Charity number: 1188257
The Charles Russell Speechlys Foundation
Report and financial statements For the period ended 30 April 2021
The Charles Russell Speechlys Foundation
Contents
For the period ended 30 April 2021
Reference and administrative information ...................................................................................... 1 Trustees’ annual report .................................................................................................................. 2 Independent auditor’s report ......................................................................................................... 6 Statement of financial activities (incorporating an income and expenditure account) ................... 10 Balance sheet ............................................................................................................................... 11 Notes to the financial statements ................................................................................................. 12
The Charles Russell Speechlys Foundation
Reference and administrative information
For the period ended 30 April 2021
| Charity number | 1188257 | |
|---|---|---|
| Country of registration England & Wales |
||
| Registered office | 5 Fleet Place | |
| and operational | London | |
| address | EC4M 7RD | |
| Trustees | Trustees who served during | the period and up to the date of this report |
| were as follows: | ||
| Larissa Joy | Appointed 28 February 2020 | |
| Elaine Driscoll | Appointed 28 February 2020 | |
| Rupa Lakha | Appointed 28 February 2020 | |
| Katy Crothall | Appointed 28 February 2020 | |
| Christopher Page | Appointed 28 February 2020 | |
| Bartholomew Peerless | Appointed 1 May 2021 | |
| Andrew Cameron | Appointed 28 February 2020 | |
| Rose Carey | Appointed 28 February 2020 | |
| Bankers | CAF Bank | |
| 25 Kings Hill Avenue | ||
| Kings Hill | ||
| West Malling | ||
| ME19 4TA | ||
| Auditor | Sayer Vincent LLP | |
| Chartered Accountants and | Statutory Auditor | |
| Invicta House | ||
| 108-114 Golden Lane | ||
| LONDON | ||
| EC1Y 0TL |
1
The Charles Russell Speechlys Foundation
Trustees’ annual report
For the period ended 30 April 2021
The trustees present their report and the audited financial statements for the period ended 30 April 2021.
Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the charity's trust deed and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.
Objectives and activities
Purposes and aims
The objects of the Charity are the advancement of such charitable objects under the law of England and Wales as the trustees see fit. The Charity has furthered its charitable objects during the period by making grants to a number of other registered charities in accordance with its grant-making policy. To provide focus and a strategic approach to achieving its charitable objects, the trustees have broken down the Charity’s grant-making activity into three tiers:
Tier 1: The trustees will identify charities to be supported over a period of years where financial support and other resources, including the engagement of partners and staff of Charles Russell Speechlys LLP, will effect positive change. The charitable objects that are to be furthered under this tier can be grouped under the general heading of Justice. In particular, the trustees seek to further: promoting the sound administration of justice; improving educational opportunities for the disadvantaged; promoting human rights; promoting social inclusion.
Tier 2: This tier will focus on similar objects to Tier 1, with Justice again as a guiding principle. It will comprise a number of projects (largely dependent on available funding) which are significant in their own right, but also selected for the potential to grow into a Tier 1 project over time.
Tier 3: This tier will involve smaller scale grant giving to support a range of charitable organisations (exclusively UK registered charities) requiring financial support across the width of community need. To facilitate the making of Tier 3 grants, the Charity has made grants to the Gloucestershire Community Foundation and the Community Foundation for Surrey. These Community Foundations liaise with committees established by the trustees in relation to local charities to be supported from funds granted by the Charity to the Community Foundation in question. These committees are made up of individuals who are partners or employees in the Cheltenham office or the Guildford office of Charles Russell Speechlys LLP, as the case may be.
During this first financial year, the Charity has made grants to charities in Tier 2 and Tier 3. In Tier 2, the Trustees have placed a particular emphasis on charities working with those most disadvantaged by the Covid-19 pandemic. The Charity has also been working with a number of charities in Tier 2 in order to develop the characteristics of a charity to be selected as a Tier 1 charity in due course.
2
The Charles Russell Speechlys Foundation
Trustees’ annual report
For the period ended 30 April 2021
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.
Achievements and performance
The Trustees made grants totalling £244,250 during the period in furtherance of the Charity’s charitable objects. Details are set out in 4 to the accounts.
During the financial year, its first year of operation, the Charity has established Tier 2 relationships with Khulisa, SafeLives, Z2K and Home-Start UK. In each case two Trustees have paired with each other to lead the relationship with the grantee charities and to identify how grants are being spent and opportunities for further cash and in-kind support, principally from the staff and partners of Charles Russell Speechlys LLP.
The Charity has also established relationships with the Gloucestershire Community Foundation and the Community Foundation for Surrey and a structure for Tier 3 funding as described above.
Financial review
The Charity held unrestricted funds of £92,477at the end of the financial period.
The primary funding source for the Charity is donations from a Charles Russell Speechlys LLP company. The Charity also receives funds from fundraising undertaken by staff of Charles Russell Speechlys LLP. The trustees are considering the development of other funding sources for the future.
Principal risks and uncertainties
The trustees keep under review the major operational and strategic risks the Charity faces and are satisfied that systems have been established to minimise the possible effects of such risks on the Charity.
Reserves policy and going concern
The trustees intend to keep sufficient liquid funds in reserve to enable the Charity to meet its ongoing grant commitments and to respond quickly to any applications for grants that they consider it to be appropriate to support, as well as to meet ongoing expenses connected with the administration of the Charity. Because no commitments are entered into which are not fully covered by known incoming resources the trustees do not target a particular level of reserve.
3
The Charles Russell Speechlys Foundation
Trustees’ annual report
For the period ended 30 April 2021
Plans for the future
The Charity intends to continue to make grants to Tier 2 and Tier 3 charities in furtherance of its charitable purposes, as explained above. The Charity will continue to develop criteria for selecting future Tier 1 charities.
Structure, governance and management
The Charity is a charitable incorporated organisation (CIO) registered as a charity on 28 February 2020 in England and Wales.
The Charity is governed by a Constitution dated 28 February 2020.
The Constitution provides that there shall be (a) not less than two and not more than five trustees appointed by the trustees and (b) not less than two and not more than five trustees nominated by Charles Russell Speechlys LLP. one of whom shall be the senior partner for the time being of Charles Russell Speechlys LLP.
When a new trustee is appointed, he or she is provided with a copy of the key documents and an introduction to the work of the Charity. He or she is provided with the information he or she needs to fulfil his or her role as a trustee.
Apart from the first trustees, whose terms of office are set out in the Constitution, trustees are appointed for a term of three years. The only exception is the senior partner of Charles Russell Speechlys LLP, who will hold office as a trustee until he or she ceases to be senior partner.
The trustees are responsible for the overall management of the Charity, holding trustees’ meetings on at least a quarterly basis. The Charity’s Constitution allows the trustees to meet and conduct meetings virtually, which the trustees have done this year in line with Government restrictions and recommendations.
All trustees give their time voluntarily and receive no benefits from the Charity.
Statement of responsibilities of the trustees
Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:
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Select suitable accounting policies and then apply them consistently
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Observe the methods and principles in the Charities SORP
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Make judgements and estimates that are reasonable and prudent
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The Charles Russell Speechlys Foundation
Trustees’ annual report
For the period ended 30 April 2021
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State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Auditor
Sayer Vincent LLP was appointed as the Charity's auditor on 7 October 2021 and has expressed its willingness to continue in that capacity.
The trustees’ annual report has been approved by the trustees on 9 February 2022 and signed on their behalf by
Christopher Page Chairman
5
Independent auditor’s report
To the members of
The Charles Russell Speechlys Foundation
Opinion
We have audited the financial statements of The Charles Russell Speechlys Foundation (the ‘charity’) for the period ended 30 April 2021 which comprise the statement of financial activities, balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
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Give a true and fair view of the state of the charity’s affairs as at 30 April 2021 and of its incoming resources and application of resources, for the period then ended
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Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice
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Have been prepared in accordance with the requirements of the Charities Act 2011
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on The Charles Russell Speechlys Foundation's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
6
Independent auditor’s report
To the members of
The Charles Russell Speechlys Foundation
Other Information
The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
-
The information given in the trustees’ annual report is inconsistent in any material respect with the financial statements;
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Sufficient accounting records have not been kept; or
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The financial statements are not in agreement with the accounting records and returns; or
-
We have not received all the information and explanations we require for our audit
Responsibilities of trustees
As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
7
Independent auditor’s report
To the members of
The Charles Russell Speechlys Foundation
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.
Capability of the audit in detecting irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
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We enquired of management and the board of trustees, which included obtaining and reviewing supporting documentation, concerning the charity’s policies and procedures relating to:
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Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
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Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;
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The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
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We inspected the minutes of meetings of those charged with governance.
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We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience.
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We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.
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We reviewed any reports made to regulators.
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We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.
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We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
8
Independent auditor’s report
To the members of
The Charles Russell Speechlys Foundation
- In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charity's trustees as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
21 February 2022
Sayer Vincent LLP, Statutory Auditor
Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL
Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006
The Charles Russell Speechlys Foundation
Statement of financial activities (incorporating an income and expenditure account)
For the year ended 30 April 2021
| Note Income from: 2 3 Reconciliation of funds: Donations and legacies Expenditure on: Total funds carried forward Total expenditure Charitable activities Total income Net movement in funds Total funds brought forward |
2021 Total £ 343,714 |
|---|---|
| 343,714 | |
| 251,237 | |
| 251,237 | |
| 92,477 - |
|
| 92,477 |
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above.
All income and expenditure is unrestricted.
10
The Charles Russell Speechlys Foundation
Charity No 1188257
Balance sheet
As at 30 April 2021
| Note Current assets: Liabilities: 8 Total unrestricted funds The funds of the charity: General funds Cash at bank and in hand Net current assets Total net assets Unrestricted income funds: Creditors: amounts falling due within one year Total charity funds |
£ 99,377 |
2021 £ 92,477 |
|---|---|---|
| 99,377 (6,900) |
||
| 92,477 | ||
| 92,477 | ||
| 92,477 | ||
| 92,477 |
Approved by the trustees on 9 February 2022 and signed on their behalf by
Christopher Page Trustee
Andrew Cameron Trustee
11
The Charles Russell Speechlys Foundation
Notes to the financial statements
For the year ended 30 April 2021
1 Accounting policies
a) Statutory information
The Charles Russell Speechlys Charitable Foundation is a Charitable Incorporated Organisation registered with the Charity Commission for England and Wales.
The registered office address is 5 Fleet Place, London, EC4M 7RD.
b) 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) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.
In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.
c) Public benefit entity
The charity meets the definition of a public benefit entity under FRS 102.
d) Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
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The Charles Russell Speechlys Foundation
Notes to the financial statements
For the year ended 30 April 2021
- 1 Accounting policies (continued)
e) Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.
- f) Donations of gifts, services and facilities Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.
On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
- g) Fund accounting
Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.
Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular purposes.
h) Expenditure and irrecoverable VAT
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
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w Expenditure on charitable activities includes the costs of delivering services undertaken to further the purposes of the charity and their associated support costs
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w Other expenditure represents those items not falling into any other heading
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
13
The Charles Russell Speechlys Foundation
Notes to the financial statements
For the year ended 30 April 2021
-
1 Accounting policies (continued)
-
i) Grants payable
Grants payable are made to third parties in furtherance of the charity's objects. Single or multiyear grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
- j) Allocation of support costs
Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity.
Governance costs are the costs associated with the governance arrangements of the charity These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.
- k) Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
- l) Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
- m) Creditors and provisions
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.
n) Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
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The Charles Russell Speechlys Foundation
Notes to the financial statements
For the year ended 30 April 2021
- 2 Income from donations and legacies
| Income from donations and legacies | |
|---|---|
| Gifts | 2021 Total £ 343,714 |
| 343,714 |
All income from donations and legacies is unrestricted.
3 Analysis of expenditure (current year)
| Grant making (note 4) Audit fees Operating Expenditure Support costs Governance costs Total expenditure 2021 |
Charitable Activities £ 244,250 - - |
Governance costs £ 6,900 - |
Support costs 2021 Total £ £ 244,250 - 6,900 87 87 87 251,237 (87) - - - - 251,237 |
|---|---|---|---|
| 244,250 87 6,900 |
6,900 - (6,900) |
||
| 251,237 | - |
The audit fees are due within 1 year and excludes VAT
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The Charles Russell Speechlys Foundation
Notes to the financial statements
For the year ended 30 April 2021
- 4 Grant making (current year)
| Grant making (current year) | |
|---|---|
| Social Business Trust Home Start UK Emmaus UK Khulisa SafeLives Z2k Gloucestershire Community Surrey Community Fund Bethnal Green LAC Z2k Disability Appeals Refugee Legal Support Social Mobility Business Partnership Solicitors Benevolent Fund London Legal Support Trust Blackfriars Settlement PAG The Churn Grants to Institutions Total |
2021 £ 50,000 25,500 25,000 25,000 25,000 25,000 15,000 15,000 10,000 6,000 5,500 5,000 5,000 4,000 2,750 500 |
| 244,250 |
- 5 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel
There are no employees of the Foundation.
The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £nil.
The charity trustees were neither paid nor received any other benefits from employment with the charity in the year. No charity trustee received payment for professional or other services supplied to the charity.
Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £nil.
- 6 Related party transactions
During the year, a grant of £50,000 was paid to Social Business Trust. Larissa Joy, a trustee of the Foundation, is also a trustee of Social Business Trust. She took no part in the decision to award these funds.
Aggregate donations from related parties were £nil
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The Charles Russell Speechlys Foundation
Notes to the financial statements
For the year ended 30 April 2021
7 Taxation
The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
- 8 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | |
|---|---|
| Other creditors | 2021 £ 6,900 |
| 6,900 |
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