on the grantee organisations achieving the objectives agreed in the initial grant agreements.

1 In this Trustees’ Report and also the notes to the Financial Statements, the term ‘Allen Overy Shearman Sterling partners’ is used to refer to members of Allen Overy Shearman Sterling LLP or employees or consultants with equivalent standing and qualifications or individuals with equivalent status in one of Allen Overy Shearman Sterling LLP’s affiliates undertakings.

3

THE ALLEN OVERY SHEARMAN STERLING FOUNDATION (formerly 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 2024 (CONTINUED)

Objectives and activities (continued)

Measures include the number of beneficiaries the grantee organisation has helped, the impact of the work being funded and the use of funds.

The Foundation does not make use of social investment and does not have general volunteers.

Public benefit reporting

The trustees have been advised of the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Foundation’s aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives it has set.

Grant making policy

The Foundation’s grant making policy is set to enable the Foundation to achieve its aims. The Foundation’s policy broadly focusses on supporting charitable causes associated with providing relief in response to national or international disasters; access to justice; access to education and employment; and in exceptional cases, providing relief to those in need generally. Applications for funding are considered at the grants sub-committee meetings.

Achievements and performance

The Foundation received £2,171,786 (Restated 2023: £2,430,832) of donations in the financial year and made gifts to charities of £1,242,180 (2023: £1,868,410) during the financial year.

Global

The most significant grantee of the global grants sub-committee during the financial year was Street Child, a charity that works to keep children safe, in school and learning. The Foundation donated £145,814 (2023: £554,748).

Allen Overy Shearman Sterling LLP and the Foundation are working to break cycles of poverty through their charity partnership agreement with Street Child and have supported Street Child’s work in the Eastern Province of Sierra Leone, where education outcomes are poor, especially for girls. Nearly a quarter of children never finish primary school, and those who progress to secondary education often face economic barriers as their families struggle to cover the costs.

Street Child’s programme was designed to take a holistic approach to this issue by providing education support packages, psychosocial counselling and teenage mother support for highly vulnerable girls. At the same time, its Family Business for Education scheme has distributed business grants, training and mentoring to help the girls’ families to develop business plans that create sustainable sources of income. This makes sure the girls remain in education, even after the programme has ended.

4

THE ALLEN OVERY SHEARMAN STERLING FOUNDATION (formerly 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 2024 (CONTINUED)

Achievements and performance (continued)

Over two years, funding has helped 1,000 girls and 500 siblings to enrol at junior secondary school ( JSS ). In Year 1 of the programme, 224 girls sat the JSS exam and 96% passed, enabling them to transition to secondary school. Funding has also supported 1,000 caregivers to establish businesses so they can afford the long-term costs of the girls’ education, with 98% making savings at the target level in Year 1 and 99% in Year 2. All 750 girls from Year 1 of the programme have been able to re-enrol in school, despite no longer receiving comprehensive support.

In addition, funding has been used to improve the quality of 40 rural primary schools, responsible for over 9,000 children, through a combination of teacher training, classroom resourcing, and renovation and construction work. As a result of the partnership, 160 teachers have received training in Teaching at the Right Level ( TaRL ) methodology, inclusive education and classroom management.

Following the TaRL intervention, 65% of children moved up a level in literacy skills in Year 1 and 59.1% in Year 2. In Year 1, 84% of children passed the National Primary School Exam, increasing to 93% in Year 2 (before Street Child’s intervention, the pass rate was 57%). As a result of the success of the charity partnership as a whole, Street Child has also been able to provide the schools with rice and groundnut seeds for Income Generating Initiatives to pay for their upkeep and teachers’ salaries in the longer term.

The charity partnership agreement with Street Child drew to a close in July 2023. Allen Overy Shearman Sterling LLP and the Foundation started a new charity partnership agreement with Women for Women International in September 2023 that is focused on helping women survivors of war rebuild their lives and create lasting change in their communities. A portion of the funding will be invested in supporting displaced women in Iraq and responding to critical conflict situations globally. The rest of the funding will contribute to Women for Women International's mission to reach one million women by 2030 and scale its impact as a policy and advocacy catalyst for change.

The Global grants sub-committee allocated £122,142 to emergency relief efforts this year, responding to natural and humanitarian disasters in Asia, the Middle East and Africa and also funded six international development organisations working in countries in Africa and the Middle East through its annual grants round of funding.

London

The London grants sub-committee funded 64 charities during the year across England. £164,903 was directed towards 18 charities on the theme of access to education and employment and £167,000 towards 25 charities on the theme of access to justice. Four charities were awarded an Invest for Impact award, a multi-year grant of £25,000 over three years. In addition, £250,000 was donated to previous Impact for Invest grantees.

Through the emergency relief allocation to support charities in response to the cost of living crisis, two charities benefited from grants amounting to £40,000.

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THE ALLEN OVERY SHEARMAN STERLING FOUNDATION (formerly 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 2024 (CONTINUED)

Belfast

The Belfast grants sub-committee funded 13 charities during the year across Northern Ireland. £57,417 was directed towards eight charities on the theme of access to education, £17,328 towards three charities on theme of access to employment, and £13,734 towards two charities on the theme of access to justice. Five of these awards were part of multi-year awards.

Financial review and reserves

For the financial year ended 30 April 2024, the Foundation has unrestricted reserves totalling £1,803,843 (2023: £1,006,052). The policy of the trustees is to maintain funds that are available for committed and emergency grants. The unrestricted reserves will be used to enable funds to be available for the Foundation’s general purposes, emergency grants and other causes. The total balance of grant commitments at 30 April 2024 was £1,883,814 (2023: £855,000) payable in future years strictly subject to certain conditions being met by the beneficiary. All of the beneficiaries have been informed.

Investment policy

Whilst the trustees 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 receipt. The policy of the trustees is to invest in high interest deposit accounts. The trustees keep the investment policy under continual review.

Going concern

The trustees have a reasonable expectation that the Foundation has adequate financial resources to meet its operational needs for a period of at least 12 months from the date of approval of the financial statements and therefore the financial statements have been prepared on the going concern basis.

Taxation status

The Foundation is a registered charity, and as such is entitled to certain tax exemptions on income 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 charitable purposes. The Foundation is not registered for VAT and accordingly, all its expenditure is recorded inclusive of any VAT incurred.

Plans for the future

We will continue to embed the impact framework that was developed through a consultancy project into our grant-making processes. An area of focus will be developing our monitoring and evaluation systems, making use of existing technology available to Allen Overy Shearman Sterling LLP. We also hope to develop our grantee partnerships further this year, working more closely with our grantees and leveraging the resources of Allen Overy Shearman Sterling LLP, for example by facilitating pro bono support. This is particularly relevant for grantees of the Global grants sub-committee through its Global Grants Programme, which receive larger grants over longer periods of time compared to the other programmes.

6

THE ALLEN OVERY SHEARMAN STERLING FOUNDATION (formerly 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 2024 (CONTINUED)

Similarly, we hope to strengthen our emergency response grant programme, continuing to focus on underfunded situations, working closely with longstanding partners.

In the next financial year, the Foundation is also looking to diversify its funding from pure donations, to include longer-term investments into social impact funds that share the Foundation’s objectives. The Foundation has approved an investment into the Growth Impact Fund, which is delivered by Big Issue Invest and UnLtd. This fund provides social investment for early stage growing social purpose organisations in the UK. Investment is made to organisations that are:

We believe that by investing in an evergreen fund that recycles our funding, we will be able to achieve even more social impact over the life of our investment. We also hope this will encourage other foundations to consider alternative funding methods and support the growing social finance market.

Qualifying third party indemnity provisions

The ultimate parent, Allen Overy Shearman Sterling LLP, has entered into qualifying third party indemnity arrangements for the benefit of all of the trustee directors in a form and scope which comply with the requirements of the Companies Act. These arrangements were in place during the financial year and they are in place as at the date of approval of the financial statements.

Exemptions from disclosure

The financial statements have been prepared in accordance with the special provisions of section 414B of the Companies Act relating to small companies. The trustees have taken the exemption under this regime not to disclose the strategic report.

Funds held as custodian trustee on behalf of others

There are no funds held as custodian trustee on behalf of others.

Statement of trustees’ responsibilities in respect of the financial statements

The trustees (who are also directors of the Foundation for the purposes of company law) are responsible for preparing the Annual Report and Financial Statements in accordance with applicable law and regulation.

Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have prepared the financial statements in accordance with the Companies Act and United Kingdom Generally Accepted Accounting Practice ( UK GAAP ) (United Kingdom Accounting Standards comprising FRS 102 ‘ The Financial Reporting Standard applicable in the UK and Republic of Ireland’ ( FRS 102 ), and applicable law).

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THE ALLEN OVERY SHEARMAN STERLING FOUNDATION (formerly 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 2024 (CONTINUED)

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the Foundation and of the incoming resources and application of resources, including the income and expenditure of the Foundation for that period.

In preparing the financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Foundation’s transactions and disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Companies Act.

They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In accordance with section 418 of the Companies Act, the trustees’ reports shall include a statement, in the case of each trustee in office at the date the trustees’ report is approved, that:

Independent auditors

The independent auditors, PricewaterhouseCoopers LLP, have indicated their willingness to be reappointed.

Approval

Approved by the trustees on 3 December 2024 and signed on their behalf by F J Ranero.

F J Ranero Trustee Director Date: 04 December 2024

8

THE ALLEN OVERY SHEARMAN STERLING FOUNDATION (formerly The Allen & Overy Foundation) (A COMPANY LIMITED BY GUARANTEE) CHARITY REGISTRATION NO. 1153738 COMPANY REGISTRATION NO. 08636434

Independent auditors’ report to the members of The Allen Overy Shearman Sterling Foundation (formerly The Allen & Overy Foundation)

Report on the audit of the financial statements

Opinion

In our opinion, The Allen Overy Shearman Sterling Foundation (formerly The Allen & Overy Foundation)’s financial statements (the “financial statements”):

We have audited the financial statements, included within the Annual Report and Financial Statements (the “Annual Report”), which comprise: the Statement of Financial Position as at 30 April 2024; the Statement of Financial Activities (including the Income and Expenditure Account) and the Statement of Cash Flows for the year then ended and the notes to the financial statements, which include a description of significant accounting policies.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ 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 remained independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

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

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

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the charitable company’s ability to continue as a going concern.

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

Reporting on other information

The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.

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THE ALLEN OVERY SHEARMAN STERLING FOUNDATION (formerly The Allen & Overy Foundation) (A COMPANY LIMITED BY GUARANTEE) CHARITY REGISTRATION NO. 1153738 COMPANY REGISTRATION NO. 08636434

Independent auditors’ report to the members of The Allen Overy Shearman Sterling Foundation (formerly The Allen & Overy Foundation) (continued)

In connection with our audit of the financial statements, 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 an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. 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 based on these responsibilities.

With respect to the Trustees' Report, we also considered whether the disclosures required by the UK Companies Act 2006 and Charities Act 2011 have been included.

Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below.

Trustees’ Report

In our opinion, based on the work undertaken in the course of the audit the information given in the Trustees’ Report for the period ended 30 April 2024 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.

In light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Trustees’ Report.

Responsibilities for the financial statements and the audit

Responsibilities of the trustees for the financial statements

As explained more fully in the Statement of trustees’ responsibilities in respect of the financial statements, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The trustees are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors’ responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the charitable company and its industry/environment, we identified that the principal risks of non-compliance with laws and regulations related to The Charities Act 2011 and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to were related to posting inappropriate journal entries to manipulate reported

10

THE ALLEN OVERY SHEARMAN STERLING FOUNDATION (formerly The Allen & Overy Foundation) (A COMPANY LIMITED BY GUARANTEE) CHARITY REGISTRATION NO. 1153738 COMPANY REGISTRATION NO. 08636434

Independent auditors’ report to the members of The Allen Overy Shearman Sterling Foundation (formerly The Allen & Overy Foundation) (continued)

results and management bias in determining accounting estimates. Audit procedures performed by the engagement team included:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in financial statements. Also, 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 or intentional misrepresentations or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.

Use of this report

This report, including the opinions, has been prepared for and only for the company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

OTHER REQUIRED REPORTING

Companies Act 2006 exception reporting

Under the Companies Act 2006 we are required to report to you if, in our opinion:

We have no exceptions to report arising from this responsibility.

Entitlement to exemptions

Under the Companies Act 2006 we are required to report to you if, in our opinion, the trustees were not entitled to: take advantage of the small companies exemption from preparing a Strategic Report. We have no exceptions to report arising from this responsibility.

Bansi Shah (Senior Statutory Auditor) for and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors London 5 December 2024

11

THE ALLEN OVERY SHEARMAN STERLING FOUNDATION (formerly The Allen & Overy Foundation) (A COMPANY LIMITED BY GUARANTEE) CHARITY REGISTRATION NO. 1153738 COMPANY REGISTRATION NO. 08636434

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 APRIL 2024

Note
Income
Donations and legacies
5
Interest income
Total
Expenditure
Charitable activities
7
Other expenditure
8
Total
Net income and net movement in funds for the
year
Unrestricted fund balances brought forward
at 1 May
Unrestricted fund balances carried forward at
30 April		 Total
unrestricted
funds
2024
£
2,150,251
21,535
2,171,786
1,242,180
131,815
1,373,995
797,791
1,006,052
1,803,843		 Total
unrestricted
funds
2023
Restated
£*
2,425,937
4,895
2,430,832
1,868,410
122,453
1,990,863
439,969
566,083
1,006,052

The notes on pages 15 to 26 are an integral part of the financial statements.

The Foundation has no recognised gains and losses other than the results above and therefore no separate statement of total changes in equity is presented.

All income and expenditure 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 £797,791 (2023: £439,969).

12

THE ALLEN OVERY SHEARMAN STERLING FOUNDATION (formerly The Allen & Overy Foundation) (A COMPANY LIMITED BY GUARANTEE) CHARITY REGISTRATION NO. 1153738 COMPANY REGISTRATION NO. 08636434

STATEMENT OF FINANCIAL POSITION AS AT 30 APRIL 2024

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024
2024 2023
Note £ £
Current assets
Debtors 10 25,052 249,921
Cash at bank and in hand 1,803,791 776,131
Total current assets 1,828,843 1,026,052
Current liabilities
Creditors: amounts falling due within one year 11 (25,000) (20,000)
Net current assets 1,803,843 1,006,052
The funds of the charity
Unrestricted income funds 14 1,803,843 1,006,052
Total charity funds 1,803,843 1,006,052

The notes on pages 15 to 26 are an integral part of the financial statements.

The financial statements have been prepared in accordance with the provisions relating to small companies under Part 15 of the Companies Act.

The financial statements on pages 12 to 26 were approved by the trustees on 3 December 2024 and signed on their behalf by F J Ranero.

F J Ranero Trustee Director Date: 04 December 2024

13

THE ALLEN OVERY SHEARMAN STERLING FOUNDATION (formerly The Allen & Overy Foundation) (A COMPANY LIMITED BY GUARANTEE) CHARITY REGISTRATION NO. 1153738 COMPANY REGISTRATION NO. 08636434

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 APRIL 2024

TATEMENT OF CASH FLOWS
OR THE YEAR ENDED 30 APRIL 2024
Note
Cash inflow from operating activities:
Net cash inflow from operating activities
12
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period
Cash and cash equivalents at the end of the reporting period
Cash and cash equivalents consists of:
Cash at bank and in hand
Total cash and cash equivalents
12		 2024
£
1,027,660
1,027,660
776,131
1,803,791
1,803,791
1,803,791		 2023
£
283,265
283,265
492,866
776,131
776,131
776,131

The notes on pages 15 to 26 are an integral part of the financial statements.

14

THE ALLEN OVERY SHEARMAN STERLING FOUNDATION (formerly 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 2024

1. GENERAL INFORMATION

The Foundation was established to provide donations for the benefit of any one or more qualifying charities. Funds are generated through donations from Allen Overy Shearman Sterling partners.

The Foundation is a private company limited by guarantee incorporated in the United Kingdom and registered in England and Wales with its registered office at One Bishops Square, London, E1 6AD.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The principal accounting policies applied in the preparation of the financial statements are set out below. These policies have been consistently applied to all of the years presented, unless otherwise stated.

Basis of preparation

The financial statements have been prepared in accordance with the Companies Act, Charities Act, Charities SORP and UK GAAP, including FRS 102.

The financial statements have been prepared under the historical cost convention. The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires the trustees to exercise their judgement in the process of applying accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 3.

Going concern

The trustees have a reasonable expectation that the Foundation has adequate financial resources to meet its operational needs for a period of at least 12 months from the date of approval of the financial statements. The trustees therefore continue to adopt the going concern basis in preparing the financial statements.

Incoming resources

Income is recognised when the Foundation has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably. The specific basis used is as follows:

Donations and legacies received are recognised within the Statement of Financial Activities on receipt. Gift aid receivable on donations is recognised on an accruals basis within the Statement of Financial Activities.

15

THE ALLEN OVERY SHEARMAN STERLING FOUNDATION (formerly 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 2024 (CONTINUED)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Incoming resources (continued)

Donated services provided by Allen Overy Shearman Sterling LLP consists of the estimated cost of staff provided to the Foundation for administrative work that they perform on the Foundation’s behalf, which is not charged from Allen Overy Shearman Sterling LLP to the Foundation. These are measured on the basis of the direct time spent by Allen Overy Shearman Sterling LLP’s staff on Foundation matters, at their actual time apportioned cost.

• Interest income

Deposit interest is accounted for on an accruals basis and credited to the unrestricted fund.

Fund accounting

‘ Unrestricted income funds ’ referred to in the Statement of Financial Position on page 13 are donations and other incoming resources received or generated and which are expendable at the discretion of the Foundation in furtherance of its objectives.

Expenditure

‘ Charitable activities ’ (see note 6) are accounted for when the trustees (or the members of the sub-committees) have approved the funding application and the recipient of the grant has been notified. Governance costs include those incurred in the governance of the Foundation’s assets and are associated with constitutional, statutory and strategic requirements.

Cash and cash equivalents

‘ Cash and cash equivalents ’ referred to in the Statement of Cash Flows on page 14 includes cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less.

Financial instruments

The Foundation has chosen to adopt sections 11 and 12 of FRS 102 in respect of financial instruments.

The Foundation only holds financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, which includes cash and cash equivalents and accruals, are initially recognised at transaction value and subsequently measured at their settlement value.

16

THE ALLEN OVERY SHEARMAN STERLING FOUNDATION (formerly 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 2024 (CONTINUED)

3. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

The preparation of the financial statements under FRS 102 requires management to make estimates and assumptions that affect the reported amounts of income, expenses, assets and liabilities. The estimates and judgements are based on historical experience and other factors including expectations of future events that are believed to be reasonable and constitute management’s best judgement at the date of the financial statements. In the future, actual outcomes could differ from those estimates.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year relate to the recoverability of Gift Aid amounts due from HMRC which are recorded within debtors. When assessing recoverability, management considers factors including the validity of Gift Aid claims, ensuring compliance with HMRC requirements, and historical experience. Further details are set out in each of the relevant accounting policies and notes to the financial statements. Management will continue to review assumptions used against actual experience and market data and adjustments will be made in future periods where appropriate.

4.

PRIOR PERIOD RESTATEMENT

A prior year restatement has been made in the financial statements to correct for an error. The correction has been made by crediting ‘ Donations and legacies ’ and debiting ‘ Other expenditure ’ in the prior year comparative Statement of Financial Activities (including the Income and Expenditure Account). The correction was made as a result of the determination that donated services provided to the Foundation by Allen Overy Shearman Sterling LLP for nil consideration in the form of administrative services provided by staff members of Allen Overy Shearman Sterling LLP could be reliably and accurately measured. In accordance with the Charities SORP, these services should be presented as a donation received in the form of services provided, as well as being accounted for as other expenditure.

The prior period error has been corrected by restating the financial statement line items for the prior period as follows:


prior period as follows:
Correction of 2023
Statement of Financial 2023 error Restated
Activities(extract) £ £ £
Donations and legacies (2,303,484) (122,453) (2,425,937)
Other expenditure - 122,453 122,453

17

THE ALLEN OVERY SHEARMAN STERLING FOUNDATION (formerly 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 2024 (CONTINUED)

5. DONATIONS AND LEGACIES

ONATIONS AND LEGACIES
Donations including amounts received via Gift Aid
Donated services provided by Allen Overy
Shearman Sterling LLP		 2024
£
2,018,436
131,815		 2023
Restated
£
2,303,484
122,453
2,150,251 2,425,937

All income received was credited to the unrestricted fund.

Donated services provided by Allen Overy Shearman Sterling LLP consists of the estimated cost of staff provided to the Foundation for administrative services that they perform on the Foundation’s behalf. These services are not charged from Allen Overy Shearman Sterling LLP to the Foundation.

The restatement for 2023 is explained within note 4 to these financial statements.

6. LEGAL STATUS OF THE CHARITY

The Foundation is a company limited by guarantee and has no share capital. The liability of each member in the event of winding-up is limited to £1.

18

THE ALLEN OVERY SHEARMAN STERLING FOUNDATION (formerly 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 2024 (CONTINUED)

7. CHARITABLE ACTIVITIES

Action Tutoring
Adoption UK Charity
Adult Literacy Trust
Afghanistan and Central Asian Association
Age UK Kensington & Chelsea
Alice’s Arc
Amala Education
Ambition Institute
Ashton Community Trust
Aspire NI
Asylum Support Appeals Project
Bail for Immigration Detainees
Birkbeck University of London
Blind in Business
Bristol Law Centre
Bristol Refugee Rights
British Red Cross
Bromley by Bow Centre
Cape Mentors
Cara Friend
Ceasefire Centre for Civilian Rights
Central England Law Centre
Centre for Education and Youth
Centre for Women's Justice
Cerebra
Change Please Foundation
Charities Aid Foundation
Children’s Law Centre
City Harvest Limited
Classics For All
CoachBright Charitable Trust
Communitas Limited
Derbyshire Law Centre
Doctors of the World UK
Dracaena Centre
Economic Social and Cultural Rights UK
Extern Northern Ireland
Fair Trials International		 2024
£
-
6,750
10,000
-
5,000
-
-
25,000
-
5,334
-
-
-
-
-
7,000
50,000
5,000
-
-
50,000
-
10,000
7,500
5,000
-
-
-
20,000
-
5,000
50,000
7,500
10,000
5,000
-
5,000
-
289,084		 2023
£
27,500
-
-
10,000
-
20,000
55,000
-
2,400
-
5,000
10,000
10,000
5,000
10,000
-
41,000
-
7,000
5,000
55,000
25,000
-
-
-
6,000
125,654
3,000
-
5,000
-
-
-
-
-
25,000
5,000
10,000
467,554

19

THE ALLEN OVERY SHEARMAN STERLING FOUNDATION (formerly 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 2024 (CONTINUED)

7. CHARITABLE ACTIVITIES (CONTINUED)

Subtotal carried forward
Farm Africa
Fighting Words NI
First Give
Five Talents UK
Forest Peoples Programme
Free Representation Unit
Freedom From Torture
Friends of the Cancer Centre
Future First
Future Frontiers
Get Further
Gingerbread
Goliath Trust
Governors for Schools
GROW Mentoring
Hackney Migrant Centre
Hackney Quest
Hastings Advice Centre
Helen Bamber Foundation
Human Rights Consortium
ICAN Charity
Immigrant ARC
Independent Parental Special Education Advice
Innovations For Learning UK
Inquest
Integrated Education Fund
International Lawyers Project
IntoUniversity
Invisible Girl Project
JUSTICE
Justice and Care
Khulisa
Kinship Care NI
Law Centres Network
Legal Action Group
London Community Foundation
London Legal Support Trust
Maggie Keswick Jencks Cancer Caring Centres Trust
Maternity Action		 2024
£
289,084
50,000
5,000
9,903
50,000
50,000
-
-
-
-
10,000
10,000
5,000
5,000
5,000
5,000
-
-
10,000
7,500
-
-
-
-
-
5,000
10,000
-
-
-
5,000
5,000
-
3,333
8,000
5,000
-
5,000
-
25,000
582,820		 2023
£
467,554
-
-
-
-
55,000
5,000
10,000
1,000
6,750
-
-
-
-
-
-
10,000
10,000
-
-
5,000
10,000
1,009
8,000
5,000
-
-
5,000
10,000
1,012
10,000
-
5,417
3,333
-
-
25,000
10,000
5,000
28,500
697,575

20

THE ALLEN OVERY SHEARMAN STERLING FOUNDATION (formerly 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 2024 (CONTINUED)

7. CHARITABLE ACTIVITIES (CONTINUED)

Subtotal carried forward
Migrant and Refugee Children’s Legal Unit
Monkstown Boxing Club
National Centre for Circus Arts
Norfolk Community Law Service
North Bristol Advice Centre
North Yorkshire Citizens Advice and Law Centre
Notre Dame Refugee Centre
Paddington Law Centre
Peppo C.I.C
Plan International UK
Praxis Community Projects
Prism the Gift Fund
Prisoners’ Advice Service
Project Orchid
Rainbow Migration
Raise Advice
Redthread
Refuge
Refugee Action
Safe Passage
Samphire
School-Home Support
Schools Consent Project
South West London Law Centres
Speakeasy Law Centre
Special Educational Needs Advice Centre
St Giles Trust
St Mary Magdalen’s School
stem4
Stepney City Farm
Street Child
Suffolk Law Centre
Tall Ships Youth Trust
The Baytree Centre
The Brilliant Club
The Civil Liberties Trust
The Difference
The Frontline
The Howard League for Penal Reform
The Jenna Wilkins Foundation		 2024
£
582,820
-
5,000
-
5,000
10,000
9,000
5,000
-
-
-
-
-
-
50,000
-
5,000
10,000
20,000
10,000
3,000
5,000
25,000
10,000
-
7,500
9,500
-
-
5,000
5,000
145,814
-
-
-
25,000
-
10,000
10,000
-
-
972,634		 2023
£
697,575
(10,000)
-
5,000
-
-
-
-
6,000
7,000
1,000
25,000
1,000
5,000
-
4,000
-
-
-
-
-
7,000
25,000
-
20,000
-
-
10,000
5,000
-
-
554,748
10,000
10,000
1,000
10,000
5,000
-
-
10,000
5,000
1,414,323

21

THE ALLEN OVERY SHEARMAN STERLING FOUNDATION (formerly 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 2024 (CONTINUED)

7. CHARITABLE ACTIVITIES (CONTINUED)

Subtotal carried forward
The Ministry of Stories
The Public Law Project
The RCJ Advice Bureau
The Redress Trust
The School for Social Entrepreneurs
The Story Museum
The Sussex Beacon
The Turnaround Project
ThinkForward
Toekomstatelierd
Together for Short Lives
Tower Hamlets Education Business Partnership Limited
Tower Hamlets Law Centre
Toynbee Hall
Trees for Cities
Ulster University
UN High Commissioner for Refugees
Uniformed
University College London
University Of Strathclyde Law Clinic
upReach
Upskill Me
Urban Synergy
Victim Support NI
Voice 21
Women for Women International
Young Citizens
Young Enterprise NI
Young Roots
Youth Justice Legal Centre
YWCA England And Wales
Expenditure on charitable activities		 2024
£
972,634
-
25,000
-
-
-
5,000
-
7,328
10,000
-
5,000
-
-
-
-
12,000
72,142
-
-
-
10,000
10,000
-
4,234
25,000
53,842
10,000
10,000
-
10,000
-		 2023
£
1,414,323
10,000
8,000
15,000
55,000
25,000
-
1,000
7,328
-
1,009
-
20,750
5,000
20,000
10,000
12,000
95,000
5,000
5,000
3,000
-
-
1,000
-
27,500
105,000
-
2,500
10,000
-
10,000		 2023
£
1,414,323
10,000
8,000
15,000
55,000
25,000
-
1,000
7,328
-
1,009
-
20,750
5,000
20,000
10,000
12,000
95,000
5,000
5,000
3,000
-
-
1,000
-
27,500
105,000
-
2,500
10,000
-
10,000
1,242,180 1,868,410

Negative donation amounts represent accruals that were recorded in the prior year when donations were expected to be payable towards some of the charitable causes supported by the Foundation. Accrued amounts in excess of the donations paid were reversed when the final donation amounts were confirmed.

22

THE ALLEN OVERY SHEARMAN STERLING FOUNDATION (formerly 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 2024 (CONTINUED)

8. OTHER EXPENDITURE

Fees payable to the Foundation’s auditors for the audit of the Foundation’s annual financial statements have been included within the audit fee borne by the ultimate parent undertaking for the years ended 30 April 2024 and 30 April 2023. It is not possible to disaggregate the total audit fee related to Foundation, however management have derived an internally allocated fee of £2,529 for the audit of Foundation for the year ended 30 April 2024 (2023: £2,007). This amount was not recharged in either year.

The Foundation has no employees and no payments of remuneration or expenses have been made to the trustees and thus no key management compensation is required (2023: £Nil).

Other expenditure relates to the donated services provided by Allen Overy Shearman Sterling LLP to the Foundation, and consist of the estimated cost of staff provided to Foundation for administrative work that they perform on the Foundation’s behalf. These amounts are laid out within note 5, with further detail on the 2023 restatement of these amounts explained within note 4.

9. RELATED PARTY TRANSACTIONS

Some of the trustees are, or have been, Allen Overy Shearman Sterling partners. In addition to what has been disclosed in note 5, and the funds generated through donations from Allen Overy Shearman Sterling partners, Allen Overy Shearman Sterling[2 ] provides support services to the Foundation on a pro bono basis. These pro bono donations were valued at £131,815 for the year (2023 restated: £122,453). During the year, Allen Overy Shearman Sterling partners donated £1,618,977 (2023: £2,071,916) to the Foundation. Additional Gift Aid on partner donations in the year totalled £399,459 (2023: £231,568).

There are no outstanding balances with related parties at 30 April 2024 (2023: £Nil).

10. DEBTORS

EBTORS
Prepayments and accrued income 2024
£
25,052		 2023
£
249,921

2 ‘Allen Overy Shearman Sterling’ means Allen Overy Shearman Sterling LLP its subsidiaries and affiliates, and the other partnerships, corporations and undertakings which are authorised to practice using the name ‘Allen Overy Shearman Sterling’.

23

THE ALLEN OVERY SHEARMAN STERLING FOUNDATION (formerly 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 2024 (CONTINUED)

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

11.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE		 YEAR
Accruals and deferred income
12.
NOTES TO THE STATEMENT OF CASH FLOWS
Net cash inflow from operating activities
Net income for the year
Adjustments for:
Movement in debtors
Movement in creditors
Cash inflow from operating activities
Net debt analysis
As at
1 May
2023
£
Cash and cash equivalents
776,131
Total
776,131
As at
1 May
2022
£
Cash and cash equivalents
492,866
Total
492,866		 2024
£
25,000
2024
£
797,791
224,869
5,000
1,027,660
Cash flows
£
1,027,660
1,027,660
Cash flows
£
283,265
283,265		 2023
£
20,000
2023
£
439,969
(166,704)
10,000
283,265
As at
30 April
2024
£
1,803,791
1,803,791
As at
30 April
2023
£
776,131
776,131

24

THE ALLEN OVERY SHEARMAN STERLING FOUNDATION (formerly 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 2024 (CONTINUED)

13. TAXATION

The Foundation is a registered charity and as such is exempt from taxation on its income and gains to the extent that they are applied to its charitable purposes.

14. UNRESTRICTED INCOME FUNDS

At 1 May
Total incoming resources
Total resources expended
At 30 April		 2023/2024
£
1,006,052
2,171,786
(1,373,995)
1,803,843		 2022/2023
(Restated)
£
566,083
2,430,832
(1,990,863)
1,006,052

The restatement for 2023 is explained within note 4 to these financial statements.

15. ANALYSIS OF FUNDS

Unrestricted income
funds
Total funds
Unrestricted income
funds
Total funds		 Balance 1 May
2023
£
1,006,052
1,006,052
Balance
1 May
2022
£
566,083
566,083		 Incoming
resources
£
2,171,786
2,171,786
Incoming
resources
(Restated)
£
2,430,832
2,430,832		 Resources
expended
£
(1,373,995)
(1,373,995)
Resources
Expended
(Restated)
£
(1,990,863)
(1,990,863)		 Balance
30 April 2024
£
1,803,843
1,803,843
Balance
30 April 2023
£
1,006,052
1,006,052

The restatement for 2023 is explained within note 4 to these financial statements.

16. LIABILITY OF MEMBERS

Pursuant to the Memorandum and Articles of Association of the Foundation the liability of each member in the event of winding-up is limited to £1.

25

THE ALLEN OVERY SHEARMAN STERLING FOUNDATION (formerly 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 2024 (CONTINUED)

17. GRANT COMMITMENTS

The total balance of grant commitments at 30 April 2024 was £1,883,814 (2023: £855,000), payable in future years strictly subject to certain conditions being met by the beneficiary. All of the beneficiaries have been informed. Grant commitments are funded from income generated from ongoing activities and from reserves, where necessary, as they fall due.

18. FINANCIAL INSTRUMENTS

INANCIAL INSTRUMENTS
Financial assets held at amortised cost
Cash at bank and in hand
Financial liabilities held at amortised cost
Accruals		 2024
£
1,803,791
25,000		 2023
£
776,131
20,000

19. ULTIMATE PARENT UNDERTAKING

The ultimate controlling party and the ultimate parent undertaking of the Foundation is Allen Overy Shearman Sterling LLP, whose registered office is One Bishops Square, London, E1 6AD. Allen Overy Shearman Sterling LLP exercises control through the ability to appoint or remove trustees, amend the Memorandum and Articles of Association of the Foundation, and appoint the independent auditors of the Foundation. Allen Overy Shearman Sterling LLP is the parent undertaking of the smallest and largest group to which the Foundation belongs and for which consolidated financial statements are prepared. The principal activity of Allen Overy Shearman Sterling LLP is the provision of legal services.

Copies of the consolidated financial statements of Allen Overy Shearman Sterling LLP can be obtained from In-House Legal, Allen Overy Shearman Sterling LLP, 68 Donegall Quay, Belfast, BT1 3NL.

26