2020-08-04-accounts

Charity No. 1171969 Trustees, Report and Unaudlted A(xounts

Aspiring Solicitors Foundation Contents Pages Trustees, Annual Report Independent Examiner5 report Statement of Financial Attivities Summary Income and Expendrcure Balance Sheet Notes to the Accounts Detailed Statement of Finanaal Activitie5 P3ge I

Aspiring Sollcitors Foundatlon Trustees Annual Report The Trustees present their report wkth the unaudited finanaal statements of the charttyforthe year ended 4th August 2020. REFERENCE AND ADMINisfRAllvE DETAILS Charity No. 1177969 9 Park Lane Business Centre Park Lane Langham, Colche5ter Essex C04 5WR Trustees The following Trustee5 served during the year. J. Hutchens 5. Samani S. Sindair T. Smith C. White Accountsnts L J Rose Accounting 9 Park Lane Business Centre Park Lane Langham Éssex C04 5WR The Trustees are responslble for keepin8 proper 3CtOLEntin8 record that disdose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply wlth the Charitie5 Act 2011. the applicable Chartties (Accounts and Report51 Regulations, and the provisions of the Trust deed. The Trustee5 are aLso ￿spOnsIble for5afeguarding the Assets of the Charity and hence taknng reasonable steps for the prevention and detertion of fraud and other irregularities. Signed on behalf of the Chariti"e5 trustees C White Page 2

Aspiring Solicitors Foundati( Independent Examiners Report Independent Examlnerfs Reportto the truse5 of Asplrlng Solkltots Foundation I reportto the trnstees on my examination of the accounts of Aspiring Soliator5 Foundation for the year ended 04, August 2020 which comprise the Ststement of Finanaal Activttie5, the Balance Sheet and the related notes. ResponsiThilities and basis of report As the tharity's trustees you are responsible for the prepardtion of the accounts in accordance with the requirements of the Charttie5 Act 20111'the Act'l. The trustees consider that an audit is not reouired for this year underthe CharttiesAct 2011, 5.144(21 (the 2011 Attl and that an independent examination is needed. I report in ￿spert of my examination of the charivs accounts carried out under section 145 of the 2011 Act and in carryng out my examination I have followed all the applicable Directions given by the Charity Commission under section 145{51{b} of the Act Independent examinerfs 5ternent I have completed my examlnation. I can confim that no material matters have come to Tlly attention in connection with the examination giwng me cause to believe that in. any material respect: The accounting records were not kept in respect of the chartty as required by section 130 of the Act: or The accounts do not accord with those records; or The accounts did not comply wtth the applicable requirements COF)cerning the fom and content of accounts set out In the Charities IAccour¥ts and Reportsl Regulations 2LK18 other than any requÈrement that the accounts give a 'true and frdirf view which is not a matter con5iderÈd as part of an Independent examination. I have no concerns and have come across no other matteT5 in connection wth the examination to which attention should be dravm in this report in orderto enable a proper understanding of the accounts to be reached. L Rose FMAAT LJ Rose Accounting Ltd 9 Park lane Business Centre Langham Essex C04 5WR 8" March 2021 Page 3

Aspiring Sol&citors Foundatio ststernent of Finandal Athi forthe year ended 4 August 2020 dfunds 2020 funds Total lunds Total funds 2019 2020 2020 Income and endowmw from: Donations and le83cies 106,152 106.152 11,500 Total 106.152 106,152 11.5(K) Expenditu￿ on: Other 47.825 47,825 4.717 T¢)tsl 47.825 47,825 4,717 Net gains on investments Net Income 58,327 58,327 6,783 Trdnsfers between funds Net Income before other galt)s1{lossesl 58.327 58,327 6.783 Other gains and losse5 Net movement in funds 58.327 58.327 6.783 Reconclllatton of fund5: Total funds brought fotward 6.783 Totsl funds carrÉed forward 58,327 6,783 65,110 6,783 P38e 4

Asplrlng Sollcltors Foundatlon Summary Income and Expenditure Account forthe year ended 4 Au8USt 2020 2019 Income 106.152 Gross Income for the year Expenditure 106,152 47,825 Total expendlture forthe year Net income before tax for the yfdr 47,825 58.327 Net Income forthe year 58,327 Page 5

Aspiring Soli¢itors Foundation Balan￿ Sheet at 4 August 2020 Company No. CE013811 2020 2019 Current assets Cash at bank and in hand 66.178 66.178 li.(Ktr81 65,110 6,783 6,783 Credltoys: Amount falling due within one year Net current assets 6.783 Total assets le￿ current liabilities 65,110 6,783 Net assets exdudin¥ pension a55et or liability 65,110 6,783 Total net assets 65,110 6,783 The funds of the (hartty Restrfrted funds Restilcted income funds 6,783 6,783 6,783 6,783 Unrestricted funds General funds $8,327 58,327 Reser Total thnds 65,110 6,783 Approved by the board on 08 March 2021 And signed on its behalf by-. C. White Trustee 08 March 2021 Page 6

Aspiring Solicitors Found8 Notes to the Accourts for the year ended 4August 2020 l A¢counting policies Basi5 of preparation The firsancial statements have been p￿pared in accordance wlth Accounting and Reporting by Charities: Statement ot Recommended PractÉce applicable to charities preparing their accounts in accordance with the Financial Reporting Stzndard applicable in the UK and Republic of Ireland IFR5 1021 (effective I January 20151- (Charities SORP IFRS 10211, the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 ar￿ the CharitFes Art 2011. Change in ba515 of accounttiE orto Previo￿ a¢couftts There has been no change to the accounting policies Ivaluatton rule5 and method of a¢countingl Since last year and no changes have been made to accounts for prevtous year Fund accountlng Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objecrs of the charity. These are unrestritted fiRnds earmarked by the trusteesfor particular purposes. These Bre unrestrirted funds which include a revaluation reserve representing the restatement of investment assets at their market valu￿. These are a¥ailable for use subject to restrictions imposed by the donor or through terms of an appeal. Designated funds Revaluation funds Restricted funds Income Recognition of n£ome Income is included in the Ststement of Finanaal ActNities1SoFAI when the charrty becomes entitled to, and virtualty ￿rtain to re¢eNe. the income and the amount of the income can be measured with 5uffiaent reliabilty. Income with related Where income has related expenditure the income and related expenditure is expendtture reported gross in the SOF Donations and legacies Voluntary income received by way of grants, donations and gtfts is included In the the SOFA when receivable and onty when the Charity has uncondttional entitlernent to the income. Tax reclaims on Income from tax reclaims is induded in the SOFA at the same time as the donattons and gifts giftldonation to which It relates. Donated services These are onty included in income (with an equivalent amount in expenditure) and facllltles where the benefftto the Chartty is reas(Ktabty quanttfiable. measurable and material. Volunteer help The value of any volunteer help recetved ts not included in the accounts. Investment income This is induded in the accounts when receiwdble. Gainslllossesl o This includes any gain or loss resulting from revaluing in¥e5tments to market valL¢e revaluation ot fixed at the end of the year. assets Gainsll105sesl on investment assets This include5 any gain or loss on the sale of investmerrts. Page 7

Aswrin# Solicitors Foundation Note5 to the Accourrts Empenditure Recognstion of expenditure Expenditure is recognised on an accruals basis. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates. Expendtture on These comprise the costs associated with attracting voluntsry income. fvndr31s1ng ra15ing funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its artivities and charitable activities service5 the fijrtherance of its objetts. including the making of grdnts and governance costs. All grant expenditu￿ is accounted for on an actual paid basis plus an accnJ21 for grnnts that have been approved by ts trustees at the end oFthe year but not yet paid. These Indude those costs assoaated with meeting the constitutional and slatutory requirements of the Charity. including any auditlindependent examination fees. costs linked to the rtrategic management ofthe Charity, together wfch a share of other administration costs. These are support costs not allocated to a particular activtty. Grants payable Govemance costs Other expendtture The ch3rty is exempt trom corporation tax on its charitable adivitres. Cash and cash eqUI￿lents Cash and cash equivalents comprise cash at bank and on hand. demand deposÈts with bank5 and other short-term highly liquid investments Wtih original mawrtftes of three months or less and bank overdrafts. In the statement of finanual position. bank overdrafts are shown within borrowings or current li3bi1sties. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and fomi an integral part of the company's cash management. Pag@ 8

Aspirine Solicitors Foundation Notes to the Accounts Trade and other creditors Short term creditors are measured at the transaction price. Other creditors and provislOn5 are recognised Whe￿ the chartty has a present obligation resytting from a past event that will probably result in the transfer ot funds to a third party and the amount due to setde the obligation can be measured or estimated reliably. Creditors and provislons are normally reco8¥Jised at their setdement atnount after allowing for any trade dTscounts due. Page 9

Aspiring Solicrtors F￿ndation Notes to the Accounts 2 Income from donations and *ae5 Totsl Total 2020 2019 106.152 106.152 106.152 106.152 11,5 11,500 3 Other expendltwe Total Total 2020 Z019 43,117 43.117 4,700 Gener31 administrative costs Legal and professional cost5 17 1,108 47,825 1.108 47,825 4,717 4 Staff costs No employee re￿iVed emoluTnents excess of £￿.{X￿). 5 Creditors: amounts falling due wtthin one year 2019 Other creditors 1,068 6 Movement In funds Incomi At4 {indudlng other At 5 Augull gainsl1055es 2019 expended August 2020 Restricted tunds: Restrirted In￿Me funds: 6.783 6.783 Totol 6.783 6.783 Unre5trirted funds: General funds 106,152 147,825} 58,327 Revaluation Reserves: Total funds 6,783 106,152 147,8251 65,110 Page 10

Aspiring Solicitors Foundation Notesto the Accounts 7 Analysls of net a55ets between fuNIs Total funds Net current assets 65,110 65,110 65,110 65,110 8 Reconciliation of net debt New HPIFinan leases At4 August 2020 2019 Cash flows Cash and cash equNalents 6.783 6.783 59,395 59,395 66,178 66,178 Net debt 6,783 59,395 66,178 Page 11

Detalled Statement of Hnandal Actm for the year ended 4Au8USt 2020 Total funds Total funds 2020 2019 2020 Income and endowments from: Donations and legacies IChS,152 106,152 106,152 106,152 11.500 11,500 Totsl inwme and endovfft 106,152 106,152 11,500 Expendlture on: Other expenditure 43,117 43.117 43,117 43.117 4,700 General administiauve costs. Including depreciatlon and amortisation Equipment expensed Software. IT support and related costs 2,443 2,443 992 992 17 Subscriptions Telephone, fax and broadband 145 20 145 20 3.600 17 Legal and professional costs Accountancy and bookkeeping Other legal and professional costs 1.108 1,108 Total of expenditure of other costs Totsl expenditure 47,825 47,825 4.717 47,825 47.825 4,717 Net gain5 oft investments 58.327 58,327 6.783 Net inwme Net income l>efare other 84inslllasses) Other Gains 58.327 58.327 6.783 Net movement in funds 58,327 58,327 6,783 Retonciliation of fund>. Total funds broughtfonmard 6.783 6,783 Total fvnds catsied fward 58.327 6.783 65,110 6,783 Page 12

Trustees Report for the period 5 August 2019 to 4 August 2020 Objective Removing financial barriers to the legal profession for aspiring solicitors. Strategy Raise funds from law firms, in-house legal departments, companies, financial seNices firms, and individuals to help provide grants that deliver meaningful assistan￿ with tangible benefils to eligible, socially mobile, aspiring solicitors identtfied through a fair and objective application process. OveNiew The Aspiring Solicttors Foundation (AS Foundation) was established as a Charttable Incorporated Organisation (CIO) on 16 AprÈl 2018. A period of research, platfom development and benefactor engagement followed to a pre4aunch on 28 August 2019. Benefactors provide donations to ensure a successful go live wrth the AS Foundation a¢cepting applications from 29 January 2020. The AS Foundalion has a registered Chartty Number of 1177969 and is govemed by the Charity Commission CIO Association M()del Constitution in conjunction with operational models provided by the Nabonal Council Voluntary organisations (NCVO). The main objective of the AS Foundation ts the ￿lief of financial hardship facing undergraduale, graduate, and postgraduate students (part time I full timel, from the United Kingdom. to help them to pursue a career as a solictior in England and Wales, in particular but not exclusively by maknng grants by way of= the provision of ttems (either outright or a loan) to faalitate, or connected with, education andlor vocational training. and the payment of fees for instruction, examination or other expenses connected with vocational training. The Independent Examiner has inspected the AS Foundation's accounts. The Trustees have a reasonable expectation that the AS Foundation has adequate resources to continue in operational existence for the foreseeable flrture. For this reason, they continue to adopt the 'going Con￿rn, basis in preparing the financial ststements. The AS Foundation has a policy to provide SLrfficient reserves to finan￿ its liabilities and statutory employment requirements. Charitable Activities The AS Foundation was impacted, soon after launch, by the COMD-19 global pandemic. Despite this the charity refocused and was able to provide grants to several applicants in this report period. There were, however, 5ignffjicant d[fferen￿$ between ourforecasted and actual results. Grants by the AS Foundation were lower than exFected during the relevant financial year, leading to a larger retained residual fund at the end of the period. It is expected this will be used to make grants during the period 5 August 2020 onwards.

Our resums show we granted twice as many laptops as forecast. However. our forecasts of providing 50 travel tickets w￿re not realised as the lockdown meant all law fimis events were held online. This also meant no business dotling applications were received. Grants for textbooks and online St￿lY resource subscriptions were h(qher than forecast. We have Continued to extend our reach via Charrty Partners who provide a flow of application5 to us. Funding and Support We have main income streams" Donations from law firns. corporate legal teams, and other business organisations. Donations from individuals. We have not fijlly explored the opportuntties for grant funding bul will do in the period from 5 August 2020 onwards. Boards and Stsffing Our Board consists of 5 trustees who are all from the legal profession. We are currentty looking to strengthen and diversify the Board membership. We have one part-time independent contractor covering two days each week. Future Trustees have identified the following actions.. Strengthen Trustee Board and Govemance Framework Develop new funding streams. Attract new applicants and benefactor5 by promoting on multiple social media channels. Develop the use of technology for all operational a¢tivtlies, improving tumaround times while reducing costs. Secure improved purchasing arrangements for all grant types. The Trustees p￿sent their reF)Ort along wrth the financial statements of the AS Foundation for the financial year ended 4 August 2020. The financtal statements have been prepared in accordance with the accounting policies set out on pages 7. 8 and 9 and comply with the AS Foundation's constttution and applicable law. This Annual report was approved by the Trustee Board on 12 April 2021.