Aspiring 50liators Foundation arity No. 1177%9 Trustees Report and Unau(rrted Accounts 04 August ZOZI Aspiring Solicitors Foundation Contents Pages Trustees Annual Report Independent Examirherfs Report Statement of Financial Activities Summary Income arhd Expenditure Account B3lance Sheet Notes to the Accounts Detailed Statement of Financial ActNities 14 Page I Aspiring Solicitors Foundation Trustees Annual Report The trustees present their report Wbth the unaudited financial statewnents of the Chartty for the ye3r ended 4th August 2021. REFERENCE AND ADMINlSnlATIVE DETAILS Charity No. 1177969 Registered Offi 9 Park Lane Business Centre Park Lane Langham, Colchester Essex C04 5WR Tru5tee5' The following Trustees, seNe during the year: E. Cope 21104121 J. Hutchen5 S. Samani S. Sinclair T. Smith C. Whtte Accountarts U Rose Accounting 9 Park Lane Business Centre Park Lane Langham Essex C04 5WR Page 2 A￿lrIng Solicitors Foundation Trustees Annual Report The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that they comply with the Charities Art 2011. the applicable Charities (Accounts and Reports) Regulation$ 2008, and the provisions of the Charity's constttution. The Trustees are 3150 responsible for safeguarding the Assets of the Charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularithes. Signed on behalf of the Trustees C. White Trustee 26th April 2022 Page 3 Aspiring Solicitors Foundati Independent Examiners Report Independent Examiner's Report to the trustees of Aspiring Soliotors Foundation I report to the Trustees on my examination of the accounts of Aspiring Solicttors Foundation for the year ended 04th AuEust 2021 which comprise the Statemer)t of Financial Activitie5. the Summary Income and Expewjditure Account, the Balance Sheet and related note5. Responsibilities and basis of report As the Charity's Trustees you are responsible for the preparatton of the accounts in accordance WTth the requirements of the Charities Act 20111.the Act'l. The Trustees consider that an audit is not required for this year under s.144121 of the Act and that an independent examination is needed. I report in re5pett of my examination of the Chartty's accounts carried out under section 145 of the Art and in carrying out my examination I have followed all the applicable directions gNinB by the Chartty Commission under section 14515llbl of the Art. Independent examiner's statement I have completed my examination. l (an confim that no material matters have come to my attetrtÉon ift connection with the examination giving me cause to believe that= The atcounting records were not kept in respect of the Chartty as required by section 130 of the Act. The accounts do not accord wtth those records: or The accounts did not COTnply with the applicable requirements concerning the form and content of accounts set out in the CharitKes IAccounts and Reports) Regulations 2(K)8 other then any requirement that the accounts give a'true and fair, view which is not a matter considered as part of an Independent examination. I have no concerns and have come across no other matters in connection w¥th the examination to which ttention should be drawn in this report in order to enable a proper uthderstanding of the accounts to be reached. Lisa Rose FMAAT L J Rose Accounting 9 Park Lane Business Centre Park Lane Langham Essex C04 5WR 2510412022 Page 4 Aspiring Solicitors Foundation Statement of Financial Attivities for the year ended 4 August ZOZI Unrestritte Restiirte d funds d funds Total funds Total funds 2021 2021 2021 2020 Notes Income and endowments from: Donations and legacies 157.794 157,794 106,152 Total 157,794 157,794 106,152 Expenditure on: Grants payable General administrative costs 56,502 63.828 56,502 63,828 43,117 3,6(KJ Legal and professional costs Total 1.368 121,698 1.368 121,698 1,108 47,825 Net gains on investments Net income 36.096 36.096 58,327 Transfers between funds Net income bef¢>rÈ other gainsl{losses1 36.096 36,096 58.327 Other gains and los Net movement in fvnds 36.096 36.096 58,327 Reconciliation of fvnds: Total funds brought forward 59,110 65.110 6.783 Total funds carried forward 95.206 101,206 65.110 Page 5 Aspiring Solicitors F(wndation Sumrnary Income and Expendi￿re Account fof the year ended 4 August 2021 2021 2020 Income 157.794 106,152 Gross income for the year 157,794 106,152 Expenditure 121,698 47,825 Total expenditure for the year Net income before tax forthe year 121,698 47,825 36,096 58,327 Net income for the year 36,096 58,327 Page 6 Aspiring Solicttors Foundation Balan￿ Sheet at 4 August 2021 Company No. CE013811 2021 2020 Current assets Cash at bank and in hand 102,274 102,274 11,0681 66,178 66.178 11,0681 65,110 Credltors: Amount falling due within one year Net current assets 101,206 Totsl assets less curTe¥rt liabilities 101,206 65,110 Net assets excluding pension asset or liability 101.206 65.110 Total net assets 101,206 65.110 The funds of the tharity Restricted fvnds Restricted income funds io 6.￿0 6,0(X) 6,000 Unrestricted funds General funds io 95,206 59,110 95,206 59,110 ReSer￿S io Total funds 101.206 65.110 Approved by the board on 26th April 2022 And signed on ILS behaff bv: C. White Trustee 26th April 2022 Page 7 Aspiring Solicwtors Foundation Notes to the Accounts for the year ended 4 August 2021 l Accounting policies Basis of preparation The financial statements have been prepared in accordance with Accounting and RerK)rting by Charities- Statement of RecoTnmended Practice applicable to charttaes p￿phrillg their accounts in accordance w¥th the Financial Rewrting Standard applicable in the UK and RepLhblic of Irelaftd (FRS 1021 leffertive I January 2015} - (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Compan￿5 Act 2(KJ6. Change in t>asi5 of accounting or to previous accounts There has been no change to the accounting policies (valuation rules and method of accountillgl since last year and no changes have been made to accounts for previous years. Fund accounting Unrestricted funds These are available for use at the dIsC￿tion of the trustees in furtherance of the general objects of the Charity- These are unrestricted funds earmarked by the tnjstees for particular purposes. These are unre5trirted funds which include a ￿Valuation reserve representing the restatement of investment assets at their market values. These are available for use subject to restrKtions imposed by the donor or through terms of an appeal. Designated funds Revaluation funds Restricted fvnds Income Recognition of income Income is included in the StateTnent of Financial ActiVTties ISOFAI when the charity becomes entitled to. and virtually certain to receive. the income and the amount of the income can measured wwth sufficient reliability. Income with related Where income has ￿lated expenditure the income and related expenditure is expenditure reported gross in the SOFA. Donations and legacies Voluntary income received by way of grants. donatsons and grfts is included in the the SOFA when receivable and only when the Charity has uncondÈtional entrt￿meTrt to the income. Tax reclaims on Income from tax reclaims is included in the SOFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income Iwtth an equNalent amount in expenditure) and facilities wherethe benefrt to the Charity is ￿asOnablY quant¥fi3ble. measurable and material_ Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains]Ilossesl on This includes awry gain or k>ss resulting from revaluing investments to market value revaluation of fixed at the end of the year. ssets Gainslllossesl on investment assets This includes any gain or loss on the sale of investments. Page 8 Asptring Solicitor5 Foundation Note5 to the Accounts Expenditure Recognition of expenditure Expenditure is recognised on an acctuals basi> Expenditure includes any VAT which cannot be fulty recovered. and is reported as part of the expenditure to which It relates. Expenditure on These comprise the costs associated wtth attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delNery of its activities and charitable artivities Se￿iCeS in the furtherance of tts objects, including the making of grdnts and governantr costs. All grant expendtture is accounted for on an artual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid. These are support costs not allocated to a particular activity. Grants payable Other expenditure Taxation The charity is exempt from corporation tax on its charitsble activities. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand, demand deposits With banks and other short-term highty liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilsties. In the Statement of Cash Flows. cash and cash equbvalents are shown net of bank overdrafts that a repayable on demand and form an integral part ofthe company's cash management. Trade and other creditors Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the tharity has a prese¥Lt obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normalfy recognised at their settlement amount after Ilowing for any trade discounts due. Page 9 Aspiring Solicitors Foundation Notes to the Accounts 2 Statement of Financial Activities- prior year Unrestrirted funds Restricted funds Total funds 2020 2020 2020 Income and endowments frorn: Donations and legacies 106,152 106,152 Total 106.152 106.152 Expenditure on- Other 47.825 47,825 Total 47,825 47,825 Net income 58,327 58,327 Net income before other gainslllossesl Other gains and losse5: Net movement in funds 58,327 58,327 58,327 58,327 Reconciliation otfunds: Total funds brought forward Total funds carried fonvard 6,783 6,783 58.327 6,783 65,110 3 Incorne from donations and legafies Unrestricted Total Total 2021 20ZO 157.794 157.794 106,152 106,152 157,794 157,794 4 Expendiiure on charitable activities Unrestricted Totsl Total 2021 2020 Expenditure on charitoble actAVities Grants made 56,502 56,502 43,117 56,502 56.502 43,117 Page 10 Aspiring Solicitors Foundation Notes to the Actounts 6 Other expenditure Unrestrirted Total Total 2021 2020 Dirert Expense5 17.620 17,620 General administrative costs 46,208 46,208 3,600 1,108 4,708 Legal and professional costs 1.368 1.368 65.196 65,196 7 Trustee remuneration and expenses 2021 2020 Number Number Number of trustees paid expenses 8 stsff costs Pension costs No employee received emoluments in excess of £60,1m. Total employee benefits received by key management personnel The average monthly number of full time equivalent employees durin8 the year was as follows-. 2021 2020 Number Number 9 Qedltors: amounts falling due within one year 2021 2020 Other creditors 1,068 1,068 1.068 Page 11 bispirin8 Solicitors Foundation Notes to the Attounts 10 Movement in funds Incorning At4 {In¢luding other At 5 August Ba111511055es 2020 Resour expended August 2021 Restricted funds: Restricted income funds: Total Unrestrirted funds: General funds 59.110 157,794 1121,6981 95,206 Revaluation Reserves: Trtal funds 11 Analysis of net assets between funds 65,110 157,794 1121,6981 101,206 Unrestricted tunds Total Net current assets 101.206 101,206 101,206 101,206 12 Reconciliation of net debt At4 At 5 August 20ZO Cash flows August 2021 Cash and cash equiyalents 66.178 66.178 36.096 36,096 102,274 102,274 Net debt 66,178 36.096 102,274 Page 12 Aspiring Soliiitors Foundation Detailed Statement of finantial Activitles for the year ended 4 August ZOZI Unrestricted funds Total funds Total funds 2021 2021 2020 Income and end¢)wments from: Donations and legacies 157.794 157.794 157.794 157.794 106,152 106.152 Total income and endowments 157.794 157,794 106,152 Expenditure on: Charttable activities Grants made 56,502 56,502 56.502 56,502 43,117 43.117 Total of expenditure on charitable activities 56502 56,502 43,117 Other expendtture 17,620 17,620 17.620 17,620 General administrative costs, including depreciation and amortisation Equipment expensed Software. IT support and related costs 2.443 1.137 1,137 992 Stationery aftd printing Subscriptions Sundry expenses Telephone, fax and broadband 41 41 145 45,030 45,030 20 46,208 46.208 Legal and professional costs Accountancy and bookkeeping Other legal and professional costs 1,068 1,068 31XJ 3(Kl 40 1.368 1,368 1.108 Total of expenditure of other costs Total expenditure 65,196 65.196 4,708 121,698 121.698 47,825 Net gains on investments 36,096 36,096 58.327 Net income Net income before other gainslllosses) Other Gains 36.096 36.096 58.327 Page 13 Aspiring Solicitors Foundation Detailed Statement of Hnanaal Acti¥itie5 Net rnovement in funds 36.096 36,096 58,327 ReC(￿clI1at10n of fvnds: Total ftjnds brought forward 59.110 65,110 6,783 Total funds carrsed f(Yward 95,206 101,206 65,110 Page 14 Trustees Report for the period 5 August 2020 to 4 August 2021 Objective Removing financial barriers to the legal profession for aspiring solicitors. Strategy Raise funds from law lirms. in-house legal departments, companies, fi'nancial services fims, and individuals to help provide grants that deliver meaningful assislance with langible benefits to eligible. socially mobile. aspiring solicrtors identtfied Ihrough a f8ir and objective application process. Overview The Aspiring Solicilots Foundation {AS Foundation) was established as a Charitable Incorporated Organigation (CIO) on 16 April 2018_ A period of research. plafform development and benefactor engagement enabled a successful live launch on 29 January 2020. This Anllual Report is the f1rsl lo cover a fu51 financial year of the AS Foundation 5 August 2020 10 4 August 2021. The AS Foundation has a registered Charily Number of 1177969 and is governed by the Charity Commission CIO Associalion Model Constitution. The object of the AS Foundation. during Ihe period. is the relief ol financial hardship facing undergraduate. graduate. and postgraduate students (part time I full limel, from the United Kingdom, lo help them lo pursue a career as a solicitor In England and Wales. In particular, but not exclusively by making granls by way of= the provision of items (either outright or a loanl to facilitate, or connected with. education andlor vocational training including but not limited lo books. laptops. chairs, printers. or other expenses connected with vocational training, travelling expenses lo help lund training. An Independenl Examiner has inspected Ihe AS Foundation s accounts. The Trustees have a reasonable expectation that the AS Foundation has adequate resources to continue in operational existence for Ihe foreseeable future. For Ihis reason, they continue lo adopt the 'going concem, basis in preparing the financial slatemenls. The AS Foundalion has a poI￿Y to provide sufficient reserves lo finance its liabilities and staltjtory employment requirements. Charitable Activities The AS Foundation has continued lo develop with more Iruslees. benelaclors, and applicants. Th15 has slrenglhened Ihe trustee board. increased the value ol donations, and provided a stronger flow of applications. While our financi81 position is healthy. we note Ihe increased number of applications has slretched our operalional servI￿s. Therefore. we plan lo invest in developing these in the following reporting period_ During this reporting period we feceived an Increa￿ of 149°/o on donations (Augusi 2020-21 v August 2019-20) wilh ten more benefactors, globaVnationa5 law fimis and corporates. We experienced a 3700kn increase in applications over the last reporting period (August 2020-21 v August 2019-20) which we consider lafgely to be due lo our continuing engagement with universities. We are pleased these applications recorded the following profile of applicants". 90VD attended a slate school Inon-selective) secondary school 810/0 are the first geneTalion of their family lo attend University 63°/0 were eligible lo reeeive free school meals aged 11-16 due lo financi81 limit81ions 54Q/o arelwere in paid eTnploymenl during their undergraduate degree for 10+ hours per week The AS Foundation continues to provide support direclly to individuals who aspire lo be solicitors in England and Wales. We are a unique charity for the legal profession.. as far as we are aware, no other charity performs Ihe same funclion of granting items that are needed to aspiring solicilors, and we work in a complementary way with other charities or enterprises that have been in existence for several years. Funding and Support We have two main income streams" Donations from law fims. corporate legal teams, and other business organisations, which might be cash donations or donalions in kind (for exaTnplÈ surplus IT equipment). Donations from individuals_ We were successful with our granl application from the Law Sociely and funds will be provided to us in 2022. We will continue lo explore other oprx)rtunities for granl funding_ Boards and Staffing Our board consists of six trustees who are 211 from Ihe legal Profession. We are always looking to strengthen and diversify the board membership. A fundraising board wilh Ihree volunteers was established during this reporting period to secure new benefactors. We have one part-time independent contractor uvering two days each week and another part-lime independent conlraclor covering one day each week. Future Trustees have identified the following actions.. Strengthen the trustee board and governance framework. Develop existing and new funding streams wth multi-year commitments_ Sirengthen pipelines that attracl new applicants_ Develo? the use of iechnology for all operational activities. Develop purchasing arrangements for all grant types. The Trustees present theiv report along with Ihe financial statement5 of the AS Foundation for the financial year ended 4 August 2021. The financial slatements have been prepared in accordance with the accounting policies sel out on pages 8 and 9 and comply with the AS Foundation's conslilulion and applicable law. This report was approved by the Trustee Board on 26 April 2022.