REGISTERED CHARITY NUMBER: 1195126
THE STEPHENSON HARWOOD CHARITABLE FOUNDATION (CHARITABLE INCORPORATED ORGANISATION)
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024
Hopper Williams & Bell Limited Chartered Accountants Highland House Mayflower Close Chandler's Ford Eastleigh Hampshire SO53 4AR
THE STEPHENSON HARWOOD CHARITABLE FOUNDATION CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024
----- Start of picture text -----
Page
Report of the Trustees 1 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Financial Statements 7 to 11
Detailed Statement of Financial Activities 12
----- End of picture text -----
THE STEPHENSON HARWOOD CHARITABLE FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2024
The trustees present their report with the financial statements of the charity for the year ended 30 April 2024. The trustees have adopted the provisions of 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 2019).
OBJECTIVES AND ACTIVITIES
The organisation's objects are as follows:
a) To promote equality and diversity within the legal profession by advancing the opportunities for the study of the law at undergraduate level at any university, college or institute of higher or further education. The charity trustees will employ suitable methods, as determined by them, to achieve this goal. These methods may include but are not limited to offering grants, scholarships or maintenance allowances to individuals facing challenges due to age, illness, hardship, disability, financial difficulties, or other disadvantages.
b) To prevent or relieve poverty by promoting education to undergraduate level and by supporting existing charities and initiatives working to encourage social mobility and equality of opportunity within the legal profession, including but not limited to the provision of grants to such other charities and initiatives; and
c) The Board may, at its absolute discretion, consider other charitable purposes as appropriate from time to time.
The charity provides grants to individuals who would otherwise be unable to afford to undertake higher or further education to an undergraduate degree level. The charity will also promote undergraduate education in general to secondary school pupils in conjunction with existing charities. The charity's aim is to encourage more young people to consider an undergraduate degree as a viable option and to provide the financial support for young people who would otherwise dismiss an undergraduate degree in law to be able to undertake a course of undergraduate study with a view to pursuing a career in law.
Page 1
THE STEPHENSON HARWOOD CHARITABLE FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2024
ACHIEVEMENT AND PERFORMANCE
Since the charity has been established, it has provided grants to 19 scholars (three in 2021, six in 2022, five in 2023, and five in 2024). Each grant provides £15,000 per year to scholars in order to pay for fees and other living expenses for three years of university. The grant is specifically targeted towards students from lower socioeconomic backgrounds, therefore the impact of the funding on the recipients is substantial. A significant number of the recipients would have faced financial constraints in pursuing higher education if they had not been awarded the grants. They might have been compelled to interrupt their studies and seek employment to cover the costs of tuition and university supplies. However, thanks to the grants, the beneficiaries have been able to fully focus on their academic pursuits and embrace the enriching experiences that university life offers. Moreover, the grants have facilitated the acquisition of practical skills and the establishment of professional connections for the beneficiaries. In a broader context, these grants contribute to enhancing accessibility to the legal profession, thereby promoting diversity within it.
Public benefit
The Trustees believe that the legal profession can be most effective when it reflects the diversity of the people it serves. They believe that justice is an equal human right and that those skilled to advise on the law and administer it should represent the multitude of different experiences and backgrounds found throughout England and Wales.
In setting our objectives and planning our activities the Trustees have carefully considered the Charity Commission's general guidance on public benefit.
The Trustees believe that:
-
encouraging diversity and equality in the legal profession encourages a fairer society.
-
the public as a whole, benefits when its professions are comprised of talented individuals from all social backgrounds. In particular, as the legal profession comes to represent diversity of experience and background more accurately, they anticipate that more people who have felt marginalised by the law will feel able to access legal professionals.
-
all talented young people should have the opportunity to study and obtain an undergraduate degree and that a disadvantaged start in life should be no barrier to future success. They anticipate that there will be wider social benefits of talented young people from disadvantaged backgrounds being encouraged to study to fulfil their potential.
-
higher or further education will start to become the norm for students from lower socioeconomic backgrounds, so that all young people will feel that they have an equal right to study law, regardless of their circumstances.
-
widening access to the law will result in a legal profession that better represents everyone.
FINANCIAL REVIEW
During the year, the charity recorded income of £258,750 (2023: £225,000) in respect of donations from Stephenson Harwood LLP. Expenditure totalled £228,176 (2023: £227,930), which was comprised of scholarship grants of £225,000 (2023: £225,000) and support costs of £3,176 (2023: £2,930).
Reserves policy
The charity has no operating running costs as the administration support, selection process and implementation are actioned by Stephenson Harwood LLP. Donations to the charity comprise funds gifted by the deed of gift and allocations of grants are always equal to the amount of money received. The LLP also commits to paying for additional running costs of the charity, such as insurance. Therefore, the charity does not need reserves.
Funds in deficit
At 30 April 2023, unrestricted general funds totalled a deficit of £3,390. This deficit was returned to a surplus of £27,184 during the current accounting period through further donations from Stephenson Harwood LLP.
Page 2
THE STEPHENSON HARWOOD CHARITABLE FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2024
FUTURE PLANS
The charity will continue on the same basis. There are no plans for material changes to the objectives or activities of the charity or the scale of its work.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity is a charitable incorporated organisation, governed by a constitution, and registered on 9 July 2021, with the charity having legal responsibility, rather than the trustees.
Vacancies arising on the retirement of Charity Trustees by rotation may be filled by a decision on the Voting Members present in person or by proxy at the annual general meeting.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1195126
Principal address
Stephenson Harwood LLP 1 Finsbury Circus London EC2M 7SH
Trustees
G A Awosika (resigned 18.11.23) L M Childerley D S Hagen N Leach (appointed 4.10.23) D E J McDonald R J Newman M A Russell
Independent Examiner
Hopper Williams & Bell Limited Chartered Accountants Highland House Mayflower Close Chandler's Ford Eastleigh Hampshire SO53 4AR
Approved by order of the board of trustees on 5 September 2024 and signed on its behalf by:
Lisa Childerley
........................................................................ L M Childerley - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE STEPHENSON HARWOOD CHARITABLE FOUNDATION
Independent examiner's report to the trustees of The Stephenson Harwood Charitable Foundation
I report to the charity trustees on my examination of the accounts of The Stephenson Harwood Charitable Foundation (the Trust) for the year ended 30 April 2024.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Michaela Johns FCCA
Hopper Williams & Bell Limited Chartered Accountants Highland House Mayflower Close Chandler's Ford Eastleigh Hampshire SO53 4AR
12 Sep 2024 Date: .............................................
Page 4
THE STEPHENSON HARWOOD CHARITABLE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2024
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 33,750 EXPENDITURE ON Charitable activities Scholarships - Other 3,176 Total 3,176 NET INCOME/(EXPENDITURE) 30,574 RECONCILIATION OF FUNDS Total funds brought forward (3,390) TOTAL FUNDS CARRIED FORWARD 27,184 |
Restricted fund £ 225,000 225,000 - 225,000 - - - |
2024 Total funds £ 258,750 225,000 3,176 228,176 30,574 (3,390) 27,184 |
2023 Total funds £ 225,000 225,000 2,930 227,930 (2,930) (460) (3,390) |
|---|---|---|---|
The notes form part of these financial statements
Page 5
THE STEPHENSON HARWOOD CHARITABLE FOUNDATION BALANCE SHEET 30 APRIL 2024
| Unrestricted fund Notes £ CURRENT ASSETS Debtors 7 - Cash at bank 30,059 30,059 CREDITORS Amounts falling due within one year 8 (2,875) NET CURRENT ASSETS/(LIABILITIES) 27,184 TOTAL ASSETS LESS CURRENT LIABILITIES 27,184 NET ASSETS/(LIABILITIES) 27,184 FUNDS 9 Unrestricted funds TOTAL FUNDS |
Restricted fund £ 465,000 135,000 600,000 (600,000) - - - |
2024 Total funds £ 465,000 165,059 630,059 (602,875) 27,184 27,184 27,184 27,184 27,184 |
2023 Total funds £ 585,000 1,940 586,940 (590,330) (3,390) (3,390) (3,390) (3,390) (3,390) |
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 5 September 2024 and were signed on its behalf by:
Lisa Childerley ............................................. L M Childerley - Trustee
The notes form part of these financial statements
Page 6
THE STEPHENSON HARWOOD CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Donations from Stephenson Harwood LLP in respect of scholarship payments are recognised at the point when the scholarship is awarded. Donations are receivable in three annual instalments per scholar.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Scholarship payments are recognised in full at the point when the scholarship is awarded, and are payable in three annual instalments.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
Page 7
THE STEPHENSON HARWOOD CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2024
2. GRANTS PAYABLE
| Scholarships | 2024 £ 225,000 |
2023 £ 225,000 |
|---|---|---|
All scholarship grants are paid to individuals.
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 April 2024 nor for the year ended 30 April 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 April 2024 nor for the year ended 30 April 2023.
4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies - EXPENDITURE ON Charitable activities Scholarships - Other 2,930 Total 2,930 NET INCOME/(EXPENDITURE) (2,930) RECONCILIATION OF FUNDS Total funds brought forward (460) TOTAL FUNDS CARRIED FORWARD (3,390) |
Restricted fund £ 225,000 225,000 - 225,000 - - - |
Total funds £ 225,000 225,000 2,930 227,930 (2,930) (460) (3,390) |
|---|---|---|
continued...
Page 8
THE STEPHENSON HARWOOD CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2024
5. STAFF COSTS
The charity had no employees during the period.
6. INDEPENDENT EXAMINATION FEES
The fee paid to the independent examiner for the examination of the accounts was £2,875 (2023: £2,750), inclusive of VAT.
7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Prepayments and accrued income 8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 9. MOVEMENT IN FUNDS At 1.5.23 £ Unrestricted funds General fund (3,390) TOTAL FUNDS (3,390) Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 33,750 Restricted funds Restricted funds 225,000 TOTAL FUNDS 258,750 |
2024 2023 £ £ 465,000 585,000 2024 2023 £ £ 602,875 590,330 Net movement At in funds 30.4.24 £ £ 30,574 27,184 30,574 27,184 Resources Movement expended in funds £ £ (3,176) 30,574 (225,000) - (228,176) 30,574 |
|---|---|
continued...
Page 9
THE STEPHENSON HARWOOD CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2024
9. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | ||
|---|---|---|
| movement | At | |
| At 1.5.22 | in funds | 30.4.23 |
| £ | £ | £ |
| Unrestricted funds | ||
| General fund (460) |
(2,930) | (3,390) |
| TOTAL FUNDS (460) |
(2,930) | (3,390) |
| Comparative net movement in funds, included in the above are as follows: | ||
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds | ||
| General fund - |
(2,930) | (2,930) |
| Restricted funds | ||
| Restricted funds 225,000 |
(225,000) | - |
| TOTAL FUNDS 225,000 |
(227,930) | (2,930) |
| A current year 12 months and prior year 12 months combined position is as follows: |
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.5.22 | in funds | 30.4.24 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | (460) | 27,644 | 27,184 |
| TOTAL FUNDS | (460) | 27,644 | 27,184 |
continued...
Page 10
THE STEPHENSON HARWOOD CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2024
9. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Restricted funds TOTAL FUNDS |
Incoming resources £ 33,750 450,000 483,750 |
Resources Movement expended in funds £ £ (6,106) 27,644 (450,000) - (456,106) 27,644 |
|---|---|---|
Restricted funds represent donations from Stephenson Harwood LLP for the purpose of the award of scholarship grants.
10. RELATED PARTY DISCLOSURES
N Leach (trustee) was a member of Stephenson Harwood LLP during the year. During the year, the charity recognised income of £258,750 (2023: £225,000) from Stephenson Harwood LLP. As at 30 April 2024, £465,000 (2023: £585,000) was included within debtors in respect of donations receivable from Stephenson Harwood LLP under a deed of gift. £135,000 (2023: £135,000) was included within creditors in respect of donations which are due to be repaid to Stephenson Harwood LLP.
Page 11
THE STEPHENSON HARWOOD CHARITABLE FOUNDATION DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2024
| INCOME AND ENDOWMENTS Donations and legacies Donations Total incoming resources EXPENDITURE Charitable activities Grants to individuals Support costs Finance Bank charges Governance costs Accountancy and legal fees Total resources expended Net income/(expenditure) |
2024 £ 258,750 258,750 225,000 281 2,895 228,176 30,574 |
2023 £ 225,000 225,000 225,000 - 2,930 227,930 (2,930) |
|---|---|---|
This page does not form part of the statutory financial statements
Page 12