## **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** . - 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 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: - 88% attended a state school (non-selective) secondary school. - 88% 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. - 62% were in paid employment during holiday periods of their university degree to support themselves. - 25% are a full-time carer for a loved one. - 8% have been a refugee or asylum seeker. - 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: - Donations from law firms, corporate legal teams, and other business organisations. The majority of these were unrestricted cash donations. - 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: - Develop existing and new funding streams with multi-year commitments. - 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: - 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 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. - 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. - 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. - 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. - 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. - 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 Page 0