2022-12-31-accounts - Legal Social Mobility Fund

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

Trustee report for period 5th August 2021 – 31st December 2022

Objective

Removing financial barriers to the legal profession for aspiring solicitors.

Strategy

Raise funds from law firms, in-house legal departments, companies, financial services firms, and other donors to help provide grants that deliver meaningful assistance with tangible benefits to eligible, socially mobile, aspiring solicitors identified through a fair and objective application process.

Vision

Financial barriers will no longer impact aspiring solicitors seeking to enter the legal profession in the UK.

Values

We promote equality of opportunity .
We empower people to achieve their potential.
We offer practical solutions.
We are collaborative in our approach in the necessary change.

Overview

The Aspiring Solicitors Foundation (AS Foundation) was established as a Charitable Incorporated Organisation 16 April 2018. A period of research, platform development, and benefactor engagement enabled a successful live launch on 29 January 2020.

The AS Foundation has a registered Charity Number of 1177969 and is governed by the Charity Commission CIO Association Model Constitution.

The object of the AS Foundation is the relief of financial hardship facing undergraduate, graduate, and postgraduate students (part time / full time), from the United Kingdom, to help them to pursue a career as a solicitor in England, Scotland, Wales, and Northern Ireland, in particular but not exclusively by making grants by way of the provision of items (either outright or a loan) to facilitate, or connected with, education and/or vocational training including but not limited to books, laptops, chairs, printers, or other expenses connected with vocational training, travelling expenses to help fund training.

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the AS Foundation’s aims and objectives and in setting grant making policy for the period.

An 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 future. For this reason, they continue to adopt the ‘going concern’ basis in preparing the financial statements.

The AS Foundation has a policy to provide sufficient reserves to finance its liabilities and statutory requirements.

Charitable Activities

The AS Foundation has continued to grow during the period. We expanded our board of Trustees, saw an increase in the number of donations granted, and the number of applicants applying for support, and hired additional contractors to help support the resulting increase in operational services. We also increased and strengthened our partnerships with universities, and SQE providers. This meant we were able to provide a significant number of scholarships to aspiring solicitors via our partnership agreements with SQE and LPC providers.

We received 487 applications in this reporting period, and have been able to provide 92 laptops, 16 textbook grants, 5 travel warrants, 51 grants for business clothing, 41 scholarships for SQE or LPC postgraduate courses, including other financial support to successful applicants.

With our robust, anonymised scoring system, we are confident we are reaching those who need our support the most. Our successful applications record the following profile of applicants:

87% attended a state school (non-selective) secondary school.
90% are the first generation of their family to attend university.
69% were eligible to receive free school meals aged 11-16 due to financial limitations.
15% are a full-time carer for a loved one.
6% have been a refugee or asylum seeker.
5% have spent time in local authority care.
61% were in paid employment during holiday periods of their university degree to support themselves.

We believe the AS Foundation continues to be a unique charity for the UK legal profession, as far as we are aware, no other charity performs the same function of granting items that are needed to aspiring solicitors.

Funding and Support

For this financial period, we continued to rely on two key income streams:

Donations from law firms, corporate legal teams, and other business organisations. The majority of these were unrestricted cash donations.
Donations from individuals.

We continued to strengthen our relationship with the Law Society and were awarded a grant to utilise in 2022.

We are grateful for the significant fundraising provided by businesses and law firms, but with the current economic climate, we understand the need to widen our fundraising efforts in the hope our financial liquidity can match the growing demand for our grant-giving services. We therefore plan to invest in diversifying our income sources.

Board and Staffing

Our board of Trustees increased to seven members during the period with an appointment made in May 2022. Our Trustees have a variety of experiences in the legal sector and we continue to look to strengthen and diversify our board where needed.

During the period, we increased our paid staff to three, part-time contractors to help support with the growth and increased demand on the charity. An Operations Manager was hired in February 2022 to support the Director and Operations Administrator.

Future

Trustees have identified the following actions:

Develop existing and new funding streams with multi-year commitments.
Continue to build relationships with universities, student unions, and charity partners.
Trustee’s – please add anything here I may have missed

The Trustees present this report along with the financial statements of the AS Foundation for the financial year ended 31 December 2022. The financial statements have been prepared in accordance with the accounting policies set out on pages [-] and comply with the AS Foundation’s constitution and applicable law.

Trustees note that due to the expiry of trustee terms in post and also resignations from existing trustees that the charity will need to replace exiting trustees and add further resourcing options to facilitate continued growth and success.

This report was approved by the Trustee Board on [-] 2023.

I fl-123 Aspiring Solicitors FoundatK*n tharity No. 1177969 Trustees. Report and Unaudtted Accounts

Asplrlng 5olldtors Foundation Contsnts Pages Trustee5' Annual Report Independent Examiner's ReF)Ort Statement of Flnanclal ActSvStles Summary Income and Expenditure Account Balance Sheet Notes to the Accounts Detalled Statement of Hnanclal Actlvltles 15

AsplrlnB Soli¢itors FndatIofi TTUStees Annual Report The Trustees psent their report with the unaudited financial ststements of the Charity for the year ended 31st December 2022. REFERENCE AND AOMINISTrATIVE DETAILS Charfty No. 1177969 R¢8lstered Offlce 9 Park Lane Buslness Centre Park Lane Langham, Colchester Essex C04 5WR Trustees, The followln8 Trustees. service during the year: E. Cope S. GrSffln B. Howells J. Hutchens S. Samanl S. Sinclair T. Smith C. Whlte {Resl8ned 30 September 2021} Attountants LJ Rose Aceountlng Ltd 9 Park Lane Business Centre Park Lane Lan8ham Essex C04 5WR

Asplrlng Solkltors Foundatlon Trustees Annual Report The Trustees are responsible for keeping proper accounting records that disclose wlth reasonable accuracy at any tlme the financial p05itlon of the Charity and to enable them to ensu that they comply vAth the Charities Act 2011, the applicable Charities {Accounts and Reports) Regulations 2C#)8, and the provlsions of the Charity's constitutlon. The Trustees are also respon51ble for safeguarding the Assets of the Charity and hence takin8 reasonable stsps for the preventlon and detection of fraud and other irregularltles. Signed on behalf of the board C. Whlte Trustee 06 June 2023

Asplrln8 Sollcltors Foundatlon Independent Examlners Report Independent Examlner's Report to the trustees of Asplrfng Solkltors Foundatlon I report lo the Trustees on my examination of the accounts of Aspiring Sollcitors Foundatlon for the year ended 31st December 2022 which comprise the Statement of Financial Activities. the Summary Income and Expendlture Account, the Balance Sheet and related notes. Responslbllltles and basls of report As the Charity's Trustee you are responslble for the preparation of the accounts in accordan wlth the requlrements of the Charities Act 20111'the Art'l. The Trustees conslder that an audit is not requlred for this year under s.144121 of the Art and that an Independent examinatlon Ss needed. report In respect of my examlnatlon of the Charlty's accounts carrled out under section 145 of the Art and In carryln8 Out my examlnatlon I have followed all the applicable directions given by the Charlty Commission under section 14515llbl of the Act. Independent •Jtamlnerfs statement I have completed my examlnatlon. I can conflrm that no material matters have come to my attentlon Sn connectlon wlth the examlnatlon 8iving me cause to belleve that.. The accountln8 records were not kept In respect of the Charlty as requlred by sectlon 130 of the Art. The accounts do not accord wlth those records; or The accounts dld not comply wlth the appllcable qUIreMentS concernln8 the form and consent of accounts set out in the Charltles (Accounts and Reports) Regulatlons 2008 other then any requlrement that the accounts give a 'true and falr, vlew whlch Is not a matter consldered as part of an Independent examlnatlon. I have no concerns and have come across no other matters In connectlon wlth the examlnatlon to whlch attentlon should be drawn In thls report In order to enable a proper understandlng of the flnanclal ststements to be reached. Llsa Rose FMAAT LJ Rose Accounting Ltd 9 Park Lane Business Centre Park Lane Langham Essex C04 5WR 06 June 2023

Asplring 5ollcltors Foundatlon Statement of Flnanclal Actlvftles for the perlod ended 31 Decembèr 202Z Unrestrlcted funds Total funds Total funds 2022 2022 2021 Notes Income and endowfflents Donations and le8acies 209,478 209,478 157.794 Totsl 209,478 209.478 157,794 Expenditure on.. Grants payable General administrative 48,987 108,424 48.987 108.424 56,502 65,196 Totsl 157,411 157.411 121.698 Net gains on investments Net In¢ome 52,067 52,067 36.096 Transfers between funds Net Income before other galnsl(losses) 52,067 52.067 36,096 other gains and losses Net movement In funds 52,067 52.067 36,096 Reeoncillatlon of funds: Total funds brought forward 101,206 101.206 65.110 Totsl funds carrfed forward 153.273 153,273 101,206

Aspirfng Solicitor5 Foundation 5mmary Inc¢Nne and Expenditure %Unt forthe perfod ended 31 December 2022 2022 2021 Income 209,478 157,794 Gross Income for the perlod 209,478 157.794 Expendlture 157,411 121,698 Totsl expendlture for the perlod Net Income before tax for the perlod 157,411 121.698 52,067 36,096 Net Incorne for the perlod 52,067 36,096

Aspirlng Sollcltors Foundatlon Balance Sheet at 311)ecember 2022 Company No. CE013811 Notes 2022 2021 Current assets Cash at bank and in hand 154,341 154,341 11,0681 153,273 102,274 102,274 11,0681 101,206 101,206 101,206 Credltors: Amount falllng due wlthln one year Net current assets Totsl assets less current Ilabllltles 153.273 Net assets excludln8 penslon asset or Ilablllty 153,273 Totsl net assets 153.273 101,206 The funds of the charfty Restrlcted fund$ Unrestrfrted funds General funds io io 153.273 101,206 153,273 101,206 ReseMIs io Totsl funds 153,273 101,206 Approved by the board on 06 June 2023 And $18ned on Its behalf by: C. Whlte Trustee 06June 2023

Asplrlnz Sollcltors Foundatlon ststement of Cash flows for the perlod ended 31 De¢ember 2022 2022 2021 Cash flows from operatlng actlvltles Net Income per statement of Flnanclal Actlvltles 52.067 36,096 Net cash pro¥lded by operatlna actlvltl•s 52.067 36.096 Net ¢a$h from Inv¢stlng artlvltl¢s Net cash from flnan¢ln8 artl¥ltles N•t Incrnam In ush and cash •qulval•nts 52,067 36,096 Cash and cash equlvalents at the beglnnlng of thè ptrlod 102.274 66,178 Cash and ush •qulvalents at thè end of the perlod IS4,341 102,274 Components of cash and cash equl¥alents Cash and bank balances 154,341 102,274 154,341 102,274

Asplrlng Solicltors Foundatlon Notss to the Accounts for the perlod ended 31 December 2022 l Accountlng poll¢ies Basls of preparation The flnancial statements have been prepared in accordan with Accounting and Reportin8 by Charitles: Statement of Recommended Pfattice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective I January 20151- (Charitie5 SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Change in basis of actounting or to previous accounts There has been no change to the accounting policie5 {valuation rules and method of accountin81 since last year and no changes have been made to accounts for previous years. Fund a¢¢ountln8 Unrestrirted funds These are available for use at the discretion of the trustee5 in furtherance of the general objects of the charrty. These are unrestrlcted funds eamarked by the trustees for partlcular purposes. These are unrestrlcted funds which include a revaluatlon reserve representing the ststement of Investment assets at their market values. These are available for use subject to restrictions imposed by the donor or through terms of an appeal. tlesignated funds Revaluation funds Restricted funds Income Recognition of income Income is included in the Statement of Financial Activities (SOFA) when the charity becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability. Income with related Where income has related expendlture the income and related expenditure is expenditure reported gross In the SOF Donations and legacies Voluntsry income received by way of grants, donatlons and glfts Is Included in the the SOFA when receivable and only when the Charity has unconditional entitlement to the income. Tax reclaims on Income from tax reclaims is included in the SOFA at the same time as the donations and gifts gltvdonation to which it relate& Donated servlces These are only included in income Iwith an equlvalent amount in expenditure) and facilities where the benefrt to the Charity is reasonably quantifiable. 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. Gainslllossesl on Thls Includes any gain or loss resulting from revaluing investments to market value revaluatlon of fixed at the end of the year. assets Gainslllossesl on investment assets This includes any galn or loss on the sale of investments.

A%plrfng Sollcltors Foundatlon Nrtes to the Accounts Expendire Recognition of expenditure Expenditure 15 recognised on an accruals basis. Expenditure includes any VAT which cannot be fully recovered. and is reported as part of the expenditure to whlch it relates. Expenditure on These comprise the costs assoaated wlth attracting voluntary income. fundralslng ralslng funds tradlng costs and Investment management costs. Expendlture on These comprise the costs incurred by the CIHrity in t delivery of its artNities and charitable actlvities seprfices in the furtheran of its objects Includln8 the making of grants and governance costs. All grant expenditure 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 paSd. Other expendlture These are sUPPOrt costs not allocated to a particular actbwty. Grants payable Taxatlon The chadty Is exernpt from corporatlon tsx on Its charitsble aCtiviS. Cash and cash equlvalents Cash and cash equlvalents comprfse cash at bank and on hand, demand deposlts wlth banks and other short-temi hlghly Ilquld Investments with ori8lnal maturlties of three months or less and bank overdrnfts. In the ststement of financlal posltlon, bank overdrafts are shown wlthln borrowlngs or current Ilabllltles. In the Statement of Cash Flows, cash and cash equlvalents a shown net of bank overdrafts that are repayable on demand and form an Integral part of the companws cash mana8ement. Trade and other crndltors Short temi credltors are MeasUd at the transartlon prlce. Other credltors and provlslons are cognISed vthere the charlty has a present obllgation resultin8 from a past event that wlll probably result In the transfer ot funds to a thlrd party and the amount due to settle the obligation can be measured or estlmated rellabty. Credltors and provisions are normally recognlsed at thelr settlement amount after allowln8 for any trade dlscounts due.

Asplrfnz Sollcltors Foundatlon Notss to the kcounts 2 SLitement of Financial Activlties- prior year UnRstrirted funds Restricted fvnds Total funds 2021 2021 2021 Income and endowments from: Donations and legacies Totsl 157,794 157,794 157,794 157.794 Expendlture on: Charitable activities 56,502 63,828 120.330 56.502 63,828 Other Totsl 120.330 Net Income 37.464 37.464 Net Income before other zalnslllosses} Other 8alns and losses: Net movement In funds 37,464 37.464 37,464 37,464 Reconclliation of funds.. Total funds brought fonvard Total funds carrfed forward 59,110 96,574 6,000 65,110 102,574 3 Incom¢ from donation5 and legacles Unrestrlcted Total Total 2022 2021 209.478 209.478 209.478 209,478 157,794 157.794 4 Expendituro on charftable artlvitles Unrestricted Total Totsl 2022 Z021 Expenditure on choritoble octivities Grants made 48,987 48.987 56,502 Governance costs 48,987 48.987 56,502

Asplring Solicitors Foundation Notes to the Accounts 5 Anafysis of grants Grants to Indfvidu* 5pport Costs Athlty or progrnmme Total Totsl 2022 48.987 48.987 108.424 108,424 157,411 157.411 118.603 118,603 Support A¢Uvlty or prograrnme Totsl Totsl 2021 108.424 108,424 157.411 157.411 118,603 118,603 6 othor expendlture Unrestrfcted Totsl Totsl 2021 17,4C 17.4CI) 17.620 Motor and travel costs 55 55 General administrative costs 89.356 1.613 108,424 89.356 1.613 108.424 46,208 1.368 65.196 Legal and professional costs 7 Trustee remuneratlon and expenses 2022 Number 2021 Number Number of trustees paid expense5

Asplrfng Sollcltors Foundatlon Notes to the Amnts 8 Staff costs 2021 Penslon costs No employee received emoluments in excess of £60,(KXI. Total employee beneffts recefved by key management personnel The average monthly number of full tlme equpfilent employees during the year was as follows: 2022 Number 2021 Number 9 Credltors: amounts falllng due wlthin one year 2022 2021 Other uedltors 1,068 1,068 10 Movement In fvnds Incomln8 At31 Dec•mber 2022 (Includlfi8 expended At 5 plnsllosses 20 R•strkted funds: UnrestTlcted fvnds: G•noral funds 101,206 209,478 1157,4111 153.273 T•)tsl funds 11 Anatysls of net assets betlwen funds 101,206 209,478 1157,4111 153.273 Unrestrlct funds Total Net cUrnt assets 153,273 153,273 153,273 153.273

Asplring Sollcltors Foundation Note5 to the Accounts 12 Reconcili•tion of net debt At31 December 2022 At 5 August Cash and cash equivalents 102,274 102,274 52.067 52.067 154.341 154.341 Net debt 102,274 52.067 IS4.341

Aspirfng Solicltors Foundatlon Detslled Ststement of Flnandal kts¥its for the riod ended 311)ecember 2022 Unrestrlcted fvnds Total fvnds Totsl funds 2021 Income and endoTfftftts from: l)onations and legacies 209,478 209,478 209,478 209,478 157,794 157,794 Totsl in¢ome and endowments 209.478 209.478 157.794 Expendlture on: Charitable activities Grants made 48.987 48.987 48.987 48.987 56.502 56,502 Total of expendlture on chaTitsble artlvltles 48.987 48.987 56,502 Other expenditure 17,4(Kl 17,4(Kl 17.400 17.4CX) 17,620 17.620 Motor and travel costs Fares 55 55 55 55 General admlnistrative costs. including depCIation and amortisation Softwa, IT support and related costs Stationery and prlnting Sundry expenses 1.137 41 45.030 46,208 85.308 89.356 85,308 89,356 Legal and professional costs Accountancy and bookkeeping Other legal and professional costs 1.068 545 545 300 1.613 1,613 1.368 T¢rtal of exPendIre of other costs Total expenditure Net gains on investments 108.424 108,424 65.196 157.411 157.411 121.698 Net Income S2.17 52,067 36.096 Net Incorne before other galnslqlosses) Other Gains 52,067 52.067 36,096

plring Solldtors Foundatton Detslled Statsment of Flnandal ActIV Net movement In fvnds 52.1%7 52,067 36,096 Reconciliation of luftds: Total funds brought fonmard 101.206 101,206 65,110 Totsl fvnds carrled forward 153,273 153,273 101.206

I fl-123 Aspiring Solicitors FoundatK*n tharity No. 1177969 Trustees. Report and Unaudtted Accounts