Charity registration number 226421
THE PRITT FUND FOR RELIEF OF LIVERPOOL SOLICITORS AND THEIR DEPENDANTS
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
THE PRITT FUND FOR RELIEF OF LIVERPOOL SOLICITORS AND THEIR DEPENDANTS
LEGAL AND ADMINISTRATIVE INFORMATION
Trustee Liverpool Law Society President Gaynor Williams Charity number 226421 Principal address C/o Liverpool Law Society Tempest, Suite 5.1 12 Tithebarn Street Liverpool L2 2DT Independent examiner Anita C Mason BA(Hons) BFP FCA Mitchell Charlesworth Suite 5.1 12 Tithebarn Street Liverpool L2 2DT Bankers NatWest 2-8 Church Street Liverpool L1 3BG
THE PRITT FUND FOR RELIEF OF LIVERPOOL SOLICITORS AND THEIR DEPENDANTS
CONTENTS
| Page | |
|---|---|
| Trustee's report | 1 - 3 |
| Statement of trustee's responsibilities | 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 - 7 |
| Balance sheet | 8 |
| Notes to the accounts | 9 - 14 |
THE PRITT FUND FOR RELIEF OF LIVERPOOL SOLICITORS AND THEIR DEPENDANTS
TRUSTEE'S REPORT
FOR THE YEAR ENDED 31 MAY 2024
The Trustee presents its report and accounts for the year ended 31 May 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Trust Deed, the Charities Act 2011 and "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).
The accounts 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 the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
Objectives and activities
The objects of the charity are to provide grants to necessitous solicitors or such charitable purposes as the trustee shall, from time to time, in their discretion determine.
The Pritt Fund assisted a number of individuals through the auspices of the Solicitors Benevolent Association (SBA).
Our grant making activities in 2023/24 demonstrated, in all accepted definitions, that The Pritt Fund provides charitable services that are of public benefit. We will continue to hold the delivery of public benefit as a key driver of our work.
Financial review
Investment income and bank interest received have increased from £14,029 to £14,394. 2024 also included a legacy received of £65,816 which brought the total income for the year to £80,210 (2023: £14,029) Grants and prizes paid within the year amounted to £12,000 (2023: £14,000). Governance costs were £1,879 (2023: £1,758) and investment manager's costs were £4,085 (2023: £3,961), leaving a surplus before investment revaluation of £62,246. There was an overall gain on the investments this year of £36,545 and funds carried forward were £752,167.
It is not the policy of the trustee to maintain income reserves, but all income is not necessarily expended in the year it is received.
Investment policy
The trustee has considered the most appropriate policy for investing funds and has decided that a mixture of Government stock and equities meets the requirements for both generating income and safeguarding the capital of the charity.
Risk assessment
The trustee has assessed the major risks to which the charity is exposed, and is satisfied that systems are in place to manage exposure to the major risks.
Structure, governance and management
The charity was established by a charitable trust deed on 10 July 1919 to provide grants to necessitous solicitors practising within the area of the Liverpool Law Society and their necessitous dependants.
The Liverpool Law Society is the sole trustee.
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THE PRITT FUND FOR RELIEF OF LIVERPOOL SOLICITORS AND THEIR DEPENDANTS
TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024
The Directors of the Liverpool Law Society are:
Gaynor Williams (Director/President) James C Mannouch (Director/Vice President) Sarah V Mansfield (Director/Deputy Vice President) Emma Palmer (Director/Treasurer)
Amelia R Hayden Anthony Neild (appointed 30/11/23)
David J Tournafond
Haley Farrell Jennifer Powell Jeremy Myers John Owens
John-Paul Dennis Jonathan Berkson Julie A O’Hare (resigned 30/11/23) Julie Chamberlain (appointed 13/02/24)
Lauren Cannon Lindsey Knowles Lorna Mitchell Mickaela L Schorah Nadya Makarova Nichola Halpin (appointed 30/11/23) Nicola Harris (resigned 30/11/23) Nicola Walker (appointed 30/11/23) Nina Sahu Paddy Dwyer (resigned 30/11/23) Pamela Chesterman (appointed 30/11/23)
Paul Kilty Rachel Stalker Steven E Zdolyny (resigned 30/11/23)
Syed MA Ullah
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THE PRITT FUND FOR RELIEF OF LIVERPOOL SOLICITORS AND THEIR DEPENDANTS
TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024
Asset cover for funds
Note 16 sets out an analysis of the assets attributable to the various funds. These assets are sufficient to meet the charity's obligations on a fund by fund basis.
On behalf of the Trustee
Gaynor Williams
President Dated: 10 September 2024
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THE PRITT FUND FOR RELIEF OF LIVERPOOL SOLICITORS AND THEIR DEPENDANTS
STATEMENT OF TRUSTEE'S RESPONSIBILITIES
FOR THE YEAR ENDED 31 MAY 2024
The Trustee is responsible for preparing the Trustee's Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustee to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
In preparing these accounts, the Trustee is required to:
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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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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustee is responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.
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THE PRITT FUND FOR RELIEF OF LIVERPOOL SOLICITORS AND THEIR DEPENDANTS
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEE OF THE PRITT FUND FOR RELIEF OF LIVERPOOL SOLICITORS AND THEIR DEPENDANTS
I report to the Trustee on my examination of the financial statements of The Pritt Fund for Relief of Liverpool Solicitors and their Dependants (the charity) for the year ended 31 May 2024.
This report is made solely to the charity's trustee, as a body, in accordance with Section 145 of the Charities Act 2011. My examination has been undertaken so that I might state to the charity's trustee those matters I am required to state to them in an Independent Examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my examination, for this report, or for the opinions I have formed.
Responsibilities and basis of report
As the Trustee of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements 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 financial statements to be reached.
Anita C Mason BA(Hons) BFP FCA
Mitchell Charlesworth Suite 5.1 12 Tithebarn Street Liverpool L2 2DT
Dated: 11 September 2024
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THE PRITT FUND FOR RELIEF OF LIVERPOOL SOLICITORS AND THEIR DEPENDANTS
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MAY 2024
Current financial year
| Unrestricted Endowment funds funds 2024 2024 Notes £ £ Income from: Donations received 3 65,816 - Investment income 4 14,394 - Total income 80,210 - Expenditure on: Raising funds 5 - 4,085 Charitable activities 6 13,879 - Total expenditure 13,879 4,085 Net gains/(losses) on investments 11 3,021 33,524 Net movement in funds 69,352 29,439 Fund balances at 1 June 2023 100,406 552,970 Fund balances at 31 May 2024 169,758 582,409 |
Total 2024 £ 65,816 14,394 80,210 4,085 13,879 17,964 36,545 98,791 653,376 752,167 |
Total 2023 £ - 14,029 14,029 3,961 15,758 19,719 (7,934) (13,624) 667,000 653,376 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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THE PRITT FUND FOR RELIEF OF LIVERPOOL SOLICITORS AND THEIR DEPENDANTS
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024
Prior financial year
| Unrestricted Endowment funds funds 2023 2023 Notes £ £ Income from: Investment income 4 14,029 - Total income 14,029 - Expenditure on: Raising funds 5 - 3,961 Charitable activities 6 15,758 - Total expenditure 15,758 3,961 Net gains/(losses) on investments 11 82 (8,016) Net movement in funds (1,647) (11,977) Fund balances at 1 June 2022 102,053 564,947 Fund balances at 31 May 2023 100,406 552,970 |
Total 2023 £ 14,029 14,029 3,961 15,758 19,719 (7,934) (13,624) 667,000 653,376 |
|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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THE PRITT FUND FOR RELIEF OF LIVERPOOL SOLICITORS AND THEIR DEPENDANTS
BALANCE SHEET
AS AT 31 MAY 2024
| Notes Fixed assets Investments 13 Current assets Cash at bank and in hand Liabilities: Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities The funds of the charity: Endowment funds Unrestricted funds |
2024 £ 94,441 (1,799) |
£ 659,525 92,642 752,167 582,409 169,758 752,167 |
2023 £ 29,569 (1,748) |
£ 625,555 27,821 |
|---|---|---|---|---|
| 653,376 | ||||
| 552,970 100,406 |
||||
| 653,376 |
The accounts were approved by the Trustee on 11 September 2024
Gaynor Williams President
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THE PRITT FUND FOR RELIEF OF LIVERPOOL SOLICITORS AND THEIR DEPENDANTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
1 Accounting policies
Charity information
The Pritt Fund for Relief of Liverpool Solicitors and their Dependants is a charity established in England and Wales by a trust deed on 10 July 1919.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's Trust Deed, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.
The accounts 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 the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The Charity has taken advantage of the provisions in the SORP for Charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
1.2 Going concern
At the time of approving the accounts 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 the going concern basis of accounting in preparing the accounts.
1.3 Charitable funds
Funds held by the charity are:
Unrestricted general funds - these are funds which can be used in accordance with the charitable objects at the discretion of the trustees.
Endowment funds - these are used for the purposes specified by the donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Dividends are included as income when they are due.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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THE PRITT FUND FOR RELIEF OF LIVERPOOL SOLICITORS AND THEIR DEPENDANTS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is largely in the form of grants to institutions undertaking activities consistent with the charity's aims and objectives, allocated to the relevant charitable activity.
These grants and other expenditure are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure and the amount can be measured with reasonable reliability. All amounts include irrecoverable VAT since the charity is not required to register for VAT.
Governance costs are those costs associated with the governance arrangements of the charity, which pertain to its strategic management as distinct from those of the provision of charitable activities. The costs allocated to this heading include fees for the preparation of the financial statements, their independent examination and legal fees.
1.6 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
1.8 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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THE PRITT FUND FOR RELIEF OF LIVERPOOL SOLICITORS AND THEIR DEPENDANTS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024
1 Accounting policies
(Continued)
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the Trustee is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. There are no critical accounting estimates or judgements included in these accounts.
3 Donations received
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Legacies receivable | 65,816 | - |
| Investment income | ||
| Unrestricted | Unrestricted | |
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Income from listed investments | 10,312 | 9,844 |
| Interest receivable | 4,082 | 4,185 |
| 14,394 | 14,029 | |
| Raising funds | ||
| Endowment | Endowment | |
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Investment management | 4,085 | 3,961 |
4 Investment income
5 Raising funds
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THE PRITT FUND FOR RELIEF OF LIVERPOOL SOLICITORS AND THEIR DEPENDANTS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024
6 Charitable activities
| Grant funding of activities (see note 7) Share of governance costs (see note 8) Grants payable Grants to institutions: Solicitors Benevolent Association Support costs Support costs Governance costs £ £ Independent examination fees - 460 Accountancy - 755 Legal and professional - 600 Bank charges - 64 - 1,879 Analysed between Charitable activities - 1,879 |
Unrestricted funds Unrestricted funds 2024 2023 £ £ 12,000 14,000 1,879 1,758 13,879 15,758 2024 2023 £ £ 12,000 14,000 2024 Support costs Governance costs 2023 £ £ £ £ 460 - 435 435 755 - 723 723 600 - 600 600 64 - - - 1,879 - 1,758 1,758 1,879 - 1,758 1,758 |
|---|---|
7 Grants payable
8 Support costs
9 Trustee
No officer or employee of the Liverpool Law Society received any remuneration or any reimbursement of expenses in respect of their services to The Pritt Fund (2023: none).
10 Employees
There were no employees during the year (2023: none).
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THE PRITT FUND FOR RELIEF OF LIVERPOOL SOLICITORS AND THEIR DEPENDANTS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024
11 Net gains/(losses) on investments
| Unrestricted Endowment funds funds general 2024 2024 £ £ Revaluation of investments 3,021 26,053 Gain/(loss) on sale of investments - 7,471 3,021 33,524 |
Total Unrestricted Endowment funds funds general 2024 2023 2023 £ £ £ 29,074 (4,365) (5,115) 7,471 4,447 (2,901) 36,545 82 (8,016) |
Total 2023 £ (9,480) 1,546 (7,934) |
|---|---|---|
12 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
13 Fixed asset investments
| 13 | Fixed asset investments | |||
|---|---|---|---|---|
| Listed | Cash in | Total | ||
| investments | portfolio | |||
| £ | £ | £ | ||
| Cost or valuation | ||||
| At 1 June 2023 | 572,873 | 52,682 | 625,555 | |
| Additions | 191,798 | - | 191,798 | |
| Valuation changes | 29,074 | - | 29,074 | |
| Movement on capital & income accounts | - | (28,189) | (28,189) | |
| Disposals | (158,713) | - | (158,713) | |
| At 31 May 2024 | 635,032 | 24,493 | 659,525 | |
| Carrying amount | ||||
| At 31 May 2024 | 635,032 | 24,493 | 659,525 | |
| At 31 May 2023 | 572,873 | 52,682 | 625,555 | |
| 14 | Financial instruments | 2024 | 2023 | |
| £ | £ | |||
| Carrying amount of financial assets | ||||
| Debt instruments measured at amortised cost | 118,934 | 82,251 | ||
| Equity instruments measured at fair value through the SOFA | 635,032 | 572,873 | ||
| Carrying amount of financial liabilities | ||||
| Measured at amortised cost | 1,799 | 1,748 |
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THE PRITT FUND FOR RELIEF OF LIVERPOOL SOLICITORS AND THEIR DEPENDANTS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024
15 Creditors: amounts falling due within one year
| Accruals and deferred income 16 Analysis of net assets between funds Unrestricted funds Endowment funds 2024 2024 £ £ Fund balances at 31 May 2024 are represented by: Investments 78,760 580,765 Current assets/(liabilities) 90,998 1,644 169,758 582,409 |
2024 £ 1,799 Total Unrestricted funds Endowment funds 2024 2023 2023 £ £ £ 659,525 74,223 551,332 92,642 26,183 1,638 752,167 100,406 552,970 |
2023 £ 1,748 |
|---|---|---|
| Total 2023 £ 625,555 27,821 |
||
| 653,376 |
The Endowment Fund represents the charity's capital. Investment income is credited to the Unrestricted Income Fund. Grants are paid out of the Unrestricted Income Fund, which also bears governance costs other than the investment management fee.
17 Related party transactions
A management fee of £600 (2023 - £600) was charged by the Liverpool Law Society for the year.
The trustee is also the key management of the charity.
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