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2024-12-31-accounts

Charity registration number: 249037

THE CITY OF LONDON SOLICITORS’ COMPANY CHARITABLE FUND

ANNUAL REPORT

FOR THE YEAR ENDED

31 DECEMBER 2024

THE CITY OF LONDON SOLICITORS’ COMPANY CHARITABLE FUND

CONTENTS
Page
Fund information 1
Trustee’s report 2
Independent auditors’ report 5
Statement of financial activities 9
Balance sheet 10
Notes to the financial statements 11

THE CITY OF LONDON SOLICITORS’ COMPANY CHARITABLE FUND

FUND INFORMATION

Trustee

The City of London Solicitors’ Company

The officers of the Trustee, who are subject to election by the Court of the City of London Solicitors’ Company, are:

Master: V. Cannon Senior Warden: S. Davis Junior Warden: G. Ledsham Chairman of the Charities Committee: P. King Clerk: K. Mansfield JP Charity number 249037 Address 4 College Hill, London, EC4R 2RB. Website www.citysolicitors.org/charity/the-clsc-charitable-fund Independent auditors F. W. Smith, Riches & Co. Chartered Accountants & Statutory Auditors, 15 Whitehall, London, SW1A 2DD. Bankers CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4JQ. Investment advisors Investec Wealth and Investment Limited, 30 Gresham Street, London, EC2V 7QN.

Page 1

THE CITY OF LONDON SOLICITORS’ COMPANY CHARITABLE FUND

TRUSTEE’S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustee presents its report together with the financial statements of the Fund for the year ended 31 December 2024. The report and financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Fund’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 the Republic of Ireland (FRS 102).

Objectives and activities

The Trust deed defines the Fund’s objects as being:

“To obtain, accumulate and apply funds for any charitable object.”

The Fund receives contributions from its members and income from its investments and supports other charities, principally with a legal or a City of London connection, and awards prizes.

The officers of the Trustee confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Fund’s aims and objectives, and in planning future activities and setting the donation making policy for the year.

Achievements and performance

The Charitable Fund has continued with its programme of giving annual grants to a number of charities. It has given a range of one-off grants to charities and good causes during the year. The majority of beneficiaries have either a legal link or are linked to the City of London or its neighbouring areas. During the year the Fund paid £11,000 representing the second instalment of a three-year grant awarded in 2023 to the Haringey Law Centre in relation to its Dealing with Debt project. The third instalment of this grant is due to be paid in 2025.

In all cases the grants have provided much needed support to assist the various organisations in meeting their objectives.

Financial review

The Charitable Fund has continued to pursue its objects making grants and awarding prizes. During the year the Fund made grants of £56,301 and awarded prizes of £2,000.

The policy of the Fund is to make grants to other charities, principally with a legal or a City of London connection. An analysis of the grants made is given below (further details are given in note 7 to the financial statements):

Health, welfare and advice
Education and training
Music and the arts
Lord Mayor’s appeal		 2024
£
47,751
3,500
2,550
2,500
56,301		 2023
£
59,475
3,750
750
2,500
66,475

Each year the Lord Mayor holds an appeal in support of a range of charities. From 2024 the Appeal’s charity partners included Homewards, the Royal Foundation and MQ Mental Health Research. For 2022 and 2023 the charities being supported included National Numeracy and MQ Mental Health Research. Further details of the charities supported can be found at: www.thelordmayorsappeal.org.

Page 2

THE CITY OF LONDON SOLICITORS’ COMPANY CHARITABLE FUND

TRUSTEE’S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Structure, governance and management

The Fund is administered by the City of London Solicitors' Company and is constituted as a charity under a trust deed dated 24 November 1965. The Trustee has the power to appoint other Trustees under the Trust deed.

The Charities Committee reviews applications for support and recommends, in accordance with the guidelines laid down by the Trustee, to the General Purposes Committee of the Trustee Company which applications to support. The General Purposes Committee then meets to consider which applications to support and the amount of support to provide. The recommendation of the General Purposes Committee is then put before a meeting of the Court of the Trustee Company for approval.

Plans for future periods

The Fund aims to continue to support other charities, principally with a legal or a City of London connection and award prizes.

Connected charities

The City of London Solicitors' Company is also Trustee of The City Solicitors' Educational Trust.

Investment policy

The Trustee’s investment policy is to provide a sufficient total return, in order to fund the approximate level of expenditure envisaged by the Trustee in accordance with the Fund’s objects. The Trustee believes that funds should be invested to provide the maximum total return commensurate with the level of risk agreed between itself and its advisors. Overall the portfolio should provide the opportunity for capital and income growth to meet the objectives of the Fund and should provide some protection against inflation.

A regular review of the investments is undertaken by the Investment Committee of the Trustee Company to compare the performance of various assets against benchmarks agreed between the Trustee and its advisors.

Risk management

The Trustee has assessed the major risks to which the Fund is exposed, in particular those related to the operations and finances of the Fund, and is satisfied that systems are in place to mitigate the exposure to the major risks.

Reserve policy

The Trustee has examined the requirement for free reserves, which are unrestricted funds, and considers it appropriate to have a level of reserves which will enable the Fund to generate sufficient investment income for the Fund to continue the range of charitable giving that it currently undertakes. The Trustee regularly reviews the level of reserves of the Fund to ensure that they are adequate to fulfil the Fund's objectives.

The Trustee's policy is to distribute the Fund's annual incoming resources, with the exception of donations which are given on the condition that they are used to increase the Fund's capital base.

The Fund reported a net increase in funds for the year of £72,540 including a gain on investments. As shown on page 10, at 31 December 2024 the free unrestricted reserves were £949,013 and the restricted funds were £1,175.

Page 3

THE CITY OF LONDON SOLICITORS’ COMPANY CHARITABLE FUND

TRUSTEE’S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Public benefit

The Trustee has considered the Charity Commission’s general guidance on public benefit when reviewing the Fund’s aims and objectives and in determining its donations policy. The Trustee considers that all of the aims and objectives detailed in this report are there in order to benefit the public and that it has complied with the duty in section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.

Statement of Trustee’s responsibilities

The Trustee is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

The law applicable to charities in England & Wales requires the Trustee to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The Trustee must not approve the financial statements unless it is satisfied that they give a true and fair view of the state of affairs of the Fund and of the incoming resources and application of resources, including the income and expenditure, of the Fund for that period.

In preparing these financial statements, the Trustee is required to:

The Trustee is responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Fund and enable the Trustee to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provisions of the Fund’s trust deed. The Trustee is also responsible for safeguarding the assets of the Fund and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustee confirms that so far as it is aware, there is no relevant audit information of which the Fund’s auditors are unaware. The Trustee has taken all the steps that it ought to have taken as Trustee in order to make itself aware of any relevant audit information and to establish that the Fund’s auditors are aware of that information.

By order of the Trustee

V. Cannon Master

7 October 2025

Page 4

THE CITY OF LONDON SOLICITORS’ COMPANY CHARITABLE FUND

INDEPENDENT AUDITORS’ REPORT TO TRUSTEE OF THE CITY OF LONDON SOLICITORS’ COMPANY CHARITABLE FUND

Opinion

We have audited the financial statements of The City of London Solicitors’ Company Charitable Fund (the ‘Fund’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet and 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 Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the Fund in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustee’s 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 entity'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 Trustee with respect to going concern are described in the relevant sections of this report.

Page 5

THE CITY OF LONDON SOLICITORS’ COMPANY CHARITABLE FUND

INDEPENDENT AUDITORS’ REPORT TO TRUSTEE OF THE CITY OF LONDON SOLICITORS’ COMPANY CHARITABLE FUND

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our auditors’ report thereon. The Trustee is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this give rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of the Trustee

As explained more fully in the Statement of Trustee’s Responsibilities set out on page 4 the Trustee is 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 Trustee determines 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 Trustee is responsible for assessing the Fund’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 Trustee either intends to cease operations, or has no realistic alternative but to do so.

Page 6

THE CITY OF LONDON SOLICITORS’ COMPANY CHARITABLE FUND

INDEPENDENT AUDITORS’ REPORT TO TRUSTEE OF THE CITY OF LONDON SOLICITORS’ COMPANY CHARITABLE FUND

Auditors’ responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of charities committee minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.

Page 7

THE CITY OF LONDON SOLICITORS’ COMPANY CHARITABLE FUND

INDEPENDENT AUDITORS’ REPORT TO TRUSTEE OF THE CITY OF LONDON SOLICITORS’ COMPANY CHARITABLE FUND

Use of our report

This report is made solely to the Fund’s Trustee in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Fund’s Trustee those matters we are required to state to them in an auditors’ 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 Charitable Fund and the Fund’s Trustee, for our audit work, for this report, or for the opinions we have formed.

F. W. Smith, Riches & Co.

Chartered Accountants & Statutory Auditors London 7 October 2025

F. W. Smith, Riches & Co. is eligible for appointment as an auditor of the Charitable Fund by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Page 8

THE CITY OF LONDON SOLICITORS’ COMPANY CHARITABLE FUND

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Note
Income and endowments
Donations and legacies
3
Investment income
9
Interest receivable and similar income
Total income
Expenditure
Costs of raising funds:
Investment management costs
4
Administrative fees
Expenditure on charitable activities:
Prizes awarded
6
Grants
7
Total expenditure
Net income for the year before
investment losses or gains
Net gains on investments
9
Net income and movement in funds
Fund balance brought forward at 1 January 2024
Fund balance carried forward at 31 December 2024		 2024
Total
unrestricted
& restricted
funds
£
36,339
23,021
1,190
60,550
7,600
129
7,729
2,057
57,898
59,955
67,684
(7,134)
79,685
72,551
877,637
950,188		 2023
Total
unrestricted
& restricted
funds
£
48,491
22,619
211
71,321
7,144
79
7,223
2,044
67,931
69,975
77,198
(5,877)
45,907
40,030
837,607
877,637

Page 9

THE CITY OF LONDON SOLICITORS’ COMPANY CHARITABLE FUND

BALANCE SHEET AS AT 31 DECEMBER 2024

Note
Fixed assets
Investments
9
Current assets
Debtors
10
Cash at bank and in hand
Creditors: amounts falling due within one year
11
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more than one year
12
Net assets
Funds:
Unrestricted funds
14
Restricted funds
14
Total Funds		 2024
£
844,796
6,079
140,338
146,417
(41,025)
105,392
950,188
-
950,188
949,013
1,175
950,188		 2023
£
765,122
6,072
146,168
152,240
(28,725)
123,515
888,637
(11,000)
877,637
876,462
1,175
877,637

The financial statements on pages 9 to 19 were approved and authorised for issue by the Trustee on 7 October 2025 and were signed on its behalf by:

V. Cannon Master

Page 10

THE CITY OF LONDON SOLICITORS’ COMPANY CHARITABLE FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. Accounting policies

1.1 Basis of preparation of financial statements and assessment of going concern

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) (Second Edition)’ and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following ‘Accounting and Reporting by Charities: 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) (Second Edition)’ rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Fund constitutes a public benefit entity as defined by FRS 102.

The Trustee considers that there are no material uncertainties about the Fund’s ability to continue as a going concern.

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Fund's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 2.

1.2 Income recognition

All income is recognised once the Fund has entitlement to the income, it is probable that income will be received and the amount of income receivable can be measured reliably. The following criteria must also be met before income is recognised:

Donations and gifts

Donations and gifts are recognised when both the amount and settlement date are known.

Legacies

Legacies are recognised on a case by case basis following the grant of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date.

Investment income

Interest on funds held on deposit is included upon notification of the interest being paid or payable. Dividends are recognised once the dividend has been declared and notification of the dividend due has been received.

Page 11

THE CITY OF LONDON SOLICITORS’ COMPANY CHARITABLE FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. Accounting policies (continued)

1.3 Donated services

Donated professional services are recognised as income when any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the Fund of the item is probable and the economic benefit can be measured reliably. On receipt, donated professional services are recognised on the basis of the value of the gift to the Fund which is the amount the Fund would have been willing to pay to obtain services of equivalent economic benefit on the open market; a corresponding amount is then recognised in the period of receipt.

1.4 Resources expended

Expenditure is recognised in the period when there is a legal or constructive obligation committing the Fund to that expenditure, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis.

1.5 Charitable activities

Costs of charitable activities include grants made and an apportionment of support and governance costs as shown in note 8.

1.6 Allocation of support and governance costs

Support costs have been allocated between governance costs and other support costs in proportion to the amount expended on each class of charitable activities. Governance costs comprise all costs involving the public accountability of the Fund and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees.

1.7 Costs of raising funds

The costs of generating funds consist of investment management costs.

1.8 Irrecoverable VAT

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

1.9 Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The Fund does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the Fund is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Page 12

THE CITY OF LONDON SOLICITORS’ COMPANY CHARITABLE FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. Accounting policies (continued)

1.10 Heritage assets

The Fund holds part of a historic book collection which was received as a bequest. The collection is being held and maintained for its contribution to knowledge and culture and is considered to be a heritage asset. The Trustee considers that the cost of obtaining a valuation of the collection would outweigh the additional benefit derived by users of the financial statements in assessing the Trustee’s stewardship of the Fund’s assets and therefore the collection is not capitalised within the Fund’s financial statements.

1.11 Funds

Unrestricted funds

Unrestricted funds are funds that the Trustee is free to use for any purpose in furtherance of the charitable objects.

Restricted funds

Restricted funds are funds, which have legal restrictions on their use, where donors have specified the funds can only be spent on specific activities.

1.12 Financial instruments

The Fund has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Debtors

Debtors are initially recognised at transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses.

Creditors

Creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

Offsetting

Financial assets and liabilities are offset and 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.

1.13 Foreign currency translation

The Fund’s functional and presentation currency is the pound sterling.

Page 13

THE CITY OF LONDON SOLICITORS’ COMPANY CHARITABLE FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. Accounting policies (continued)

1.14 Taxation

H. M. Revenue & Customs has granted the Fund charity exemption and thus it is exempt from taxation.

2. Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements management are required to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from these estimates. Whilst management have made judgements, estimates and assumptions in preparing the financial statements, they consider that these have not had a significant effect on amounts recognised.

3. Donations, gifts and deeds of covenant

Donations including gift aid
Poor box
Donated services
Donations from the City of London Solicitors’ Company		 2024
£
27,085
-
9,254
-
36,339		 2023
£
36,651
50
8,644
3,146
48,491

Donated services include the audit fee and fees relating to investment management.

Donations including gift aid include £nil (2023: £225) given for restricted purposes.

4. Investment management fees

The City of London Solicitors’ Company bears the majority of the annual cost in respect of the management of the Fund’s investment portfolio. The value of this service to the Fund was £7,600 (2023: £7,144) and is recognised within incoming resources as a donation, and an equivalent charge within the cost of raising funds.

5. Trustee’s expenses and remuneration

No Trustee remuneration was paid during the year (2023: £nil). In addition, no officer of the Trustee company was paid or reimbursed any expenses during the year (2023: £nil).

6. Prizes awarded

Company prize
Wig and Pen prize
Allocated costs (note 8)		 2024
£
1,000
1,000
2,000
57
2,057		 2023
£
1,000
1,000
2,000
44
2,044

Page 14

THE CITY OF LONDON SOLICITORS’ COMPANY CHARITABLE FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

7. Grants

Haringey Law Centre
Solicitors Benevolent Association
Lord Mayor's Appeal
Personal Support Unit
71 Cadet Detachment
Support Through Court
Dad’s House
Mansion House Scholarship Scheme
Koestler Arts
Sheriffs’ & Recorder’s Fund
Royal British Legion
ABF The Soldiers Charity Current Operation Fund
Tower of London Choral foundation
City Harvest: The Livery Food Initiative
Army Cadet Charitable Trust
Social Welfare Solicitor Qualification Fund (see note 15)
United Guild Services
Disasters Emergency Fund
London Hearts
Tutoring to Thrive
Why Me? Transforming Lives Through Restorative Justice
Women’s Trust
Only Connect
Prisoners’ Advice Service
Prisoners Abroad
The Hardman Trust
Compassionate Friends
Family Rights Group
Free Representation Unit
Zacchaeus 2000 Trust
City and East London Bereavement Service
Happy Days Children’s Charity
Anti Trafficking and Labour Exploitation Unit
The Solicitors Pro Bono Group (Law Works)
City Special Events – Opening of the Garden of Remembrance
Allocated costs (note 8)		 2024
£
-
2,500
2,500
-
500
2,500
1,650
1,000
1,800
1,000
750
750
750
2,000
-
11,800
200
-
1,568
2,000
2,000
1,833
1,500
2,000
2,000
2,000
500
2,000
2,000
2,000
2,000
1,000
1,000
1,000
200
56,301
1,597
57,898		 2023
£
33,000
2,500
2,500
2,500
750
-
-
1,000
-
1,000
750
750
750
5,000
2,000
11,800
175
2,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
66,475
1,456
67,931

Grants awarded include £nil (2023: £nil) given for restricted purposes.

Page 15

THE CITY OF LONDON SOLICITORS’ COMPANY CHARITABLE FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

7. Grants (continued)

Analysis of grants to institutions:

Health, welfare and advice
Education and training
Music and the Arts
Lord Mayor’s Appeal
Allocated costs (note 8)		 2024
£
47,751
3,500
2,550
2,500
1,597
57,898		 2023
£
59,475
3,750
750
2,500
1,456
67,931

The Lord Mayor’s Appeal supports a number of charities. Further details of the charities supported can be found at: www.thelordmayorsappeal.org.

8. Allocation of governance and support costs

Administrative fees
Audit fee (donated service)
Function/activity total
Administrative fees
Audit fee (donated service)
Function/activity total
9.
Investments
Brought forward
Additions
Disposals
Net gain on revaluation
Carried forward		 Raising
Funds
2024
£
129
-
129
Raising
Funds
2023
£
79
-
79
Cost
2024
£
420,672
-
(11)
-
420,661		 Prizes
2024
£
-
57
57
Prizes
2023
£
-
44
44
Fair
value
2024
£
765,122
-
(11)
79,685
844,796		 Grants
2024
£
-
1,597
1,597
Grants
2023
£
-
1,456
1,456
Cost
2023
£
418,101
2,571
-
-
420,672		 Total
2024
£
129
1,654
1,783
Total
2023
£
79
1,500
1,579
Fair
value
2023
£
713,798
5,417
-
45,907
765,122

Disposals at cost include £11 (2023: £nil) and disposals at fair value include £11 (2023: £nil) relating to a fractional entitlement following the acquisition of Witan Investment Trust by the Alliance Group.

Page 16

THE CITY OF LONDON SOLICITORS’ COMPANY CHARITABLE FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

9. Investments (continued)

Investments held at 31 December 2024 comprise:

Holding
No. shares
Murray Income Trust Plc 25p ord
7,440
M & G Equities Investment Fund for Charities
2,630
(Charifund) Income Units
Law Debenture Corp 5p ord
11,500
Mercantile Investments 25p ord
21,500
Bankers Investment Trust
77,000
For & Col Inv Trust 25p ord
8,197
Scot Mort Inv Tst Ord 25p ord
8,475
City of London Inv Ord GBP 0.25
17,600
Alliance Witan PLC Ord GBP 0.25
7,636
Lowland Inv.co Ord GBP 0.25
16,000
Henderson Euro Foc Ord GBP 0.50
19,250
Smithson Inv Trust Ord GBP 0.01
3,430
Polar Cap Tech Tst GBP0.25
8,450
Polar Cap Global Financials Tst GBP0.05
14,000
As at 31 December 2024
As at 31 December 2023		 Cost
£
14,243
9,994
29,879
23,213
30,621
34,622
18,544
74,262
55,023
16,142
20,056
49,610
19,367
25,085
420,661
420,672		 Fair value
£
60,785
38,724
102,638
51,170
88,627
91,233
80,572
75,900
94,915
19,680
33,399
50,936
29,533
26,684
844,796
765,122		 Income
£
2,864
2,367
3,766
1,666
2,061
1,238
359
3,661
2,197
1,024
1,174
-
-
644
23,021
22,619

Investments are financial assets measured at fair value through the Statement of Financial Activities.

Income includes interest of £Nil (2023: £843) and dividends of £23,021 (2023: £21,726)

Page 17

THE CITY OF LONDON SOLICITORS’ COMPANY CHARITABLE FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

10.
Debtors
Amounts due from the City of London Solicitors’ Company
11.
Creditors: Amounts falling due within one year
Wig and Pen Prize
Donations
Haringey Law Centre
Social Welfare Solicitor Qualification Fund (see note 15)
12.
Creditors: Amounts falling due after more than one year
Haringey Law Centre
13.
Financial instruments
Financial assets measured at fair value through income and expenditure		 2024
£
6,079
2024
£
2,000
4,425
11,000
23,600
41,025
2024
£
-
2024
£
844,796		 2023
£
6,072
2023
£
1,000
4,925
11,000
11,800
28,725
2023
£
11,000
2023
£
765,122

14. Funds

At 1 January 2024
Income and endowments
Costs of raising funds
Expenditure on charitable activities
Gains on investments
At 31 December 2024		 Restricted
Funds
£
1,175
-
-
-
-		 Unrestricted
funds
£
876,462
60,550
(7,729)
(59,955)
79,685
949,013		 Total
£
877,637
60,550
(7,729)
(59,955)
79,685
1,175 950,188

There is one restricted fund for the Haringey Law Centre.

Page 18

THE CITY OF LONDON SOLICITORS’ COMPANY CHARITABLE FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

15. Related party transactions

The Trust’s Trustee is the City of London Solicitors’ Company. The City of London Solicitors' Company is also Trustee of The City Solicitors’ Educational Trust (“CSET”).

During the year it was agreed that an additional grant of £11,800 (2023 - £11,800) would be made to CSET, for use in its Social Welfare Solicitor Qualification Fund project. These grants were included in creditors at the year end.

Page 19

Certificate of Completion

Certificate of Completion
Document Title: Charitable Fund Accounts 2024 FOR SIGNING.pdf
Reference ID: SD8VC6EP
Digital Signature ID: C702F66A70CD0E29E0BF067F272718FC687E8E23
Document Pages: 22 (Including certificate)
Security Events Status Timestamp (UTC) I.P. Address
Auditor - Account
Authentication		 Complete 2025-10-07 12:58 62.232.171.82
Hashed/Encrypted
Document		 Complete 2025-10-07 13:06 62.232.171.82
Signer - Account
Authentication		 Complete 2025-10-13 14:28 2a00:23c4:f7a7:f201:e472:5
167:77d3:b5a6
Hashed/Encrypted
Signature		 Complete 2025-10-13 14:33 2a00:23c4:f7a7:f201:e472:5
167:77d3:b5a6
Signer - Account
Authentication		 Complete 2025-10-14 14:07 62.232.171.82
Hashed/Encrypted
Signature		 Complete 2025-10-14 14:08 62.232.171.82
User Audit Trail User Timestamp (UTC) I.P. Address
Request Created ncorke@fwsr.com 2025-10-07 13:06 62.232.171.82
Document Signed virginia.cannon@btinternet.
com		 2025-10-13 14:33 2a00:23c4:f7a7:f201:e472:5
167:77d3:b5a6
Document Signed jlowden@fwsr.com 2025-10-14 14:08 62.232.171.82