Trustee report for period 1 January 2024 – 31[st] December 2024
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 .
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We empower people to achieve their potential.
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We offer practical solutions.
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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 Legal Social Mobility Fund has a registered Charity Number of 1177969 and is governed by the Charity Commission CIO Association Model Constitution.
The object of the Legal Social Mobility Fund 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 Legal Social Mobility Fund accounts. The Trustees have a reasonable expectation that the Legal Social Mobility Fund 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 Legal Social Mobility Fund has a policy to provide sufficient reserves to finance its liabilities and statutory requirements.
Charitable Activities
The Legal Social Mobility Fund has continued to grow during the period. We refreshed our board of Trustees and hired additional contractors to help support the charity during the rebrand.
We received 210 applications in this reporting period, and have been able to provide 26 laptops, 10 textbook grants, 0 travel warrants, 19 grants for business clothing, 19 scholarships for SQE or LPC postgraduate courses, including other financial support to successful applicants. 3 individuals applied for a grant that fell outside the categories listed above.
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:
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88% attended a state school (non-selective) secondary school.
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88% are the first generation of their family to attend university.
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69% were eligible to receive free school meals aged 11-16 due to financial limitations.
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62% were in paid employment during holiday periods of their university degree to support themselves.
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25% are a full-time carer for a loved one.
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8% have been a refugee or asylum seeker.
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4% have spent time in local authority care.
We believe the Legal Social Mobility Fund 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:
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Donations from law firms, corporate legal teams, and other business organisations. The majority of these were unrestricted cash donations.
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Donations from individuals.
Board and Staffing
Our board of Trustees decreased from seven members to three. 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 reduced our paid staff to one following an internal review to channel resources more effectively.
Future
Trustees have identified the following actions:
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Develop existing and new funding streams with multi-year commitments.
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Continue to build relationships with universities, student unions, and charity partners.
The Trustees present this report along with the financial statements of the Legal Social Mobility Fund for the financial year ended 31 December 2023. 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.
This report was approved by the Trustee Board on 9 July 2025.
Legal Social Mobility Fund
Charity No. 1177969
Company No. CE013811
Trustees' Report and Unaudited Accounts
31 December 2024
Legal Social Mobility Fund Contents
| Pages | ||
|---|---|---|
| Trustees' Annual Report | 2 | |
| Independent Examiner's Report | 3 | |
| Statement of Financial Activities | 4 | |
| Summary Income and Expenditure Account | 5 | |
| Balance Sheet | 6 | |
| Statement of Cash flows | 7 | |
| Notes to the Accounts | 8 | |
| Detailed Statement of Financial Activities | 9 |
Page 1
Legal Social Mobility Fund Trustees Annual Report
The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 31 December 2024.
REFERENCE AND ADMINISTRATIVE DETAILS
Company No. CE013811
Charity No. 1177969
Registered Office
9 Park Lane Business Centre Park Lane Langham, Colchester Essex CO4 5WR
Directors and Trustees
The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year:
R. Lindberg U.J. Onwumelu C.C. White
Accountants
L J Rose Accounting Ltd 9 Park Lane Business Centre Park Lane Langham Essex CO4 5WR
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 the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).
Signed on behalf of the board
C.C. White Trustee 28 February 2025
Page 2
Legal Social Mobility Fund Independent Examiners Report
Independent Examiner's Report to the trustees of Legal Social Mobility Fund
I report to the charity trustees on my examination of the financial statements of Legal Social Mobility Fund for the year ended 31 December 2024.
Responsibilities and basis of report
As the charity's trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.
Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's financial statements as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in accordance with section 386 of the 2006 Act ; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the accounting requirements under section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination; or
-
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
L J Rose Accounting LTD FMAAT L J Rose Accounting Ltd 9 Park Lane Business Centre Park Lane Langham Essex CO4 5WR 28 February 2025
Page 3
Legal Social Mobility Fund Statement of Financial Activities
for the year ended 31 December 2024
| Notes Income and endowments from: Donations and legacies 4 Total Expenditure on: Charitable activities 5 Other 6 Total Net gains on investments Net (expenditure)/income Transfers between funds Net (expenditure)/income before other gains/(losses) Other gains and losses Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds 2024 £ 30,626 |
Total funds 2024 £ 30,626 |
Total funds 2023 £ 107,962 |
|---|---|---|---|
| 30,626 21,343 23,566 |
30,626 21,343 23,566 |
107,962 56,203 35,786 |
|
| 44,909 - |
44,909 - |
91,989 - |
|
| (14,283) - |
(14,283) - |
15,973 - |
|
| (14,283) | (14,283) | 15,973 | |
| (14,283) 169,246 |
(14,283) 169,246 |
15,973 153,273 |
|
| 154,963 | 154,963 | 169,246 |
Page 4
Legal Social Mobility Fund Summary Income and Expenditure Account for the year ended 31 December 2024
| Income Gross income for the year Expenditure Total expenditure for the year Net (expenditure)/income before tax for the year Net (expenditure )/income for the year |
2024 £ 30,626 30,626 44,909 44,909 (14,283) (14,283) |
2023 £ 107,962 |
|---|---|---|
| 107,962 | ||
| 91,989 | ||
| 91,989 | ||
| 15,973 | ||
| 15,973 |
Page 5
Legal Social Mobility Fund Balance Sheet
at 31 December 2024
| at 31 December 2024 | |
|---|---|
| Company No. CE013811 Notes 2024 £ Current assets Cash at bank and in hand 157,028 157,028 Creditors:Amount falling due within one year 8 (2,065) Net current assets 154,963 Total assets less current liabilities 154,963 Net assets excluding pension asset or liability 154,963 Total net assets 154,963 The funds of the charity Restricted funds 9 Unrestricted funds 9 General funds 154,963 154,963 Reserves 9 Total funds 154,963 |
2023 £ 170,554 |
| 170,554 (1,308) |
|
| 169,246 169,246 |
|
| 169,246 | |
| 169,246 | |
| 169,246 | |
| 169,246 | |
| 169,246 |
Approved by the board on 28 February 2025
And signed on its behalf by:
C.C. White Trustee 28 February 2025
Page 6
Legal Social Mobility Fund Statement of Cash flows for the year ended 31 December 2024
| Cash flows from operating activities Net (expenditure)/income per Statement of Financial Activities Adjustments for: Increase in trade and other payables Net cash (used in)/provided by operating activities Net cash from investing activities Net cash from financing activities Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Components of cash and cash equivalents Cash and bank balances |
2024 £ (14,283) 757 (13,526) - - (13,526) 170,554 157,028 157,028 157,028 |
2023 £ 15,973 240 |
|---|---|---|
| 16,213 | ||
| - | ||
| - | ||
| 16,213 | ||
| 154,341 | ||
| 170,554 | ||
| 170,554 | ||
| 170,554 |
Page 7
Legal Social Mobility Fund Notes to the Accounts
for the year ended 31 December 2024
- 1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Change in basis of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) 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 discretion of the trustees in furtherance of the general objects of the charity.
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Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
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Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
Income
-
Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income 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 expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies 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 gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit 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. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets
Page 8
Legal Social Mobility Fund Notes to the Accounts
Expenditure
-
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
-
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
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Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
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Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
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Other expenditure These are support costs not allocated to a particular activity.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly 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 liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the 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 charity has a present 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 normally recognised at their settlement amount after allowing for any trade discounts due.
2 Company status
The company is a private company limited by guarantee and consequently does not have share capital.
Page 9
Legal Social Mobility Fund Notes to the Accounts
3 Statement of Financial Activities - prior year
| 3 Statement of Financial Activities - prior year |
|||
|---|---|---|---|
| Income and endowments from: Donations and legacies Total Expenditure on: Charitable activities Other Total Net income Net income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 4 Income from donations and legacies 5 Expenditure on charitable activities Expenditure on charitable activities Grants made Governance costs |
Unrestricted £ 30,626 30,626 Unrestricted £ 21,343 21,343 |
Unrestricted funds 2023 £ 107,962 107,962 56,203 35,786 91,989 15,973 15,973 15,973 153,273 169,246 Total 2024 £ 30,626 30,626 Total 2024 £ 21,343 21,343 |
Total funds 2023 £ 107,962 |
| 107,962 56,203 35,786 |
|||
| 91,989 | |||
| 15,973 | |||
| 15,973 | |||
| 15,973 153,273 |
|||
| 169,246 | |||
| Total 2023 £ 107,962 |
|||
| 107,962 | |||
| Total 2023 £ 56,203 |
|||
| 56,203 |
Page 10
Legal Social Mobility Fund Notes to the Accounts
6 Other expenditure
| General administrative costs Legal and professional costs 7 Staff costs No employee received emoluments in excess 8 Creditors: amounts falling due within one year Other creditors 9 Movement in funds Restricted funds: Unrestricted funds: General funds Total funds 10 Analysis of net assets between funds Net current assets 11 Reconciliation of net debt Cash and cash equivalents Net debt |
of £60,000. At 1 January 2024 169,246 169,246 |
Unrestricted £ 22,295 1,271 23,566 2024 £ 2,065 2,065 Incoming resources (including other gains/losses ) £ 30,626 30,626 At 1 January 2024 £ |
Total 2024 £ 22,295 1,271 23,566 Resources expended £ (44,909) (44,909) Unrestricted funds £ 154,963 154,963 Cash flows £ |
Total 2023 £ 34,443 1,343 |
|---|---|---|---|---|
| 35,786 | ||||
| 2023 £ 1,308 |
||||
| 1,308 | ||||
| At 31 December 2024 £ 154,963 |
||||
| 154,963 | ||||
| Total £ 154,963 |
||||
| 154,963 | ||||
| At 31 December 2024 £ |
||||
| 170,554 | (13,526) | 157,028 | ||
| 170,554 170,554 |
(13,526) (13,526) |
157,028 | ||
| 157,028 |
Page 11
Legal Social Mobility Fund Detailed Statement of Financial Activities
for the year ended 31 December 2024
| Income and endowments from: Donations and legacies Total income and endowments Expenditure on: Charitable activities Grants made Total of expenditure on charitable activities General administrative costs, including depreciation and amortisation General insurances Software, IT support and related costs Sundry expenses Legal and professional costs Accountancy and bookkeeping Other legal and professional costs Total of expenditure of other costs Total expenditure Net gains on investments Net (expenditure)/income Net (expenditure)/income before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds 2024 £ 30,626 30,626 30,626 21,343 21,343 21,343 96 6,023 16,176 22,295 1,236 35 1,271 23,566 44,909 - (14,283) (14,283) - (14,283) 169,246 154,963 |
Total funds 2024 £ 30,626 30,626 30,626 21,343 21,343 21,343 96 6,023 16,176 22,295 1,236 35 1,271 23,566 44,909 - (14,283) (14,283) - (14,283) 169,246 154,963 |
Total funds 2023 £ 107,962 |
|---|---|---|---|
| 107,962 | |||
| 107,962 56,203 |
|||
| 56,203 | |||
| 56,203 244 1,349 32,850 |
|||
| 34,443 | |||
| 1,308 35 |
|||
| 1,343 | |||
| 35,786 | |||
| 91,989 - |
|||
| 15,973 | |||
| 15,973 - |
|||
| 15,973 | |||
| 153,273 | |||
| 169,246 |
Page 12
Legal Social Mobility Fund Detailed Statement of Financial Activities
Page 13
Legal Social Mobility Fund Independent Examiners Report
Independent Examiner's Report to the trustees of Legal Social Mobility Fund
I report to the charity trustees on my examination of the financial statements of Legal Social Mobility Fund for the year ended 31 December 2024.
Responsibilities and basis of report
As the charity's trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.
Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's financial statements as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in accordance with section 386 of the 2006 Act ; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the accounting requirements under section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination; or
-
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
L J Rose Accounting LTD FMAAT L J Rose Accounting Ltd 9 Park Lane Business Centre Park Lane Langham Essex CO4 5WR 28 February 2025
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