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
#33

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 ja￿ett
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 memi*rs of Allen Overy SP¢arman S*rlinsJ LLP or employees or consultsnis wilh equivaleni S￿￿1n¥ 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 a￿angernefttS 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 cO￿IPANy 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 S￿rI]ng Foundation Ifonnerly Th¢ Allen & Overy Found8tion)'s finan¢i41
51alcm¢nis lth¢"financial st￿ements.),.
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 applI￿110n of resour¢¢s, including Its in¢ome and expendiiure, ond ¢0gh flow$. for ihe year ihen ended:
have been prO￿rIY prepared in a¢wrdanc¢ with Urtited Kin8dom Generally A¢c¢pi¢d Accountin8 Praciice (United
Kingdom Accouniing S¢pndards. includin8 FRS 102 'The Financial R¢p)nin8 Standard applicable in ih¢ UK and
Rcpubli¢ of Ir¢land" and appli¢able18wl" and
ljave been PTepar¢d in a¢¢ordance with the requirements of the Companies Act 2006.
We have audited th¢ fin8n¢i¥l sta¢ements, included within the Annual Report and Financial Siaiements (th¢"Annu81 R¢w¢"I,
which comprise.. Ilie Siaicmcnl of Finon¢ial P05iiion as al 30 April 2025,. th¢ Stoicmeni of Financial Activi11¢5 (including ih¢
Income and Expenditure A¢counil, th¢ Siaiemeni of Cash Flow5 for the year ih¢n ended 30 April 2025. und ihe noles 10
the financial siatements, whi¢h irtclud¢ a descripiion of signifi¢ani 4c¢ouniin8 Kx)Ii¢i¢s,
Basis for opinion
We conduct¢d our audit in aceordance with In¢¢rnatioTral Standards on Auditing (UK) {"ISA5 IUK)") and applicable law Our
responsibiliiies under ISAS (UK) are fvrtheT described in ihc Auditors. rcsFK*ll5ibiliiie$ for tl)e audil o(Llir fiiiaiiLiuI Slai￿en
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¢ T￿lU)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
sla￿d 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 fiTr*nci*l ila¢ementS And ihe *udl¢
Responsibilities of the truste¢5 for the fin￿Cial 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 $i￿ements
Our obj¢¢tiv¢s 4r¢ lo obtain ￿asOn￿bIC 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 Conduc￿d 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 sta￿ments. 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$. or
¢¢rtain dis¢105ur¢s ofiru51¢¢S' remun¢T#iion sp¢cifi¢d by Ittw Are not mode., or
Ihe charitable compony financihl siaiements are noi in agreement with the accouniing records and reNrns.
W¢ have no exception5 to r¢p￿rf arising from thi.4 Tewn5ibility.
Entirf¢rnertt to exempt10115
Und¢r the Companies Aci 21x16 we are required to rewrt to you if. in our opinion. the t￿slee$ were noi ¢ntitlcd io.. uke
dvanta8e of the small COMp￿leS exemption frorn preparing H Strategic Repon. We have no excepiions to report arising
frorn ihi5 r¢spon5ibiliry.
Bansi Shah {Senior Statuiory A￿di￿r}
for and on behalf of Pricew*eThou5eCooper5 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, reft￿ed 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.