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2023-09-30-accounts

CHARITY REGISTRATION NUMBER: 1195302

STRIVE ANNUAL REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

STRIVE

LEGAL AND ADMINSTRATIVE INFORMATION

Trustees Christopher George Hale
Ibrahim Mohammed (appointed 01/02/2024)
Mahesh Varia
Mohsin Patel
Sahkee Rani Ganatra
Charity Number 1195302
Registered office 24 Holborn Viaduct
Holborn Viaduct
City of London
London
EC1A 2BN
Independent examiner Rohit Maini
Apex Accountancy
Office Suite 134, Orega Serviced Offices
1st Floor, 4 Longwalk Road
Stockley Park
Uxbridge
UB11 1FE

STRIVE

CONTENTS

Page
Trustees report 1-3
Independent examiner's report 4
Statement of financial activities 5
Statement of financial position 6
Notes to the financial statements 7-11

STRIVE TRUSTEES REPORT

Trustees’ Annual Report for the year ending 30 September 2023 Charity name: STRIVE Charity registration number: 1195302

The trustees’ of STRIVE present their annual report and audited accounts for the year ending 30 September 2023 and confirm they comply with the requirements of the Charities Act 2011 and the Charities SORP (FRS 102).

Our Aims

We source and develop talent exclusively from diverse, socially mobile, and under-represented backgrounds through our membership and programmes. We aim to equip our members with the professional and interpersonal skills to secure and thrive in their legal career by way of mentoring, employment workshops and networking.

We provide these opportunities of training and development through our flagship programme (Supernova) and our LegalTech programme (shift()), alongside ad-hoc events and opportunities that run throughout the year.

Through the variety of support and the resources that we offer, we deliver a holistic, structured and tailored experience for each member part of our programmes.

Our Objectives

Our objectives are set to reflect the ethos behind our work. Our key objectives for the year included:

•Establishing scholarship opportuni�es for students from under-represented backgrounds; •Launching the STRIVE Social Mobility Pledge. The first-of-its kind pledge dedicated to improving corporate processes of attracting, progressing and retaining socially mobile talent.

•Collaborate and deliver workshop sessions to educa�onal ins�tu�ons to provide resources, support and guidance for aspiring legal professionals;

•Facilitate networking and collabora�on opportuni�es for diverse legal professionals as part of our corporate sponsorships and Legal Tech programme;

•Conduct research to understand barriers to social mobility and diversity in the legal sector;

•To leverage crowdfunding pla�orms, peer-to-peer fundraising, and digital fundraising campaigns;

•Cul�vate rela�onships with corporate sponsors and founda�ons that align with our aims;

contributions;

•Form alliances with educa�onal ins�tu�ons and student organisa�ons to support aspiring legal professionals; and

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STRIVE

TRUSTEES REPORT

•Iden�fy and research grant opportuni�es from governmental, philanthropic, and corporate sources and developing strong grant proposals that clearly articulate our goals, strategies and expected outcomes.

Achievements and Performance

Inaugural STRIVE Social Mobility Roundtable

This year marked the launch of our first STRIVE Social Mobility Roundtable. The event aimed to facilitate open and transparent discussions among in-house experts and leading corporate firms on how best to support socially mobile talent through the recruitment process. Key topics included strategies for attracting, engaging, and retaining such talent. The roundtable was a resounding success, with participation from 10 different organisations. Their collective insights culminated in the creation and soft launch of a comprehensive pledge, the STRIVE Social Mobility Pledge, reflecting a shared commitment to enhancing social mobility within the corporate sector.

shift()

We successfully hosted our third shift() hackathon, thanks to our venue sponsor, Freshfields Bruckhaus Deringer. This event provided an excellent platform for networking, pitching, and engaging with teams from Freshfields and other sponsors. Participants enjoyed a dynamic weekend filled with collaborative opportunities and innovative exchanges, further strengthening our community and support network.

MBA Internship Partnership with Aston University

As part of our collaboration with Aston University, we have welcomed an MBA intern to assist with our fundraising efforts. This collaboration has been instrumental in bolstering our financial strategies and enhancing our capacity to secure necessary resources for our initiatives.

Funding and Support from the Aziz Foundation

We are thrilled to have secured funding and support from the Aziz Foundation, a charity founded by Asif Aziz dedicated to democratising access to corporate careers and higher education for socially mobile and underrepresented candidates. This support is a testament to our shared vision and commitment to fostering greater inclusivity and opportunity within the corporate landscape.

Welcoming New Trustee Ibrahim Mohammed

This year, we welcomed Ibrahim Mohammed as a new trustee. Ibrahim has been instrumental in driving STRIVE’s strategic and marketing growth. His fresh, creative input and oversight have been invaluable, and we are delighted to have his expertise guiding us towards our next steps.

2

STRIVE TRUSTEES REPORT

Hiring a Part-Time Events and Partnerships Support

Thanks to the support and funding from the Aziz Foundation, we are now recruiting a part-time events and partnerships coordinator dedicated to supporting our events and partnership initiatives. This addition will enable us to scale our operations and expand our impact, furthering our mission to support socially mobile talent.

Introduction of Advisory Board Members

To enhance our strategic oversight and direction, we have introduced advisory board members who will operate alongside our trustees. This move ensures we have diverse perspectives and expertise contributing to our governance, helping us navigate our growth and future endeavours effectively.

Financial Review

As a young CIO, STRIVE’s income since its inception has been raised through charitable activities, primarily sponsorships with City law firms. These funds have powered the charity’s growth, through funding overheads including SaaS subscriptions, salaries and in-person events. STRIVE has also made significant cost savings through operating fully remotely, benefitting from charity rates for subscriptions to SaaS platforms, and partnering with organisations and institutions which offer spaces to hold our in-person events.

Structure, Governance and Management

The trustees are responsible for the overall management and control of STRIVE and meet three to four times a year. The work of implementing their policies is carried out by the CEO, COO, CTO, Programme Manager and Operations Manager.

All trustees give of their time freely and no remuneration or expenses were paid in the year.

Organisational Management

The day to day running of STRIVE is delegated to the CEO, COO, CTO and Programme Manager of STRIVE.

The trustees report was approved by the board of trustees and signed on behalf of the board by:

................................ ................................ …………………………………..…. …………………………………..…. Date of approval .../.../......

07 / 17 / 2024

…………………………………..….

3

STRIVE

INDEPENDENT EXAMINER'S REPORT

I report to the trustees on my examination of the accounts of the above charity for the year ended 30 September 2023.

Responsibilities and basis of report

As the charity's trustees, 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 Charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination (other than that disclosed below *) which gives me cause to believe that in, any material respect:

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.

Rohit Maini .../.../......

ICAEW Chartered Accountant

Apex Accountancy Office Suite 134, Orega Serviced Offices, 1st Floor, 4 Longwalk Road, Stockley Park, Uxbridge, UB11 1FE

4

STRIVE

----- Start of picture text -----
STATEMENT OF FINANCIAL ACTIVITIES
As Restated
Unrestricted Restricted Prior year
Total funds
funds funds funds
£ £ £ £
Incoming resources (Note 2)
Income and endowments from:
- -
Donations and legacies 5,739 5,739
Charitable activities 55,988 - 55,988 64,563
- - - -
Other trading activities
Investments - - - -
Total 61,727 - 61,727 64,563
Resources expended (Note 3)
Expenditure on:
- - - -
Raising funds
Charitable activities 34,567 - 34,567 67,519
Other - - - -
Total 34,567 - 34,567 67,519
-
Net income/(expenditure) 27,160 27,160 (2,956)
- - - -
Extraordinary items
Transfers between funds - - - -
Other recognised gains/(losses):
Gains and losses on revaluation
of fixed assets - - - -
- - - -
Other gains/(losses)
Net movement in funds 27,160 - 27,160 (2,956)
Reconciliation of funds:
- -
Total funds brought forward (2,956) (2,956)
Total funds carried forward 24,203 - 24,203 (2,956)
----- End of picture text -----

5

STRIVE

STATEMENT OF FINANCIAL POSITION

Fixed assets
Tangible assets (Note 8)
Total fixed assets
Current assets
Debtors (Note 9)
Cash at bank and in hand (Note 11)
Total current assets
Net current assets/(liabilities)
Total assets less current liabilities
Provisions for liabilities
Total net assets or liabilities
Funds of the Charity
Endowment funds
Restricted income funds
Unrestricted funds
Revaluation reserve
Total funds
Creditors: amounts falling due within
one year (Note 10)
Creditors: amounts falling due after one
year (Note 10)		 As Restated
Unrestricted
funds
Restricted
funds
Total this year Total last year
£
£
£
£
415
-
415
485
415
-
415
485
547
-
547
30,000
24,395
-
24,395
27,104
24,942
-
24,942
57,104
1,154
-
1,154
60,545
23,788
-
23,788
32,497
24,203
-
24,203
(2,956)
-
-
-
-
-
-
-
-
24,203
-
24,203
(2,956)
-
-
-
-
-
-
-
-
24,203
-
24,203
(2,956)
-
-
-
-
24,203
-
24,203
(2,956)

The financial statement were approved by the trustees and signed on behalf of the board by:

…......................

…………………………………..…. …………………………………..….

…......................

07 / 17 / 2024

Date of approval …/…/…... …………………………………..….

6

STRIVE NOTES TO THE FINANCIAL STATEMENTS

Note 1 Accounting policies

Note 1.1 Basis of accounting

These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

The accounts have been prepared in accordance with the Statement of Recommended Practice: 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) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

Note 1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt a going concern basis of accounting in preparing the financial statements.

Note 1.3 Recognition of income

Incoming resources are included in the Statement of Financial Activities (SoFA) when:

Note 1.4 Liabilities

Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.

Note 1.5 Governance and support costs

Support costs have been allocated between governance costs and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, eg allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

7

STRIVE

NOTES TO THE FINANCIAL STATEMENTS

Note 1.6 Deferred income

No material item of deferred income has been included in the accounts.

Note 1.7 Creditors

The charity has creditors which are measured at settlement amounts less any trade discounts

Note 1.8 Tangible fixed assets

Tangible fixed assets are capitalised if they can be used for more than one year and cost at least £150.

They are valued at cost.

The depreciation rates and methods used are 25% straight line basis.

Note 1.9 Debtors

Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.

8

STRIVE

NOTES TO THE FINANCIAL STATEMENTS

Note 2
Analysis of income
Donations and legacies:
Donations and gifts
Total
Charitable activities:
Sponsorship and commissions
Total
Income from investments:
Total
TOTAL INCOME
Note 3
Analysis of expenditure
Expenditure on charitable activities:
Marketing
Merchandise
Employee Costs
Travelling
Subsistence
Computer & Software
Printing, Postage & Stationery
Insurance
Total expenditure on charitable activities
Note 4
Support costs
Accountancy
Independent examination
Legal and professional
Bank Charges and Interest
Depreciation
Total
Allocated between:
Charitable activities		 As Restated
Unrestricted
funds
Total funds
Prior year
£
£
£
5,739
5,739
-
5,739
5,739
-
55,988
55,988
64,563
55,988
55,988
64,563
-
-
-
61,727
61,727
64,563
Unrestricted
funds
Total funds
Unrestricted
funds
Total funds
2,267
2,267
3,129
3,129
-
387
387
25,862
25,862
56,322
56,322
595
595
1,653
1,653
58
58
296
296
4,478
4,478
4,541
4,541
78
78
66
66
96
96
86
86
33,435
33,435
66,480
66,480
Support costs
Governance
costs
Support costs
Governance
costs
-
700
-
600
-
50
-
50
270
-
239
-
43
-
81
-
69
-
69
-
382
750
389
650
382
750
389
650
This year
Prior year
This year
Prior year

9

STRIVE

NOTES TO THE FINANCIAL STATEMENTS

Note 5 Details of certain types of expenditure

Note 10.1 Fees for examination of the accounts

Independent examiner’s fees
Note 6
Employees
Note 6.1
Staff costs
Salaries and wages
Social security costs
Pension costs (defined contribution scheme)
Other employee benefits
Total staff costs
Other fees (for example: financial advice, consultancy, accountancy services)
paid to the independent examiner		 This year
Prior year
£
£
50
50
-
-
50
50
This year
Prior year
£
£
24,902
52,325
-
3,998
960
-
-
-
25,862
-

No employees received employee benefits (excluding employer pension costs) for the reporting period of more than £60,000

Note 6.2 Key management personnel

Note 6.3
Average number of employees
Average number of employees across the charity within the year
The total amount paid to key management personnel (includes trustees and
senior management) for their services to the charity. For specific amounts
paid to trustees, see Note 7.		 This year
Prior year
£
£
3,019
47,436
This year
Prior year
4
3

Note 7 Trustees

During the year the trustees were not paid remunerations of any kind for their services, nor did the charity incur and expenses on their behalf in the performance of their duties.

10

STRIVE

NOTES TO THE FINANCIAL STATEMENTS

Note 8
Tangible fixed assets
Filming
equipment
Total
Cost or valuation
At the beginning of the year
554
554
Additions
-
-
At end of the year
554
554
Depreciation and impairments
At beginning of the year
69
69
Depreciation
69
69
At end of the year
138
138
Net book value
At beginning of the year
485
485
At end of the year
415
415
Note 9
Debtors
This year
Prior year
£
£
Trade debtors
-
27,600
Prepayments and accrued income
-
2,400
Other debtors
547
-
Total
547
30,000
Note 10
Creditors
As Restated
This year
Prior year
£
£
Trade creditors
-
-
Accruals and deferred income
896
36,833
Taxation and social security
258
23,712
Other creditors
-
-
Total
1,154
60,545
Note 11
Cash at bank and in hand
Short term cash investments (less than 3 months maturity date)
Short term deposits
Cash at bank and on hand
Other
Total
Amounts falling due within
one year		 This year
Prior year
£
£
-
-
-
-
-
-
-
-
-
-
This year
Prior year
£
£
-
-
-
-
24,395
27,104
-
-
24,395
27,104
Amounts falling due after
more than one year

11

Signature Certificate

Reference number: HFKKR-LAZTP-GNIST-6THIN

Signer

Timestamp

Signature

Mohsin Patel

Email: mohsin@islamicfinanceguru.com

Sent: 17 Jul 2024 16:10:04 UTC Viewed: 17 Jul 2024 16:37:30 UTC Signed: 17 Jul 2024 16:38:04 UTC

Recipient Verification:

✔ Email verified

17 Jul 2024 16:37:30 UTC

IP address: 82.132.244.204 Location: Birmingham, United Kingdom

Sakhee Ganatra

Email: sakhee.ganatra@mishcon.com

Sent: 17 Jul 2024 16:10:04 UTC Viewed: 19 Jul 2024 15:34:01 UTC Signed: 19 Jul 2024 15:39:15 UTC

Recipient Verification:

✔ Email verified

19 Jul 2024 15:34:01 UTC

IP address: 20.49.158.35 Location: London, United Kingdom

Document completed by all parties on: 19 Jul 2024 15:39:15 UTC

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