Charity RegislratioTh No. 1153738 Company Registered No. 08636434 HMRC No. EW40609 THE ALLEN OVERY SHEARMAN STERLING FOUNDATION (formerly The'Allen & Overy Foundation) (a company Ilmited by guarantee) Annual Report and Financial Statements For the year ended 30 April 2025 *AEHJLA3K• 1611212025 COMPANIES HOUSE A21
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THE ALLEN OVERY SHEARMAN STERLING FOUNDATION (formerly The Allen & Overy Foundation) (A COMPANY LIMITED BY GUAII4NTEE) CHARITY REGISTRATION NO. 1153738 COMPANY REGISTRATION NO. 08636434 ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 CONTENTS Page Reference and Administration Infom)ation........................................................-.-...-............................. Trustees, Report for the year ended 30 April 2025.............................-.....-.........................................-... Independent audiiors, report to the members of The Allen Overy Shearnian Sterling Foundation (fornierly The Allen & Overy Foundalion}...... Statement of Financial Activities (Including the In¢orne and Exp¢nditure Ac¢ount) Statement of Financial Position , 122 Statement of Cash Flows ... 133 Noies to the Financial Statemenls....................................................................................................... 144
THE ALLEN OVERY SHEARMAN STERLING fr'OUIYDATION (formerly The Allen & Overy Foundation) (A COMPANY LIMITED BY GUAII4NTEE) CHARITY REGISTRATION NO. 1153738 COMPANY REGISTRATION NO. 08636434 REFERENCE AND ADMINISTRATION IIYFORMATION FOR THE YEAR ENDED 30 APRIL 2025 Trustees H van der Baan A H Clist B Hannigan C S Jarrett M E Johnston F R Longley M J Mansell JMPage S J Skiffington E Danforth R Hindocha Regislered Office One Bishops Square London EI 6AD United Kingdom Banker$ National Westrninster Bank plc 250 Bishopsgaie London EC2M 4AA United Kingdom Sollcltors Allen Overy Shearnian Sterling LLP One Bishops Square London EI 6AD United Kingdom Independent Auditors Prir¢waterhouseCoopers LLP Chartered Accountants and Statutory Auditors l Embankmenl Place London WC2N 6RH
THE ALLEN OVERY SHEARMAN STERLING FOUNDA'I'AU£Y (formerly The Allen & Overy Foundation) (A COMPANY LIMITED BY GUARANTEE) CHAIUTY REGISTRATION NO. 1153738 COMPANY REGISTRATION NO. 08636434 TRUSTEES, REPORT FOR THE YEAR ENDED 30 APRIL 2025 On l May 2024 the company changed its name from The Allen & Overy Foundation to The Allen Overy Shearnian Sterling Foundalion (Foundation). The trustees of the Foundation, who are also directors for the purposes of the Companies Act 2006 (the Companles Ael), present their report together wilh the audited financial 51alement5 for the year ended 30 April 2025. The trustees have adopted the provisions of th¢ Companies Aci, the Charities Act 201 (the Charities Act) and the Statement of Re¢ommended Practice: Accounting and Reporting by Charities (Chariti¢s SORP). Reference and administratlve Information The Foundation is registered with the Charities Commi55ion (Charity Number-. 1153738). is a company limited by guarantee registered in England and Wales (Company Registration Number.. 08636434). and is a150 recognised as a charity by HM Revenue and Customs (HMRC Number: EW40609). The inforn)ation with re5pe¢l to offi¢ers and professional advisers set out on page I fornis part of ihis report. Structureg governance and management The Foundation is a charitable company lim ited by guarantee. The trustees of the Foundation who served throughout the financial year and up to the date of approval of the financial slalements, unless otherwise stated, were.. H van der Baan A H Clist B Hannigan C S jaett M E Johnston F R Longley (Appointed on l July 2024) M J Mansell P J Mansfield (Resigned 31 October 2025) JMPage F J Ranero (Resigned 30 May 2025) S J Skiffingion {Appoinied l May 20?5) E Danforth (Appointed l November 2025) R Hindocha (Appointed l November 2025) 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 A550ciation. sub-committee ternis of reference, decision-making processes, Ihe objectives. policies and recent financial perfomance 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 wilh appropriate external training and updates where this will facilitate the undertaking of th¢ir rol¢.
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 2025 (CONTINUED) Rlsk statement The trustees acknowledge their responsibility in relation to risk management and in accordance with the Foundaiion's risk management policy. they seek to identify potential risks that the Foundation may encounter in the delivery of its charitable aims, including when granl-making, fundraising or undertaking new initiatives. The trustees identify risks by-. (i) looking ai the Foundation's objectives, mission and strategy. and (li) considering other factors such as.. changes to legislation. the Foundation's reputation,. previous problems ¢n¢ountered by the Foundation. and the risk management strategies of comparable charities. Al I risks identified by the trusrees are recorded on a risk register which is reviewed annually. Items which are considered io be higher risk are subject to constant review. During the financial year, the trustees have identified overseas charities. financial stability of recipients: and repulational risks associated wilh recipient5 a5 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 rlsk management The financial risks are borne and managed by Allen Overy Shearnian Sterling LLP and are disclosed in the publicly available consolidated finunciul statcmcnts of Al len Overy Shearn)an Sterliiig LLP. Objectives and 8Ctivities The Foundation was established with the aim of providing donations for the benefit of any one or more qualifying charitie5. 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 generaled through donations from Allen Overy Shearnian Sterling parniers. l Key activities undertaken during the year are stated wiihin the 'A¢hievemtnlS and perfomance. section of this report. The Foundation has three grants sub-commitlees (Global. London and Belfast a5 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 ils grantees. These are summarised and reported annually to Ihe trustees. The trustees and sub-committee members delennine success based on the grantee organisations achieving the objectives agreed in the initial grant agreements. 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 have general volunteers. In thi5 Tnjslees. Repon and also th¢ nol¢s lo thc Financial sial¢mrn. Ihe t¢mi'Allen Overy Shearniah Sierlin¥ ther3. is ysed io refer ¢0 memirs of Allen Overy SP¢arman SrlinsJ LLP or employees or consultsnis wilh equivaleni S1n¥ aThJ qualifKaiions or individuals wilh equivaleni 51alu5 in one of All¢n Overy She&rnan Sitrlin¥ LLP'5 Jffiliatts ¥nd¢rtakinbS.
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 2025 (CONTINUED) Public benefit reporting The trustees have been advised of the guidance conthined in the Charity Commission's general guidance on public benefit when reviewing the Foundation's aims and objectives and in planning its fuiure 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 ihe 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 lo justice. access to education and employment. and in exceptional cases, providing relief to those in need generally. Applicaiions for funding are considered at the grants sub-committee meelings. Achlevements and performance The Foundation received £2,227,840 (2024.. £2,171,786) of donations and interest income in the financial year ended 30 April 2025 and made gifts lo charities of £1,952,789 (2024: £1,242,180) during the financial year ended 30 April 2025. The most significant grdntee of the Global grants sub-committee during the financial year was Women for Women International, a charity that works wilh women affected by war and conflict to hclp rebuild theii. lives diid Lredte lasting change in their communities. The Foundation donated £407,791 to Women for Women International (2024.. £53,842). The Foundation contributed to the Women for Women Intemational's Conflict Response Fund, which provides ur8enl support for women in Ukraine, Sudan and other conflict situations. Our funding has helped Women for Women International enrol 300 women in the Stronger Women Stronger Nations program in Iraq. The Global grants sub-committee allocated £481,258 to l O charities in the year under the global grants programme. The Global grants sub-committee also funded £125.00 to three charities as part of its emergency response funding. As noted above, a further £407.792 was granled lo Women for Women International. The London grants sub-committee funded 58 charities during the year across England. £141.700 wa5 directed towards 18 charities in the theme of access to education and employment and £150,000 towards 19 charities on the theme of access to justice. Four charities were awarded an Invest for Impact award, a mulli-year grant of £25,000 over three years. In addition, £200.000 was donated to eight previous Impact for Invest grantees. The London grants sub-committee also awarded £30,000 to six charities following applications from Al len Overy Shearnian Sierling siaff, and three charities were awarded £50,000 via hardship relief grants. The Belfasr grants sub-committee funded a iotal of15 charities during the year across Northern Ireland. A total of £136,328 was directed towards these charities, with an amount of £44,328 included multi-year commitments of amounts between £7,328 - £12,000 per year for two to three years. and £92,000 towards newly approved commitments in the year.
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 2025 (CONTINUED) Financial review For the financial year ended 30 April 2025, the Foundation has unreslricled reserves totalling £1,947,688 (2024.. £1.803,843). The policy of the trustees is to maintain funds that are available for ¢omrn itted and emergency grants. The unrestricted reserves will be used to enable funds to be available for Ihe Foundation's general purposes, emergency grants and olher causes. The total balance of grant commitmenrs at 30 April 2025 was £1,623.556 (2024.. £1.883.814) payable in future years strictly subject to certain conditions being met by the beneficiary. All of the beneficiaries have been informed. Investment pollcy Whilst the trustees have a broad power to invest the Foundation's funds, the majority of funds received are dispersed by way of granis during the period of receipi. In the current year, the Foundation has diversified ils funding from pure donations to include longer-terni investments into social impaci funds that share the Foundation's objectives. The trustees keep the investment policy under continual review. Going Concern The trustees have a reasonable expeclation that the Foundation has adequate financial resources to meet ils operational needs for a period of at least 12 months from the dale of approval of the financial statements and Iherefore the financial statements have been prepared on ihe going concern basis. Taxation stalus The Foundation is a registered charity, and as such is entitled to certain tax exemptions on income and profits from investment5. and surpluses on any trading activities carried on in furtherance of ihe Foundation's primary objectives, if these profits and surpluses are applied solely for charitable purposes. The Foundation is not registered for V A T and accordingly, all its expenditure is recorded inclusive of any V A T incurred. Plans for the future We will continue to embed the impact framework that was developed ihrough a consultancy project into our grdnt-making processes. An area of focus will be developing our monitoring and evaluation systems, making use of existing technology available to Allen Overy Shearnian Sterling LLP. We a150 hope to develop our grantee partnerships further Ihis year, working more closely with our grantees and leveraging the resources of Allen Overy Sheaman Slerling LLP, for example by facililaling pro bono support. This is particularly relevant for grantees of th¢ Global grants sub-committee through 115 Global Grants Programme, which receive larger grants over longer periods of lime compared to the other programmes. Similarly, we hope to strengthen our emergency response grant programme, continuing to focus on underfunded situalions, working closely with longstanding partner5. The Foundation has diversified its funding from pure donations, to include longer-tem 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. UnLtd and Shift tolalling £151,448
THE ALLEN OVERY SHEARMAN STERLING FOUNDATION (formerly The Allen & Overy FouDdation) (A COMPANY LIMITED BY GUARANTEE) CHARITY REGISTRATION NO. 1153738 COMPANY REGISTRATION NO. 08636434 TRUSTEES, REPORT FOR THE YEAR ENDED 30 APRIL 2025 (CONTINUED) (2024.. £Nil). This fund provides social investment for early stage growing social purpose organisations in the UK. Investmenl is made to organisation5 that are- led by diverse leaders and teams; looking to grow their trading income. and committed to helping tackle inequality. 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 altemative funding meihods and support ihe growing social finance market. Qualifylng third party indemnity provisions The ultimate parent, Allen Overy Shearman Sterling LLP, has entered into qualifying third party- indemnity aangernefttS for the benefir of all of the trustee directors in a fonn and scope which comply with the requirements of the Companies Act. These arrangements were in place during the financial year and Ihey are in place as at the date of approval of the financial statements. Exemptions from disclosure The financial slatements have been prepared in accordance with Ihe special provisions of section 414B ot the Companies Act relating lo small companies. The trustees have taken the exemplion under this regime not to disclose a strategic report, Funds held as custodian truslee on behalf of others There are no funds held as custodian trustee on behalf of others. Slatement of trustees, responslbllllles in respect of the finan¢ial $tatement$ 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 lo prepare financial statements for each financial year. Under that law the trustees have prepared the financial 5tstements in accordan¢¢ with the Companies Act and United Kingdom Generally Accepted Accounling Practice (UK GAAP) (United Kingdom Accounting Siandards comprising FRS 102 ' The Financial Reporling Siandard applicable in ihe UK and Republic of Ireland, (FRS 102), and applicable law). Under company law (he trustees must not approve the financial statements unless Ihey are satisfied thai they give a true and fair view of the stale of the affairs of the Foundation and of the incomino resources and application of resources, including Ihe income and expenditure of the Foundation for that period. In preparing the financial statements, Ihe trustees are required to.. select suitable accounting policies and then apply them consistently;
THE ALLEN OVERY SHEARMAN STERLING Tr'UUNDATION (fornierly The Allen & Overy Foundation) (A cOIPANy LIMITED BY GUARANTEE) CHARITY REGISTRATION NO. IIS3738 COMPANY REGISTRATION NO. 08636434 TRUSTEES, REPORT FOR THE YEAR ENDED 30 APRIL 2025 (CONTINUED) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Foundation will continue in business. observe the methods and principles in the Charities SOIiP- and make judgements and estimates ihat ar¢ reasonable and prudent; The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Foundation's transaclions and disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure thai the financial statements comply with Ihe Companies Act. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevenlion and detection of fraud and other irregularities. In accordance with section 418 of the Companies Act, the trustees, reports shall include a statemenl, in the case of each trustee in office at the date the trustees, report is approved, that: so far as the trustee is aware, there is no relevant audit information of which the Foundation's auditors are unaware. and they have taken all the steps that they ought lo have raken as a trustee in order lo make themselves aware of any relevanl audil inforniaiion and to establish that the Foundation's auditors are aware of ihai infomiation. Independent auditors The independent auditors, Pricewaterhousecoopers LLP, have indicated rheir willingness to be reappointed. Approval Approved by the tru5tee5 on 26 November 2025 and signed on their behalf by Hilde van der Baan. rustee Direttor Date.. 2 December 2025
THE ALLEN OVERY SHEARMAN STERLING FOUNDATION {formerly The Allen & Overy Foundation) (A COMPANY LIMITED BY GUARAINTEE) CHARITY REGISTRATION NO. 1153738 COMPANY REGISTRATION NO. 08636434 Independent auditors, report lo the members of The Allen Overy Shearman Sierling Foundation fformerly The Allen & Overy Foundation) Report on the audit of the financial statements In our opinion, Th¢ All¢ft Ovcry Shcomian SrI]ng Foundation Ifonnerly Th¢ Allen & Overy Found8tion)'s finan¢i41 51alcm¢nis lth¢"financial stements.),. Bive a tru¢ ond fair view of the stale of ihe charitabl¢ ¢omp•ny'5 8ffair$ as at 30 April 2025 And of its incoming r¢sources and applI110n of resour¢¢s, including Its in¢ome and expendiiure, ond ¢0gh flow$. for ihe year ihen ended: have been prOrIY prepared in a¢wrdanc¢ with Urtited Kin8dom Generally A¢c¢pi¢d Accountin8 Praciice (United Kingdom Accouniing S¢pndards. includin8 FRS 102 'The Financial R¢p)nin8 Standard applicable in ih¢ UK and Rcpubli¢ of Ir¢land" and appli¢able18wl" and ljave been PTepar¢d in a¢¢ordance with the requirements of the Companies Act 2006. We have audited th¢ fin8n¢i¥l sta¢ements, included within the Annual Report and Financial Siaiements (th¢"Annu81 R¢w¢"I, which comprise.. Ilie Siaicmcnl of Finon¢ial P05iiion as al 30 April 2025,. th¢ Stoicmeni of Financial Activi11¢5 (including ih¢ Income and Expenditure A¢counil, th¢ Siaiemeni of Cash Flow5 for the year ih¢n ended 30 April 2025. und ihe noles 10 the financial siatements, whi¢h irtclud¢ a descripiion of signifi¢ani 4c¢ouniin8 Kx)Ii¢i¢s, Basis for opinion We conduct¢d our audit in aceordance with In¢¢rnatioTral Standards on Auditing (UK) {"ISA5 IUK)") and applicable law Our responsibiliiies under ISAS (UK) are fvrtheT described in ihc Auditors. rcsFK*ll5ibiliiie$ for tl)e audil o(Llir fiiiaiiLiuI Slaien section of our report. W¢ believe that the audit evid¢n¢¢ we h¥v¢ obiiined is $ufficient Ind appropria1¢ io provide a basi$ for our opinion. Independertce ' We remained independent of the charitable eornpatty in &¢¢ordan¢e with the eihical r¢quiTernenL% thii are r¢l¢v9nt to our audit of Ihe financial siat¢m¢nts in tht UK, which includes th¢ FRC'S Ethiul Srandard and we hav¢ fuifill¢d our oth¢r ¢thi¢al T¢s)nsIbilItieS iffi accordanc¢ with thes¢ TlU)rtMents. Con¢lysions rellting t• toiog toncern B8s¢d on the work we havE rrtrfomed, we hav¢ not identified any maltriaj urtcertaint1¢5 relating 10 ¢venis or condilions th•¢. individually or collectively, may ¢¥st $18nificoni doubl on ihe Chariloblc company's abiliiy io coniinu¢ as a 8oing conrxrn for a period of at Icast twelve monihs from ihc dal¢ on which ihe financial siaiements are auth0ri5ed for issue. In auditin8 the financial sMiements, we hav¢ concluded (hai the trusiees. use of ihe goin8 ooncem basis of accouniin8 in the preparaiion of the financial sl¥lem¢nts 15 appropriaie. However, because nol all futurc evcnt5 or condiiions Can be predi¢ted, Ihis ¢on¢lusion is noi a 8uaranke as ¢0 the ¢hari¢abl¢ ci)mp8ny's ability 10 colliinue as a 80in8 coneem. OUT responsibilitie$ ind the re5ponsibililies of the trustees with re$pcci 10 801118 ¢on¢em are described in the relevani seaions orthis Tepon. Reportlng on other information The other inforniation wmpri5es all of the infomiaiion in the Annual Report other than the fmancial statements and our audi¢or5' r¢port th¢r¢on. The trust¢¢s ¥r¢ responsible for ih¢ oth¢r infonnation. Our opinion on the financial statem¢nts doe5 not cov¢r thr other knforniaiion and. accordingly. w¢ do noi ¢xpr¢ss an audii opinion or. exc¢pt to th¢ ¢xt¢nt oih¢rwisc ¢xplirit]y slad in ihL5 report, any form of &ssuran¢e theTeon. In conneciioTh wilh our audit ofih¢ financial stsiements. our responsibility is ¢0 lead ihe olher infonnalion and, in doin8 SO, nsider whether the oiher infomiaiion is materially inconsisieni with ihe financial statements or our knowled8e obtained in
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 lo the members of The Allen Overy Shearman Sterling Foundation (formerly The Allen & Overy Foundation) (eontinued) ReportiAg on other InformatiOlI {CoDtinued) the audit, or oiherwise appears io be mat¢ri8lly missiated. If we Ldeniify on apparent materiol ineonsisrertcy or maierial misslaiemenl. we are r¢quiT¢d io p¢rforn) procedure5 to conclude wh¢th¢r th¢r¢ is a rnaierial mi5Stalement of ih¢ financial stAtemenlS or a ma(erial misstoiement of the other infom¥iion. If, based on ihe work we h•v¢ perfomied, w¢ nClude that there is a maierial misslatemenl of this other inforniation, we are required io report that fact. We have nothin8 to report based on th¢se responsibililies. With r¢spe¢t to ¢he Trusi¢¢s' R¢wrt, w¢ also considered whether th¢ diKlosur¢s required by the UK Companies A¢t 2006 and Charilies Aa 2011 have been Includ¢d. B85¢d on OUT work undertaken in the ¢our5e of the audiL the Companies A¢t 2006 r¢¢wires u5 a150 to report Certain opinions and mallers as described below. Trnsttts. Report In our opinion. based on the WOTk undertaken in the course of the audit ihe infoThatitsn 8iven in the Trustees, Repon for the period ended 30 April 2025 is con5iSten¢ wi¢h ¢h¢ financial siaiemenl$ Bnd h&5 beert w¢par¢d in ac¢ordance wilh ppliubl¢ l¢gal r¢qvir¢ments. Irb lighi of the knowl¢dg¢ ¥nd understandin8 of ihe charitable company and ils ¢nviroThmeni obiained in the course of ihe audil. we did noi identify any material missiaiemenis in the Trnstees, Report. Regponslbllltles for ihe fiTrncil ila¢ementS And ihe *udl¢ Responsibilities of the truste¢5 for the finCial sthtements A5 ¢xplaincd mor¢ fully in the Siitemen¢ of trusl¢¢s' r¢swnsibililLeS Ln re$peci of ihe financial st8t¢rn¢nlS, th¢ tru5ttts {who are also ihe direcior5 of ihe chari18bl¢ company for the purposes of Company lawl responsible for Ihe preparaiion of the rinan¢ial staterncnis in accordaTrce wilh the appli¢abl¢ framework and for being saiisfi¢d tha¢ they giv¢ o true and fair vi¢w. The trusiees are also r¢spon5ibl¢ for such internal coniToI as ihey dei¢min¢ 15 Thece55ary to enable the preporaiion of financial slal¢mcnis that ar¢ free from Maleri missiac¢m¢nt. wheTh¢T du¢ to fraud or error. In PTcparLn8 ihe financial siatements, the trust¢¢s ar¢ T¢sptsnsible for &8sessing the charitable company'$ ability to coniinue as 80in8 concern, disclosing. a5 applicable. matters related to going concern and u5in8 the 80in8 concern basis of accoun(in8 unle55 th¢ misl¢cs either irttend liquida(e th¢ chariiabl¢ company or to eease operation5. or hav¢ no r¢alisti¢ Jli¢rnaliv¢ bul to do $0. Auditors. resp0ft5ibilities for the audit of ihe financial $iements Our obj¢¢tiv¢s 4r¢ lo obtain asOnbIC assurance aboui ivh¢th¢T ih¢ fLnanGi41 slat¢rnents as D whole we free from matcriol missiaiemeni. wheiher duc to fraud or error, and 10 issue an auditors. report thai includes our opinion. Reasonable suranCe 15 a high level of ¥ssuranc¢. bul 15 not a guaraniee ihal an audii Conducd in acwrdance with ISAS {UK) will always deiecl a material missiatement when li exists. Misstatem¢nts ¢an arise frnm fraud or error and ar¢ consid¢r¢d matrriaj if. individually or in the aggregate, they could Tea50nably be expecied io influence the e¢onomi¢ (kci5ions olu%rs taken on the basis of ihese finan¢ial 5ts1¢rn¢nls. Irre8ulari(i¢s. irtcludin8 fraud. are instances of non-complian¢¢ with laws and r¢gulaiions. W¢ design pro¢eduTes in line with our responsibilities. outlined above. to dttect material misstatements in respect of irregularities, includin8 fraud. The exitni to which procedures are capable of deie¢ling irregulorili¢5, including fraud, is deiailed below. Bised on our undersiandin8 of the charitable company and IL% industrylenvironmeni. Ive identified that the priftcip21 risks of nonrfompliance with laws and re8ulaiions relaied to The Charities Act 2011 and The Companies Act 2¢)06, and we considered the e.xt¢nt ¢0 ivhich non4omplian¢¢ mighi have a mat¢rio1 ¢ff¢¢t on the financial staments. We evaluated management's incerttives and oppomjnitics for fraudulent manipulaiion of the financial stat¢ments (including the risk of override of controls), and dei¢rnTined thai the prin¢ipaf rtsks wer¢ related io sting irtappropriaie journal en(ries to maniptslaie reported results and managemeni bias in deierniining accounting estimaies. Audii procedures perfornied by the ¢ngog¢m¢nt lcam in¢lud¢d'.
THE ALLEN OVERY SHEARMAN STERLING FOUIYDATEON (formerly The Allen & Overy Foundation) (A COMPANY LIMITED BY GUARANTEE) CHARITY REGISTRATION NO. 1153738 COMPANY REGISTRATION NO. 08636434 Independent auditors, report to Ihe members of The Allen Overy Shearman Sterling Foundation (formerly The Allen & Overy Foundation) (continued) Auditors. resp)nsibilities for the udii of the fJn8ncid ststernents (COk)tiDued) Evaluation of the design of managem¢nt's controls designed prevent and deieci WTe8ularities.' Discussion with mana8emeni, intemal audit and intemal lega] counsel, including consideration of known OT susp¢cted instatttts of non.complian¢e iviih laws ond re8ula¢ion5 and fraud.. T¢siin8 unusual or un¢xpe¢¢¢d joumal entries, in panicular Journal$ pos¢¢d by individuals wilh auihority to approve cash payments. and Evaluaiing and, wh¢T¢ ppproPria, challenging assumpiions artd Judgem¢nis made by managemeni in d¢t¢miinirt8 Sl8nificant accountin8 estimates. There are inherent limititions in the audit procedurcs dtseribcd above. We are l¢ss likely to become aware of instanees of non. 0mplian with law5 and r¢8ul4lion5 Ihol w¢ noi closely rclalcd lo ¢v¢nLS And Iransacliorb5 T¢fl¢tled in finaThcial $18l¢m¢nl5. Also. Ihe risk of not d¢teciin8 a maiLrial missiatem¢n¢ du¢ 10 fraud is hi8her than the risk of noi deieciing one resulting from effor. as fraud may involve deliberat¢ con¢calmeni by. for exampl¢, for8ery OT inleniionjl misrepresentations OT ihrou8h collusion. A fiJnher desciipiion of our responsibilities for the audii of ihe financial statements is locaied on the FRC'S websiie at.. www.fr¢.orB,uk/auditOTsresponsibilili¢5, Thi5 dcscription forms part of our audiiors, report, Use ofthi5 r¢pon This Tepon, including Ihe opinions. has been prepared for and only for the charitable company's rncmbers as o body in 8¢¢ordart¢¢ with Chapl¢r 3 of Part 16 of the Compani¢5 Aet 2006 ond for no other purpose. W¢ do not. in giviTb8 ¢h¢s¢ opinion5, acc¢pl or assume fesponsibility for any other purpose or lo any other person to whom this r¢port IS shown or into whose hands li may sav¢ where expressly agr¢cd by our prior cottseni in writing. OTHER REQUIRED REPORTING CoThp4niu A¢t 20116 txceplion reptsrting Under ihe Compani¢s Act 2006 we are required to report to you if, in our opinion.. wc have noi obtairted all the inforni81ion and e.%planations we require for our audit: or ad¢quaie aecouniin8 records havt not been kept by the chari¢able company. or reNm$ adequat¢ for our iudii have noi eTr r¢c£ivfd from brydnches not v15ii¢d by u$. or ¢¢rtain dis¢105ur¢s ofiru51¢¢S' remun¢T#iion sp¢cifi¢d by Ittw Are not mode., or Ihe charitable compony financihl siaiements are noi in agreement with the accouniing records and reNrns. W¢ have no exception5 to r¢prf arising from thi.4 Tewn5ibility. Entirf¢rnertt to exempt10115 Und¢r the Companies Aci 21x16 we are required to rewrt to you if. in our opinion. the tslee$ were noi ¢ntitlcd io.. uke dvanta8e of the small COMpleS exemption frorn preparing H Strategic Repon. We have no excepiions to report arising frorn ihi5 r¢spon5ibiliry. Bansi Shah {Senior Statuiory Adir} for and on behalf of PriceweThou5eCooper5 LLP Chart¢d Arrounlants and S(giutory AuditQTS London 2 Dec¢rnb¢r 202S 10
THE ALLEN OVERY SHEARMAN STERLING FOUNDATION (formerly The Allen & Overy Foundation) (A COMPANY LIMITED BY GUARANTEE) CHARITY REGISTRATION NO. IIS3738 COMPANY REGISTRATION NO. 08636434 STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 APRIL 2025 Totsl unrestricted funds 2025 Tolal unrestricted funds 2024 Nott Ineome Donations and legacies Interest income 2,203,517 24.323 2,150,251 21,535 Total 2 227 840 2 171786 Expendilure Charitable activities Other expenditure 1.952,789 131.206 ,242,180 131,815 Total 2,083,995 1,373,995 Net income and ne¢ movement in funds for the year 143.845 797,791 Unrestricted fund balances brought forivard atlmay ,803,843 1,006,052 Unrestrlcted fund balances carried forward at 30 Aprll 1,947.688 ,803.843 The notes on pages 14 to 25 are an integral part of the financial statemenls. The Foundation has no recognised gains and losses other than the results above and therefore no separate statemeni of total changes in equity is presented. All income and expenditure is derived from continuing activities and is ¢onsid¢red to relate to unrestricted funds. The net movement in funds of the Foundation for the year was £143,845 (2024: £797,791).
THE ALLEN OVERY SHEARMAN STERLING FOUNDATION (formerly The Allen & Overy Foundation) (A COMPANY LIMITED BY GUAII4NTEE) CHARITY REGISTRATION NO. 1153738 COMPANY REGISTRATION NO. 08636434 STATEMENT OF FINANCIAL POSITION AS AT 30 APRIL 2025 2025 2024 Note Flxed Assets Programme related investments 151,448 Current assets Debtors Cash al bank and in hand 10 75,414 1,762,601 25.052 1.803.791 Total eurrtnl assets 1,838,015 1,828.843 Current liabilities Creditors: amounts falling due within one year (41,775) (25,000) Net asset$ 1.947,688 1,803,843 The fund5 of the charity Unrestricted income funds 14 1.947.688 1,803,843 1,947,688 1.803,843 Total charity funds The notes on pages 14 to 25 are an integral part of the financial statements. The financial slatement5 have been prepared in accordance wilh the provisions relating io small Companies under Part 15 of the Companies Acl. The financial siaiemenis on pages I I to 25 were approved by the trustees on 26 November 2025 and signed on their behalf by Hilde van der Baan. Trustee Director Date.. 2 December 2025 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 CASH FLOWS FOR THE YEAR ENDED 30 APRIL 2025 2025 2024 Note Cash flows from operating activittes: Net cash inflow from operatiEJg activities 12 110,258 1,027,660 Cash flows from investing activities: Net cash ouiflow from investing activities (151,448) Change in ¢ash and cash equivalents in Ihe reporting period Cash and cash equivalenrs at the beginning of the reporting period <41,190) 1,027,660 1,803,791 776,131 Cash and cash equivalents at the end of the reporting period ,762.601 1,803,791 Cash and cash equivalents consist5 Of; Cash al bank and in hand 1,762,601 1,803,791 Total cash and cash equlvalents 12 ,762,601 1,803,791 The noles on pages 14 to 25 are an integral pan of the financial statements. 13
THE ALLEN OVERY SHEARMAN STLRLING FOUNDATION (formerly The Allen & Overy Foundation) (A COMPANY LIMITED BY GUARANTEE) CHARITY REGISTRATION NO. 1153738 COMPANY REGISTRATEON NO. 08636434 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 GENERAL INFORMATION The Foundation was established to provide donations for the benefit of any one or more qualifying charilies. Funds are generated through donations from Allen Overy Sheannan 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 al One Bishops Square, London, EI 6AD. 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 con5iStenily applied to all of the years pre5enled, unless otherwise stated. Basi5 of preparation The financial statements have been prepared in accordance with the Companies Act, Chariries Act, Charities SORP and UK GAAP, including FRS 102. The financial statements have been prepared under Ihe historical cost convention. The preparation of financial statements in conforniity with FRS 102 requires the use of certain critical accounting estimates. It also requires the rrustees lo exercise their judgement in the process of applying accouniing policies. The areas involving a higher degree of judgement or complexity. or areas where assumptions and estimate5 are significani to the financial staiemenis, are disclosed in note 3. Going eoneern 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 slalemenls. The trustees therefore continue to adopt the going concern basis in preparing the financial statements. Incoming resourees Income is recognised when the Foundation has entitlemenl to the funds. any perfomiance 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 Donations and legacie5 received are recognised within the Slalement of Financial Aclivities. including ihe Income and Expenditure accounr, on receipt. Gift aid receivable on donations is recognised on an accruals basis within the Statement of Financial Activities.
THE ALLEN OVERY SHEARMAN STERLING b'()UNDATION (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 2025 (CONTINUED) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Incoming resources (tontinued) Donated services Donated services provided by Allen Overy Shearnian Sterling LLP consists of the estimated cost of staff provided to the Foundaiion for administrative work that they perforni on the Foundaiion's behalf, which is not charged from Allen Overy Shearnian Sterling LLP io the Foundalion. These are measured on the ba515 of the direct time spent by Allen Overy Sheannan Sterling LLP'S staff on Foundation matters, al their actual time apportioned cost. Interesi income Deposit interest is accounted for on an accruals basi5 and credited to ihe unrestricted fund. Unrestricted Income 'Unre$lricied incomefunds, refted to in the Statement of Financial Position on page 12 are donations and other incom ing resources received or generated and which are expendable at the discretion of the Foundation in furtherance of its objectives. Expenditure 'Chariiable aciivilies. (see note 6) are a¢¢ounted for when th¢ trustees (or the members of the sub-committees) have approved the fundino application and the recipient of the grant has been nolified thai they have been successful and that there are no requirements for them to qualify for this award. If requirements are included within the communicarion, then the amount is accounted for as a commitmenl until the requirements are met. Governance cosis include (hose incurred in the governance of the Foundation's assets and are associated with constitutional, Statutory and strategic requirements. Programme related Investments Programme related investments are measured al cost less any impairnient. Impairnient 15 included under charilable expenditure. Cash and cash equivalents 'Cash and cash equivalenls, referred to in the Statement of Cash Flows on page 13 includes cash in hand, deposits held at call with banks and other 5hort-terni highly liquid investments with original maturities of three monihs or less. Financial instruments The Foundation has chosen to adopt sections I l and 12 of FRS 102 in respect of financial instruments.
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 2025 (CONTINUED) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) The Foundation only holds financial assets and financial liabilities of a kind that qualify a5 basic financial inslrumenls. Basic financial instrurnenls, which includes cash and cash equivalents and accruals, are initially recognised at transaction value and subsequently measured at their serflement value. 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 liabililies. The estimates and judgements are based on historical experience and other factors includin8 expectations of future events Ihat are believed to be reasonable and constitute management's best judgement at the dale of the financial stalemenls. In the future, acrual outcomes could differ from those estimates. The estimaies and assumptions tha't have a significant risk of causing a maierial adjustment to the carrying amount of assets and liabilities within the next financial year are as follows.. recoverability of Gift Aid amounts due from HMRC which are recorded within debtors. When assessing recoverabi lity, Inanagenient considei's factors iiicludiiig ihe validity of Gift Aid claims, ensuring compliance with HMRC requirements, and historical experience. services donated by Allen Overy Sheamian Sterling staff members who spend their time on Foundation projec15. Time is estimated by these employees and a charge made 10 Foundation for this. Please see note 4 for detail5. recoverability of programme related investments for which an irnpaiment assessmenl is perfomed al each reporting dat¢ to determine whether evidence of impairnient exi515 and an impairnient charge is required. 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. DONATIONS AND LEGACIES 2025 2024 Donations including amounts received via Gift Aid Donated services provided by Allen Overy Shearnian Sterling LLP 2.072.311 2.018.436 131.206 131,815 2.203.517 2,150,251 16
THE ALLEN OVERY SHEARIWL4N STERLING FOUNDATION (formerly The Allen & Overy Foundation) (A COMPANY LIMITED BY CUARANTEE) CHARITY REGISTRATION NO. 1153738 COMPANY REGISTRATION NO. 08636434 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 202S (CONTINUED) DONATIONS AND LEGACIES (CONTINUED) All income received was credited to the unrestricted fund. Donated services provided by Allen Overy Shearnian Sterlino LLP consists of the estimated cost of staff provided to the Foundation for administrative services (hal they perforni on the Foundation's behalf. These services are not charged from Allen Overy Shearnlan Sterling LLP to the Foundation. LEGAL STATUS OF THE CHARITY The Foundation 1$ a company lim ited by guarantee and has no share capital, The liability of each member in Ihe event of winding-up is limited lo £ l. CHARITABLE ACTIVITIES 2025 2024 Access Social Care Ace Africa UK Action Against Hunger Action for Refugees in Lewisham Action Mental Health Action on Povety Adoption Nl Adoption UK Charity Adult Lileracy Trust Advocacy After Fatal Domestic Abuse Age UK Kensington & Chelsea Ambition Institute Aspire Nl Asylum Aid Birthrights Brent Centre for Youn8 People Brisiol Law Centre Brislol Refugee Rights British Red Cross Bromley by Bow Centre Business in the Community Cape Mentors Ceasefire Centre for Civilian Rights Centre for Criminal Appeals (APPEAL) Centre for Education and Youth Centre for Women's Justice Cerebra Charities Aid Foundation Childhood Trust 5,000 5,000 25.000 5,000 10,000 24,356 7,000 6,750 10,000 7,000 5,000 25,000 5,334 25.000 10.000 25,000 10,000 5,000 10,000 7,000 50,000 5,000 25,000 10,000 10,000 50,000 10.000 10.000 7.500 5,000 125,655 369.011 186,584
THE ALLEN OVERY SHEARMAN STERLING FOUNDATION (formerly The Allen & Overy Foundation) (A COMPANY LIMITED BY GUARANTEE) CHARITY REGISTII4TION NO. 1153738 COMPANY REGISTRATION NO. 08636434 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 (CONTINUED) 2025 2024 Subloial carriedforward 369.011 180,584 Christian Action Centre for Refugees City Harvest Limited Class 13 Coachbright Charitable Trust Communilas Limited Consortium for Srreet Children Depaul International Derbyshire Law Centre Doctors of the World UK Downright Excellent Dracaena Centre Easi Greenwich Legal Advice Clinic Economic Social and Cultural Rights (Just Fair) Ella's Home English for Action London Entreculturas Envision Equal Education Law Centre Extern Northern Ir¢land Fann Africa Fighting Words Nl First Give Five Talents UK Football Beyond Borders Foresi Peoples Programme Future Frontiers Get Further Gingerbread Goliath Trust Governors for Schools GROW Mentoring Hackney Doorways Hastings Advice Cenlre Helen Bamber Foundation Growth Impact Fund Independent Age Inquesi Inlegrated Education Fund Islinglon Law Centre Just for Kids Law 40,000 20,000 7,000 5,000 50,000 50,000 50,000 5,000 7,500 10.000 5,000 5,000 5.000 25.000 10,000 9,955 50,000 5,000 50,000 5,000 50,000 5,000 9,903 50,000 50,000 10,000 50,000 8,000 50,000 10,000 i 0,000 5,000 5,000 5,000 5,000 5,000 i 0,000 7,500 10,000 20,000 5,000 10.000 10,000 10,000 863,966 526,487
THE ALLEN OVERY SHEARMAN STERLING FOUNDATION (formerly 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 2025 (CONTINUED) 2025 2024 Subioial carriedforward 863.966 526,487 JUSTICE Justice and Care Kinship Care Nl Ltd Latin American Women's Rights Service Law Centres Network LBI Si Marks Learn and Thrive Legal Action Group London Community Foundation London Legal Support Trust Maternity Action Migranls Organise Limited Ministy of Stories Monkstown Boxing Club National AIDS Trust New Horizon Youth Centre Norfolk Community Law Service North Bristol Advice Centre North West Migrants Forum North Yorkshire Cilizens Advice and Law Centre Notre Dame Refugee Centre NSPCC Orchid Project Paddington Law Centre Place2Be Friends Planète Enfants & Développement Praxis Public Law Project Quaker Social Action Queen Mary University of London Raise Advice Redthread Refuge Refugee A¢iion Refugee Legal Support Royal Courts of Justice Citizens Advice Bureau Safe Passage Samphire 5,000 5,000 3,333 5,000 8,000 5,000 9,927 5,000 25,000 5,000 25,000 5,000 10,000 5,000 10,000 15,000 5,000 5,000 10,000 10,000 9,000 5,000 10,000 50,000 10,000 10,000 66.902 25.000 25,000 6,820 10,000 50,000 5,000 i 0,000 20,000 10,000 5,000 25,000 3,000 1,207,61i 719,820 19
THE ALLEN OVERY SHEARMAN STERLING FOUNDATION (formerly 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 2025 (CONTINUED) 2025 2024 Subtotal caTried fonvard 1,207,615 719,820 School for Social Entrepreneurs School-Home Support Schools Consent Project South London Refugee Association Speakeasy Law Centre Special Educational Needs Advice Centre Specialisterne Nl Spiral Skills St Mary Magdalen's Catholic Primary School Standout Program stem4 Stepney City Farni Sireet Child Surviving Economic Abuse Tlie AIRE Centre The Brilliant Club The Difference The Dusty Knuckle Training CIC The Frontline The Garden Classroom The Goodwork The Howard League for Penal Reforni The Literacy Pirates The Public Law Project The Story Museum The Turnaround Proje¢t ThinkForward Togeiher For Short Lives Tower Hamlets Law Centre Ulster Orchestra Ulster University United Nations High Commi55ioner for Refugees upReach Upskill Me Vauxhall Community Law & Infonnation Centre Victim Support Nl 25,000 25,000 25.000 10,000 5,000 5.000 10,000 7,500 9.500 i 0.000 10,000 5,000 10,000 5.000 5,000 145,814 25.000 8,000 25.000 25,000 10,000 5,000 10,000 5,000 i 0,000 10,000 5,000 25,000 5,000 7,328 10,000 5,000 7,328 5,000 5,000 12.000 75,000 12,000 72,142 10,000 i 0,000 5,000 1.514.943 J, 133,338 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 2025 (CONTINUED) 2025 2024 Subtolal carriedforivard I,JJ4,943 1,133,338 Voice 21 We Belong Wiltshire Law Centre Women for Women International Young Citizens Young Enterprise Nl Youth Justice Legal Centre 25,000 10,000 10.000 407,792 53,842 10,000 10,000 i 0,000 i 0.000 Total gifts to charities Bank charges Expenditure on charitable activiti¢$ 1,952,735 54 1.952 789 1,242,180 242 180 OTHER EXPENDITURE Fees payable lo the Foundation's audiiors for the audit of the Foundation's annual financial statement5 have been included within the audit fee borne by the ultimate parent undertaking for the years ended 30 April 2025 and 30 April 2024. It is not possible to disaggregate the total audii fee related to Foundation. however managemenl have derived an internal ly allocated fee of £2,850 for the audit of Foundation for the year ended 30 April 2025 {2024'. £2,529). This arnounl 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 managemenl compensation is required (2024.. £Nil). Other expenditure relates to the donated services provided by Allen Overy Shearnan Sterling LLP to the Foundation, and consist of the estimated cost of staff provided lo Foundation for admini5trotive work that they perfomi on rhe Foundation's behnlf. These amounis llrc laid oul -within note 4. RELATED PARTY TRANSACTIONS Some of the trusiee5 are. or have been, Allen Overy Shearnian Sterling partners. In addition to what has been disclosed in note 4, and the funds generated through donations from Allen Overy Sheamian Sterling partners, Allen Overy Shearnan Sterling provides support services lo the Foundaiion on a pro bono basis. These pro bono donations were valued at £131,206 for the year (2024.. £131,815). During the year, Allen Overy Sheaman Sterling partn¢r5 donated 'Allen Overy Sheamian St¢rlin8' means Allen Overy SILearnian Sierling LLP lis subsidiari¢5 and a(filiat¢s. and ihe oiher pgrtneT5hips. ¢orwFaiions and und¢naking5 which are auihorised lo praciict 115ing Ihe name 'Allen Overy Sheaman Sierlin8'. 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 2025 (CONTINUED) RELATED PARTY TRANSACTIONS (CONTINUED) £1,716,334 (2024.. £1,618,977) ro the Foundation. Additional Gift Aid on partner donations in the year totalled £352,675 (2024: £399,459). There are no outstanding balances with relaled parties at 30 April 2025 (2024.. £Nil). PROGRAMME RELATED INVESTMENTS 202412025 202312024 Investments at eosl Cost at l May Additions Disposals Cost at 30 April 151,448 151,448 The programme related investments relate to contributions made to rhe Growth Impact Fund. At 30 April 20.25, the Irustees had further commitments of £143k lo the fund (2024: £300k). The trustees deterniined that the Growth Impact Fund's objectives were aligned to Ihal of the Foundation. in particular to 5UPPOrt diverse-led social enterprises in the UK that are tackling 5yStcmic inequality. io. DEBTORS 2025 2024 Prepayment5 and accrued income 75,414 25,052 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Accruals and deferred income 41,775 25.000 22
THE ALLEN OVERY SHEARMAN STERLING FOUNDATION (formerly The Allen & Overy Foundation) (A COMPANY LIMITED BY GUARAIYTEE) CHARITY REGISTRATION NO. 1153738 COMPANY REGISTRATION NO. 08636434 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 (CONTINUED) 12. NET CASH GENERATED FROM OPERATING ACTIVITIES Net cash Inflow from operatbng aetivities 2025 2024 Nei (expenditure)l income for the year Adjustments for.. (Increase)Idecrease in debiors Increase in creditors 143,845 797,791 (50,362) 16,775 224,869 5.000 Cash (outnow)linflow from operating aetivilies 110.258 1.027.660 Net debt analysls Asat Imay 2024 Asa¢ 30 April 2025 Cash tlows Cash and cash equivalen15 1,803,791 (41,190) 1,762,601 Total ,803.791 (41,190) 1,762,601 Asat Imay 2023 Cash flows Asa¢ 30 April 2024 Cash and cash equivalents 776,131 1,027,660 1,803,791 Total 776.131 1,027,660 I,Rni,791 13. TAXATION The Foundation is a regisiered charity and as such is exempi from taxation on its income and gain5 to the extent that Ih¢y are applied to its charitable purposes. 23
THE ALLEN OVERY SHEARMAN STERLING FOUNDATION (formerly The Allen & Overy Foundation) (A COMPANY LIMITED BY GUAtL4NTEE) CHARITY RECISTRATION NO. 1153738 COMPANY REGISTRATION NO. 08636434 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 (CONTINUED) 14. UNRESTRICTED INCOME FUNDS 202412025 202312024 Atlmay Total incoming resources Total resources expended 1,803,843 1.006.052 2.227,840 2,171.786 (2.083.995) (1,373,995) At 30 April 1,947,688 1,803.843 15. ANALYSIS OF FUNDS Balanee l May 2024 In¢oming resources Resources Balance expended 30 April 2025 Unrestricted income funds 1,803,843 2,227,840 (2,083,995) 1,947,688 Total funds 1,803,843 2,227.840 (2.083,995) 1,947,688 Balanee Imay 2023 Incoming resources Resource$ Expended Bglanee 30 April 2024 Unrestricted income nds 1,006,052 2,171,786 (1,373,995) 1,803.843 Total funds 1.006,052 2.171,786 (1,373,995) 1,803,843 16. LIABILITY OF MEMBERS Pursuant ¢othe Memorandum and Articles of Association of the Foundation the liability ofeach member in the event of winding-up is l imited to £ l. 24
THE ALLEN OVERY SHEARMAN STERLING FOUINDATION (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 2025 {CONTINUED) 17. GRANT COMMITMENTS The total balance of grant commitments at 30 April 2025 was £1,623,556 {2024.' £1,88i,814), payable in future years slrictly subject to certain conditions being mel by the beneficiary. All of the beneficiaries have been infornied. Grant commitments are funded from income generated from ongoing activities and from reserves, where necessary, as they fall due. 18. FINANCIAL INSTRUMENTS 2025 2024 Financial assets held at amortised eost Cash at bank and in hand 1.762,601 .803.791 Flnancial liabilities held at gmortised cost Accruals 41,775 25,000 19. ULTIMATE PARENT UNDERTAKING The ullimate controlling paty and the ultimate parent undertaking of the Foundation is Allen Overy Shearnian Sterling LLP, whose registered otlice is One Bishops Square, London, El 6AD. Allen Overy Sheannan Sterling LLP exercises control through the ability to appoint or remove trustees, amend Ihe Memorandum and Articles of Associaiion of the Foundation, and appoint the independent auditors of the Foundation. Allen Overy Shearnian Sterl ing LLP is the parent undenaking of the smallest and largesl group to which the Foundalion belongs and for wh ich consolidated financial statements are prepared. The principal activity of Allen Overy Sheamian Sterling LLP is the provision of legal services. Copies of the consolidated financial statements of Allen Overy Sheaman Sterling LLP can be obtained from In-House Legal, Allen Overy Sheaman Sterling LLP, 68 Donegall Quay, Belfast, BTI 3NL.