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2024-12-31-accounts

Company no. 14237798 Charity no. 1204664

The Chancery Lane Project

Report and Audited Financial Statements 31 December 2024

The Chancery Lane Project

Reference and administrative details

For the year ended 31 December 2024

Company number 14237798 Charity number 1204664 Registered office 5 Laughton Lodge and operational Common Lane Lewes East Sussex BN8 6BY

Trustees Trustees, who are also directors under company law, who served during the Trustees, who are also directors under company law, who served during the
year and up to the date of this report were as follows:
Matthew Gingell Chair
Keya Advani Appointed 25 January 2024
Jonathan Hakim Appointed 17 June 2024
Lisa Jordan Appointed 25 January 2024
Sarah Oliver Scemla
Jonathan Saverimuttu Appointed 25 January 2024
Stephen Thomas Appointed 17 June 2024
Yasmin Waljee
Key management Ben Metz Executive Director
personnel Alaric King Director of Digital and UX
Samantha Leahy-Harland Director of Operations
Simone Potter Director of Programmes
Bankers Natwest
8-11 Pavilion Buildings
Castle Square
Brighton
BN8 1DP
Auditors Godfrey Wilson Limited
5th Floor, Mariner House
62 Prince Street
Bristol
BS1 4QD

1

The Chancery Lane Project

Report of the trustees

For the year ended 31 December 2024

The trustees present their report and the audited financial statements for the period ended 31 December 2024.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019).

Objectives and activities

Purposes and aims

The charity's objects ("Objects") are specifically restricted to:

  1. For the public benefit, advancing the education of the public (including, without limitation, lawyers and law students) in subjects relating to sustainable development and the protection, enhancement and rehabilitation of the environment and to promote study and research in such subjects (including, without limitation, the role of the law and contractual agreements in contributing to sustainable development and protecting, enhancing and rehabilitating the environment) provided that the useful results of such study are published;

  2. Promoting sustainable development for the benefit of the public including without limitation by encouraging legal and contractual drafting practices which encourage businesses, investors and other actors to preserve, conserve and protect the environment and use resources prudently; and

  3. Advancing any other exclusively charitable purposes under the laws of England and Wales which the trustees may from time to time determine.

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

A full description of our objectives and achievements during 2024 can be found in our Impact Report, and in summary are:

2

The Chancery Lane Project

Report of the trustees

For the year ended 31 December 2024

Financial review

The Charity’s funding comes in the form of grants from trusts and foundations. During the period total incoming resources were £1,491,551 and expenditure of £1,942,934, providing a deficit of £451,383. This deficit was maintained using brought forward reserves having received grant income up front. We received grant income of £1,474,732, receiving grants from IKEA Foundation, Laudes Foundation, Draper Richards Kaplan Foundation, Personio Foundation, Shoosmiths Foundation and Thomson Reuters.

At the end of 2024 our reserves levels are £1,840,993, of which £1,233,552 are considered general funds. £1,860,416 was held as cash at the end of the year. This level of cash is largely from grants provided up front which will be spent down over the next two years.

Principal risks and uncertainties

During 2024 a risk management plan and policy was established and a strategic risk register created. This is monitored internally by the Management Team, and regularly reported on to the Trustee Board.

The principle risks identified in 2024 are:

  1. Financial: The charity's income is primarily dependent on a small number of large grants from trusts and foundations, which exposes us to a significant level of financial vulnerability. These grants are typically short- or medium-term, and the absence of sustainable, recurrent funding contributes to ongoing financial instability. Addressing this risk is a key priority for the Executive Director and the Trustee Board.

3

The Chancery Lane Project

Report of the trustees

For the year ended 31 December 2024

  1. People: There is a risk that TCLP may fail to deliver its mission and meet funders' expectations due to challenges in managing, retaining, and recruiting staff. Extensive work across our HR operations has taken place in 2024 and continuing into 2025 to establish a positive workplace culture that is empowering, supportive, and enables impact. This includes a full pay and benefits review, training needs analysis, and enhanced wellbeing support.

  2. Governance : As a newly formed charity, incorporated as a company in July 2022 and registered with the Charity Commission in September 2023, there is a risk that governance structures may not yet be fully developed. An organisation-wide governance, policy and compliance review took place in 2024 and a prioritised action plan was developed to ensure compliance with all Charity Commission and Company House regulation and legislation across governance, finance, operations, and people.

Reserves policy

This is laid out in our Financial Procedures manual, reviewed and approved by the Board annually.

Our income comes in the form of grants from trusts and foundations which, while largely unrestricted, we are expected to spend over the term of the grant. This means that we are not able to build up “our own'' unrestricted reserves easily and therefore we have to manage our sustainability through our fundraising activities and careful cash flow planning.

We carefully monitor our cash and reserve levels to ensure that we have the resources to continue operating. In the scenario that we do not raise enough funds, we must ensure that we wind down the charity in a manner that ensures all our obligations are met. The level of reserves required to ensure that we can meet all obligations and projected date at which we would need to start winding down operations is reviewed on a quarterly basis.

At 31 December 2024 the staff related wind up costs were calculated as £365k, with additional committed costs calculated as c.£45k. Total reserves at the end of 2024 were £1,840,993 and general reserves were £1,233,552. This high level of reserves is due to grant funding which is received upfront and we will spend this over the length of the grant.

Fundraising

The Chancery Lane Project’s fundraising is focused purely on grant funding and is led by the Executive Director. We comply with relevant fundraising regulations and codes, and have received no complaints due to our fundraising activities.

Plans for the future

  1. Deepen and accelerate our impact : In 2024 we established our sector teams, each of which now has a distinct strategy and priority set of target companies they are engaging with. In 2025 we will accelerate this work, increasing the number of companies we engage with, and supporting them to align their contracts with climate and raise their climate ambition.

4

The Chancery Lane Project

Report of the trustees

For the year ended 31 December 2024

  1. Cascade our products and services, including by working in partnership with networks and trade associations: We've begun to experiment with providing our services into groups of companies with a common bond, be it sectoral, activity based (for example procurement) or geographically focused. In 2025 we will work more in this way, harnessing the experience and passion of the climate contract leaders in these groups to support those at earlier stages of their climate contracting journey. In this way we will increase the reach of our work and the impact that it has.

  2. Increase the relevance of our content by adapting it to legislative and regulatory changes : In 2024 we developed our transition plan guide, based on an opportunity presented within the CSDDD, which requires eligible companies to develop and implement a transition plan. This guide quickly became our most viewed piece of content. We will extend this approach in 2025, adapting our content so it is as applicable as possible as regulation and legislation changes. One example of this is the forthcoming European Union Deforestation Regulations and California's Climate Corporate Data Accountability Act and Climate-Related Financial Risk Act.

  3. Adapt our products, services and overall approach to the macro political and economic changes currently underway: Diverging approaches to policy, regulation and legislation are likely to make corporate action on climate increasingly difficult. At the same time this presents a range of opportunities that at the start of 2025 are beginning to become visible. We think that issues such as uneven regulatory environments, roll back of legislation and changing views of ESG all position the use of contracts to realise climate ambition as an increasing imperative.

  4. Improve how we measure, evaluate, and learn: Commercial confidentiality, the lack of contract level architecture to directly measure greenhouse gases, and the complex nature of corporate action on climate all conspire to make measuring the impact we have very difficult. Throughout 2024 we've been working to develop a monitoring, evaluation and learning framework that will allow us to ascertain the impact we are having and then use this to improve how we work. We'll be finalising this in Q1 of 2025 and then rolling it out across our work.

Structure, governance and management

The organisation is a charitable company limited by guarantee, incorporated on 15 July 2022 and registered as a charity on 11 September 2023.

The company was established under a memorandum of association which established the objects and powers of the charitable company and is governed under its articles of association. Minor amendments were made in 2024 to the provisions around the holding of an Annual General Meeting, and the tenure and removal of Trustees.

An organisation-wide governance, policy and compliance review was undertaken during 2024. This led to the establishment of a risk management plan, a prioritised policy and compliance action and review plan, and enhanced governance and financial procedures.

Details of trustees who served during the year and to the date of the report are shown at the front of this report. New trustees are recruited and appointed by the existing trustees. The minimum number of trustees is three and the maximum is twelve. All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 5 to the accounts.

5

The Chancery Lane Project

Report of the trustees

For the year ended 31 December 2024

The trustee board is responsible for the management and administration of the charity. An Executive Director is appointed by the trustees to manage the day-to-day operations of the charity. To facilitate effective operations, the Executive Director has delegated authority, within terms of delegation approved by the trustees.

Statement of responsibilities of the trustees

The trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing those financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which 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 for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £10 to the assets of the charity in the event of winding up. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

6

The Chancery Lane Project

Report of the trustees

For the year ended 31 December 2024

Auditors

Godfrey Wilson Limited were appointed as auditors to the charitable company during the year and have expressed their willingness to continue in that capacity.

Approved by the trustees on 8 May 2025 and signed on their behalf by

Matthew Gingell Chair of Trustees

7

Independent auditors' report

To the members of

The Chancery Lane Project

Opinion

We have audited the financial statements of The Chancery Lane Project (the 'charity') for the year ended 31 December 2024 which comprise the statement of financial activities, balance sheet, statement of cash flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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:

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 the provisions available for small entities, in the circumstances set out in note 5 to the financial statements, 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 charity'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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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

8

Independent auditors' report

To the members of

The Chancery Lane Project

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement set out in the trustees’ report, the trustees (who are also the directors of the charitable company for the purposes of company law) 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.

9

Independent auditors' report

To the members of

The Chancery Lane Project

Our responsibilities for the audit of the financial statements

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 procedures we carried out and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:

(1) We obtained an understanding of the legal and regulatory framework that the charity operates in, and assessed the risk of non-compliance with applicable laws and regulations. Throughout the audit, we remained alert to possible indications of non-compliance.

(2) We reviewed the charity’s policies and procedures in relation to:

(3) We inspected the minutes of trustee meetings.

(4) We enquired about any non-routine communication with regulators and reviewed any reports made to them.

(5) We reviewed the financial statement disclosures and assessed their compliance with applicable laws and regulations.

(6) We performed analytical procedures to identify any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error.

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. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

10

Independent auditors' report

To the members of

The Chancery Lane Project

A further description of our responsibilities for the audit of the financial statements is located 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 charityʼs members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charityʼs members those matters we are required to state to them in an auditorʼs 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 charityʼs members as a body, for our audit work, for this report, or for the opinions we have formed.

Date: 8 May 2025

Robert Wilson FCA (Senior Statutory Auditor)

For and on behalf of:

GODFREY WILSON LIMITED

Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

11

The Chancery Lane Project

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 December 2024

For the year ended 31 December 2024
Note
Income from:
Donations and legacies
3
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
4
Net movement in funds
5
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Restricted Unrestricted
£
£
1,059,375
415,357
-
16,819
1,059,375
432,176
96,822
-
1,846,112
-
1,942,934
-
(883,559)
432,176
1,491,000
801,376
607,441
1,233,552		 2024
Total
£
1,474,732
16,819
1,491,551
96,822
1,846,112
1,942,934
(451,383)
2,292,376
1,840,993		 2023
Total
£
2,301,376
-
2,301,376
-
9,000
9,000
2,292,376
-
2,292,376

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 11 to the accounts.

12

The Chancery Lane Project

Balance sheet

As at 31 December 2024

As at 31 December 2024
Note
Current assets
Debtors
8
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within 1 year
9
Net assets
10
Funds
11
Restricted funds
Unrestricted funds
General funds
Total charity funds		 £
40,633
1,860,416
1,901,049
(60,056)		 2024
£
1,840,993
607,441
1,233,552
1,840,993		 2023
£
825,068
1,500,000
2,325,068
(32,692)
2,292,376
1,491,000
801,376
2,292,376

These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

Approved by the trustees on 8 May 2025 and signed on their behalf by

Matthew Gingell Chair of Trustees

13

The Chancery Lane Project

Statement of cash flows

For the year ended 31 December 2024

Cash used in operating activities:
Net movement in funds
Adjustments for:
Interest from investments
Decrease / (increase) in debtors
Increase in creditors
Net cash provided by operating activities
Cash flows from investing activities:
Interest from investments
Net cash provided by investing activities
Increase in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2024
£
(451,383)
(16,819)
784,435
27,364
343,597
16,819
16,819
360,416
1,500,000
1,860,416		 2023
£
2,292,376
-
(825,068)
32,692
1,500,000
-
-
1,500,000
-
1,500,000

The charity has not provided an analysis of changes in net debt as it does not have any long term financing arrangements.

14

The Chancery Lane Project

Notes to the financial statements

For the year ended 31 December 2024

1. Accounting policies

a) General information and basis of preparation

The Chancery Lane Project is a charitable company limited by guarantee registered in England and Wales. The registered office address is 5 Laughton Lodge, Laughton, Lewes BN8 6BY.

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 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Chancery Lane Project meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

b) Going concern basis of accounting

The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern.

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from the 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.

d) Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item, is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised.

On receipt, donated 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.

e) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.

15

The Chancery Lane Project

Notes to the financial statements

For the year ended 31 December 2024

1. Accounting policies (continued)

f) Funds accounting

g) 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.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h) Allocation of support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities based on the proportion of staff time as follows:

2024 2023
Raising funds 4.2% 0.0%
Charitable activities 95.8% 100.0%

i) Tangible fixed assets

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Computer equipment

4 years

Items of equipment are capitalised where the purchase price exceeds £2,000. No items have been purchased which exceed this price.

j) 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.

k) 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.

16

The Chancery Lane Project

Notes to the financial statements

For the year ended 31 December 2024

1. Accounting policies (continued)

l) Creditors

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.

m) Pension costs

The company operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA.

n) Foreign currency transactions

Transactions in foreign currencies are translated at rates prevailing at the date of the transaction. Balances denominated in foreign currencies are translated at the rate of exchange prevailing at the year end.

o) Accounting estimates and key judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

There are no areas of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements this year.

17

The Chancery Lane Project

Notes to the financial statements

For the year ended 31 December 2024

2.
Prior period comparatives: statement of financial activities
Restricted
£
£
Income from:
Donations and legacies
1,500,000
801,376
Total income
1,500,000
801,376
Expenditure on:
Raising funds
9,000
-
Total expenditure
9,000
-
Net income and net movement in funds
1,491,000
801,376
3.
Income from donations and legacies
Restricted
£
£
Grants
IKEA Foundation
1,000,000
-
Laudes Foundation
-
232,940
Draper Richards Kaplan Foundation
-
77,894
Personio Foundation
-
84,556
Shoosmiths Foundation
59,375
-
Thomson Reuters
-
19,967
1,059,375
415,357
Prior period comparative:
Restricted
£
£
Grants
IKEA Foundation
-
1,500,000
Draper Richards Kaplan Foundation
38,528
-
Centre for Innovation in Voluntary Action
762,848
-
801,376
1,500,000
Unrestricted
Unrestricted
Unrestricted		 2023
Total
£
2,301,376
2,301,376
9,000
9,000
2,292,376
2024
Total
£
1,000,000
232,940
77,894
84,556
59,375
19,967
1,474,732
2023
Total
£
1,500,000
38,528
762,848
2,301,376

18

The Chancery Lane Project

Notes to the financial statements

For the year ended 31 December 2024

4. Total expenditure

Total expenditure
Staff costs (note 6)
Programmes consultants
Other people costs
IT & data costs
Travel & events
Comms & engagement
Finance Costs
Other costs
Sub-total
Allocation of support and governance costs
Total expenditure		 Raising funds
£
70,661
-
-
-
1,109
-
-
-
71,770
25,052
96,822		 Charitable
activities
£
1,016,773
71,619
1,624
99,056
24,542
62,763
-
50
1,276,427
569,685
1,846,112		 Support and
governance
costs
£
348,610
-
81,418
39,004
49,028
36
24,190
52,451
594,737
(594,737)
-		 2024 Total
£
1,436,044
71,619
83,042
138,060
74,679
62,799
24,190
52,501
1,942,934
-
1,942,934

Total governance costs were £38,759 (2023: £9,000)

The Chancery Lane Project's activities were transferred from the Centre for Innovation in Voluntary Action on 31 December 2023. All expenditure in the period related to audit costs.

19

The Chancery Lane Project

Notes to the financial statements

For the year ended 31 December 2024

5. Net movement in funds This is stated after charging:

Trustees' reimbursed expenses
Auditors' remuneration (excluding VAT):
Statutory audit		 2024
£
65
9,950		 2023
£
Nil
9,000

In common with other charities of our size and nature we use our auditors to assist with the preparation of the financial statements.

One trustee was reimbursed for travel and subsistence costs (2023: £nil).

6. Staff costs and numbers

Staff costs were as follows:

Salaries and wages
Social security costs
Pension costs
Employees earning more than £60,000 during the year:
£60,000 - £69,999
£80,000 - £89,999
£90,000 - £99,999
£100,000 - £109,999		 2024
£
1,207,184
141,052
87,807
1,436,044
2024
No.
4
1
1
1		 2023
£
-
-
-
-
2023
No.
-
-
-
-

The key management personnel of the charitable company comprise the Trustees, Executive Director, Director of Operations, Programmes Director, and Director of Digital and User Experience. The total employee benefits of the key management personnel were £485,068 (2023: £nil). No staff were directly employed by the charity in 2023.

20

The Chancery Lane Project

Notes to the financial statements

For the year ended 31 December 2024

6. Staff costs and numbers (continued)

Average head count 2024
No.
19.1		 2023
No.
-

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 £65 incurred by one member relating to attendance at an all staff offsite.

7. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

8. Debtors

Other debtors
Prepayments
Accrued income		 2024
£
-
-
40,633
40,633		 2023
£
764,512
22,028
38,528
825,068

9. Creditors: amounts falling due within 1 year

Creditors: amounts falling due within 1 year
Taxation and social security
Trade creditors
Accruals		 2024
£
11,664
24,726
23,666
60,056		 2023
£
-
23,692
9,000
32,692

21

The Chancery Lane Project

Notes to the financial statements

For the year ended 31 December 2024

10. Analysis of net assets between funds

Analysis of net assets between funds
Current assets
Current liabilities
Net assets at 31 December 2024
Prior period comparative
Current assets
Current liabilities
Net assets at 31 December 2023		 £
607,441
-
607,441
£
1,491,000
-
1,491,000
Restricted
funds
Restricted
funds		 £
1,293,608
(60,056)
1,233,552
£
834,068
(32,692)
801,376
General
funds
General
funds		 Total
funds
£
1,901,049
(60,056)
1,840,993
Total
funds
£
2,325,068
(32,692)
2,292,376

22

The Chancery Lane Project

Notes to the financial statements

For the year ended 31 December 2024

11. Movements in funds

Movements in funds
Restricted funds
IKEA Foundation
Shoosmiths Foundation
Total restricted funds
Unrestricted funds
General funds
Total unrestricted funds
Total funds		 At 1
January
2024
£
1,491,000
-
1,491,000
801,376
801,376
2,292,376		 Income
£
1,000,000
59,375
1,059,375
432,176
432,176
1,491,551		 £
(1,902,430)
(40,504)
(1,942,934)
-
-
(1,942,934)
Expenditure		 £
588,570
18,871
At 31
December
2024
607,441
1,233,552
1,233,552
1,840,993

Purposes of restricted funds

IKEA Foundation - A three year programmatic grant from the IKEA Foundation to enable the mainstream legal sector to use the power of contracts to create transformative climate action across the global economy. This grant is for all our current activities rather than any specific workstreams.

Shoosmiths Foundation - Funding for the pilot of a vocational e-learning course on climate contracting for business professionals and lawyers.

23

The Chancery Lane Project

Notes to the financial statements

For the year ended 31 December 2024

For the year ended 31 December 2024
11. Movements in funds (continued)
Prior period comparative
Restricted funds
IKEA Foundation
Total restricted funds
Unrestricted funds
General funds
Total unrestricted funds
Total funds		 At 1
January
2023
£
-
-
-
-		 Income
£
1,500,000
1,500,000
801,376
801,376
2,301,376		 £
(9,000)
(9,000)
-
-
(9,000)
Expenditure		 £
1,491,000
At 31
December
2023
1,491,000
801,376
801,376
2,292,376

12. Related party transactions

Lisa Jordan is an employee of the Draper Richards Kaplan Foundation, who provide funding to the charity. As part of their support to grantees they request that they have a seat on the board. They agreed a grant with The Chancery Lane Project within The Centre for Innovation in Voluntary Action to the value of $300k USD starting in November 2022. The grant was transferred to the Charity in November 2023. A total of £77,894 was recognised in relation to this grant in the reporting period.

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

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