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2024-12-31-accounts

Registered number: 00325282 Charity number: 264072

THE MODERN LAW REVIEW LIMITED (A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

THE MODERN LAW REVIEW LIMITED

CONTENTS

Page
Reference and administrative details of the charity, its trustees and advisers 1 - 2
Trustees' report 3 - 7
Independent auditors' report on the financial statements 8 - 12
Statement of financial activities 13
Balance sheet 14
Notes to the financial statements 15 - 23

THE MODERN LAW REVIEW LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees Conor Gearty Andrew Lang Thomas Poole Jo Braithwaite Dev Gangjee Gregoire Webber Michael Lobban Virginia Mantouvalou Tanya Aplin Jacco Bomhoff Orla Lynskey Donal Nolan Paul Roberts Kate Greasley (Resigned 9 October 2024) Sangeeta Shah Emmanuel Voyiakis Tatiana Cutts Vanessa Munro Sarah Paterson Jeremy Horder Sarah Trotter Sandesh Sivakumaran Edmund Schuster Richard Martin (Appointed 14 May 2025) Cressida Auckland (Appointed 14 May 2025)

Company registered number 00325282 Charity registered number 264072 Registered office Old Building Houghton Street London WC2A 2AE Company secretary Michael Lobban Chief executive officer Thomas Poole

Page 1

THE MODERN LAW REVIEW LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Independent auditors

Bankers

Calders (1883) LLP Statutory Auditor and Chartered Accountants 30 Orange Street London WC2H 7HF HSBC Bank Plc 16 King Street Covent Garden London WC2E 8JF

Page 2

THE MODERN LAW REVIEW LIMITED

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their annual report together with the audited financial statements of The Modern Law Review Limited for the year 1 January 2024 to 31 December 2024. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the charitable company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the charitable company 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 (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

The trustees confirm that so far as they are aware, there is no relevant audit information (as defined by section 418(3) of the Companies Act 2006) of which the charitable company’s auditors are unaware. They have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the charitable company's auditors are aware of that information.

Page 3

THE MODERN LAW REVIEW LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Reference and Administrative Details

The Chief Executive Officer of the company is the General Editor, currently Thomas Poole. The General Editor is responsible for the day to day management of the company.

Structure, Governance and Management

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.

There are 24 Directors who meet at least four times a year as the Editorial Committee, which is responsible for the running of the company. The Directors of the company, and Trustees for the purposes of Charity Law, during the year ended 31st December 2024 are listed on page 1.

There are no significant contracts in which the Directors had or have material interests, nor are there any arrangements to which the company is or was a party, to enable the Directors to acquire the benefit or acquisition of shares in or debentures of any company.

Members of the Advisory Board, which includes former members of the Editorial Committee and others with expertise in the areas of the company's activities, are available to provide advice to the Editorial Committee as and when required.

The Editorial Committee keeps its membership under regular review and new members are recruited as the Committee thinks necessary for the efficient carrying out of the company's business. The Committee's membership has traditionally been drawn largely, though not exclusively, from among the body of legal academics in British universities.

Risk Management

The Directors manage risks as they arise. They also believe that maintaining reserves at their current level, combined with controls over key financial operations will provide sufficient resources in the event of adverse conditions.

Objectives and Activities

The objects of the company are to promote legal education and the study of law and all other arts and sciences and in particular those which are or may be or become of interest to persons concerned in the study or practice of law which involve some legal element and discussion of all questions and topics arising thereout by such means as may be deemed desirable and in particular by the publication issue and circulation of a journal review or other periodical, and by the organisation of lectures, discussions, correspondence with public bodies or individuals and the donation or founding of any scholarships, prizes or other rewards or distinctions. In furtherance of these objects, the company:

Page 4

THE MODERN LAW REVIEW LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Achievements and Performance

Publication of the Modern Law Review: The principal activity of the company during the period covered by this report was the publication of parts of V olume 87 of the Modern Law Review. The total number of institutional subscriptions for the Review was 108 in 2024 compared with 137 in 2023. This is a decrease, which reflects the increasing trend of institutions to move from traditional subscriptions to obtaining access to the journal via a Wiley licence. This licence offered 6,700 institutions access to the Modern Law Review in 2024, an increase from 6,484 in 2023. The Modern Law Review is also available (free of charge or at very low cost) in 4,514 institutions in developing world countries through philanthropic initiatives.

Seminars : The following seminars were given support for 2024: University of Essex Multilateralism and the making of International Law: Marine Biodiversity in areas beyond natural jurisdiction University of Exeter Bodies of Law University of Glasgow The Law of Fair Profits University of Northumbria Legal Professional Privilege in the 21st Century: Adversarialism, Confidentiality and Justice University of Northumbria Living A Reproductive Life In The Workplace University of Northumbria Offence to Sentence: A Sexual Violence Victim's Journey University of Portsmouth Migrant Scholars: The Past, the Present and Future of Socio-Legal Studies

Scholarships: The following students were awarded scholarships to support their doctoral research in the academic year 2024-25:

Cambridge Aliki Athina Papanastasiou
Cambridge Carly Whelan
City
 Suzana Rahde Gerchmann
Durham Ranime Djouider
Durham
 Jianxuan Hu
Essex Sarah Zarmsky
KCL Yifan Ja
KCL Sari Arraf
Liverpool
 Erandin Jayasooriya
Liverpool
 William Norcup-Brown
LSE Leonardo Rivera Mendoza
Oxford Sophie Ryan
Oxford Benjamin Teng
Southampton
 Stephen Hanvey
UCL Jack Beadsworth

Translations: No expenditure on translations was incurred in 2024.

Wedderburn Prize: The Wedderburn Prize 2024 for the best article published in volume 86 of the Review was awarded to Sam Guy for his article ‘Moblising the Market: An Empirical Analysis of Crowdfunding for Judicial Review Litigation’.

Page 5

THE MODERN LAW REVIEW LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Financial Review

Contract with Wiley: The year 2024 was the third year in which the Modern Law Review was published in accordance with the terms of a revised profit sharing agreement made with Wiley Blackwell Publishing in 2021. This contract included the provision that the accounts for the bound volume should be integrated into the main journal accounts. Under the agreement, the amount received by MLR for the journal and bound volume for the year ending 31 December 2024, was £140,034. Under the contract, a separate payment of £20,000 was made by Wiley as a contribution to editorial costs. A new contract has now been agreed for a three-year term, commencing in January 2025.

Production Assistance and Articles Administration: The amount spent on production assistance and articles administration in the year ended 31st December 2024 was £39,202, compared with £40,748 in the year ended 31st December 2023. The now well established system for processing submissions to the articles section of the Review continues to work well. Payments are also made to outside contractors for copy editing, proof reading and preparation of the annual index to the Review. This expenditure ensures that the company fulfils its obligations in relation to the production of the Review.

Administrative Assistance : Payment for this service, which is essential for the efficient running of the company, is made in accordance with the terms of an agreement between the company and the Law School of the London School of Economics which was revised in 2005. The cost of this assistance was £10,000 in 2024

Reserves: The present level of funding is adequate to support the continuation of the company and the Directors consider the position of the company to be satisfactory. The Directors are continuing to assess the possible impact of economic fluctuations such as those caused by the cost of living crisis on the long term outlook for the company.

Taxation Status: The company is a Registered Charity (Charity No. 264072) and as such is exempt from all Income and Corporation Tax liability.

Auditors: A resolution to reappoint Calder & Co. as auditors will be proposed at the Annual General Meeting of the company.

Public benefit statement under the Charities Act 2006

The Modern Law Review Ltd’s charitable purpose is to advance education. In particular, the objects of the Modern Law Review Ltd are to promote legal education and the study of law and all other arts and sciences, in particular those which are of interest to those studying law, by such means as may be deemed desirable including the publication issue and circulation of a journal, the organisation of lectures and discussions, and the donation or founding of any scholarships, prizes or other rewards or distinctions.

The Review satisfied these aims for the public benefit in the following ways in 2024:

Page 6

THE MODERN LAW REVIEW LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Plans for the Future

The Directors have agreed to commit £62,000 for the support of scholarships in 2025.

The Directors will continue to support academic seminars in areas of interest to readers of the MLR to a total of £28,353 in 2025.

The amount of the Wedderburn Prize for 2025 will be £750.

The Directors are giving active consideration to other activities which fall within the scope of its principal objects of promoting legal education and the study of law and related disciplines.

Approved by order of the members of the board of Trustees on 11 June 2025 and signed on their behalf by:

Michael Lobban

Michael Lobban

Secretary and Trustee

Page 7

THE MODERN LAW REVIEW LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE MODERN LAW REVIEW LIMITED

Opinion

We have audited the financial statements of The Modern Law Review Limited (the 'charitable company') for the year ended 31 December 2024 which comprise the Statement of financial activities incorporating income and expenditure account, the Balance sheet and the related notes, 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 charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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 charitable company'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.

Page 8

THE MODERN LAW REVIEW LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE MODERN LAW REVIEW LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are 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 gives 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.

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 our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, 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.

Page 9

THE MODERN LAW REVIEW LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE MODERN LAW REVIEW LIMITED (CONTINUED)

In preparing the financial statements, the Trustees are responsible for assessing the charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 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:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered and undertook the following audit procedures in response:

Page 10

THE MODERN LAW REVIEW LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE MODERN LAW REVIEW LIMITED (CONTINUED)

As a result of these procedures, we considered the opportunities and incentives that may exist within the charitable company for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgement. We are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the charitable company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of the material amounts and disclosures in the financial statements.

Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards and Charity Law.

With regards to laws and regulations relating to the operating aspects of the charitable company, these were discussed with management and were not considered fundamental to the operating of the business therefore should not have a material impact on the financial statements.

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: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Page 11

THE MODERN LAW REVIEW LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE MODERN LAW REVIEW LIMITED (CONTINUED)

Use of our report

This report is made solely to the charitable company's 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 charitable company's members 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 company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Calders(1883)LLP

Philip Ewen (Senior statutory auditor)

for and on behalf of

Calders (1883) LLP Statutory Auditor and Chartered Accountants 30 Orange Street London WC2H 7HF

11 June 2025

Page 12

THE MODERN LAW REVIEW LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024

Note
Income from:
Charitable activities
3
Investments
4
Total income
Expenditure on:
Charitable activities
5
Total expenditure
Net (expenditure)/income before net gains on
investments
Net gains on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2024
£
142,680
7,165
149,845
180,628
180,628
(30,783)
102,349
71,566
1,323,947
71,566
1,395,513		 Total
funds
2024
£
142,680
7,165
149,845
180,628
180,628
(30,783)
102,349
71,566
1,323,947
71,566
1,395,513		 Total
funds
2023
£
150,328
22,789
173,117
137,196
137,196
35,921
82,200
118,121
1,205,826
118,121
1,323,947

The Statement of financial activities includes all gains and losses recognised in the year. All incoming resources and resources expended derive from continuing activities.

The notes on pages 15 to 23 form part of these financial statements.

Page 13

THE MODERN LAW REVIEW LIMITED REGISTERED NUMBER: 00325282

BALANCE SHEET AS AT 31 DECEMBER 2024

Note
Fixed assets
Tangible assets
10
Investments
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within one
year
13
Net current assets
Total net assets
Charity funds
Unrestricted funds
14
Total funds		 140,034
92,934
232,968
(86,604)		 2024
£
400
1,248,749
1,249,149
146,364
1,395,513
1,395,513
1,395,513		 148,377
128,851
277,228
(95,274)		 2023
£
400
1,141,593
1,141,993
181,954
1,323,947
1,323,947
1,323,947

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on 11 June 2025 and signed on their behalf by:

Michael Lobban

Michael Lobban

Trustee

The notes on pages 15 to 23 form part of these financial statements.

Page 14

THE MODERN LAW REVIEW LIMITED

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

1. General information

The Modern Law Review Limited is a charitable company limited by guarantee, incorporated in England and Wales, registration number 00325282, charity number 264072. The address of the registered office is Old Building, Houghton Street, London, WC2A 2AE.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Modern Law Review Limited 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.

2.2 Company status

The charitable company is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the charitable company being wound up, the liability in respect of the guarantee is limited to £1 per member of the charitable company.

2.3 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charitable company and which have not been designated for other purposes.

2.4 Income

All income is recognised once the charitable company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income from charitable activities includes income arising from a revenue sharing agreement with publishers in respect of the publication of The Modern Law Review. The company's share of revenue (48%) from sales of the Journal and from sales of back issues of the Bound Volumes is recognised as income.

Investment income is recognised as received.

Page 15

THE MODERN LAW REVIEW LIMITED

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

2. Accounting policies (continued)

2.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charitable company's objectives, as well as any associated support costs.

Charitable activities and Governance costs are costs incurred on the charitable company's educational operations, including support costs and costs relating to the governance of the charitable company apportioned to charitable activities.

Seminar costs awards are recognised once a commitment has been entered into to support a Seminar. Scholarships are recognised as and when the commitment made results in the payment falling due.

Charitable activities costs include expenditure associated with the publication of The Modern Law Review, the cost of the annual Chorley lecture, Seminar costs, Scholarships and support costs relating to these activities.

Governance costs include those incurred in the governance of the Charity and its assets and are primarily associated with constitutional and statutory requirements.

2.6 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities incorporating income and expenditure account.

2.7 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charitable company; this is normally upon notification of the interest paid or payable by the Bank.

2.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Page 16

THE MODERN LAW REVIEW LIMITED

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

2. Accounting policies (continued)

2.9 Cash at bank and in hand

Cash at bank and 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.

2.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charitable company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities incorporating income and expenditure account as a finance cost.

3. Income from charitable activities

Unrestricted
funds
2024
£
Journal income from revenue sharing arrangement
140,034
Other royalties
2,646
142,680		 Total
funds
2024
£
140,034
2,646
142,680		 Total
funds
2023
£
148,377
1,951
150,328

4. Investment income

Unrestricted
funds
2024
£
Income from listed investments
4,807
Bank interest receivable
2,358
7,165		 Total
funds
2024
£
4,807
2,358
7,165		 Total
funds
2023
£
22,770
19
22,789

Page 17

THE MODERN LAW REVIEW LIMITED

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

5. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2024
£
Charitable activities costs
180,628
Analysis of expenditure by activities
Charitable
activities
costs
2024
£
Unrestricted funds
180,628		 Total
2024
£
180,628
Total
funds
2024
£
180,628		 Total
2023
£
137,196
Total
funds
2023
£
137,196

6. Analysis of expenditure by activities

Page 18

THE MODERN LAW REVIEW LIMITED

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

6. Analysis of expenditure by activities (continued)

Analysis of charitable activities costs:

Unrestricted
funds
2024
£
Scholarships granted
75,500
Scholarships granted prior year over required
(7,000)
Wedderburn prize
750
Seminar costs awards
53,166
Seminar costs awards prior year over required
(4,062)
Secretarial services
10,000
Administration costs
20,092
Production assistance
19,110
Early career workshop
6,623
Contribution towards editorial costs
(20,000)
Annual dinner & Chorley lecture
19,033
Website design and development
1,140
General expenses
383
Bank charges
138
Governance costs (see note 7)
5,755
180,628		 Total
funds
2024
£
75,500
(7,000)
750
53,166
(4,062)
10,000
20,092
19,110
6,623
(20,000)
19,033
1,140
383
138
5,755
180,628		 Total
funds
2023
£
86,000
(10,000)
750
-
(3,597)
10,000
20,728
20,020
6,734
(20,000)
19,342
1,140
670
155
5,254
137,196

7. Governance costs

Auditors' remuneration
Auditors' remuneration for non-audit services
Committee members expenses		 2024
£
4,475
875
405
5,755		 2023
£
4,075
850
329
5,254

Page 19

THE MODERN LAW REVIEW LIMITED

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

8. Auditors' remuneration

2024 2023
£ £
Fees payable to the charitable company's auditor for the audit of the
charitable company's annual accounts 4,475 4,075

9. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .

During the year ended 31 December 2024, expenses totalling £ 405 were reimbursed or paid directly to 3 Trustees (2023 - £329 to 5 Trustees) .

10. Tangible fixed assets

Cost
At 1 January 2024
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Office
equipment
£
400
400
400
400

No provision for depreciation has been made. It is the opinion of the Trustees that the current value of the asset exceeds the carrying value as above.

Page 20

THE MODERN LAW REVIEW LIMITED

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

11. Fixed asset investments

Cost or valuation
At 1 January 2024
Additions
Revaluations
At 31 December 2024		 Listed
securities
£
1,141,593
4,807
102,349
1,248,749

12. Debtors

Due within one year
Trade debtors
13.
Creditors: Amounts falling due within one year
Other creditors		 2024
£
140,034
140,034
2024
£
86,604		 2023
£
148,377
148,377
2023
£
95,274

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THE MODERN LAW REVIEW LIMITED

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

14. Statement of funds

Statement of funds - current year

Balance at
Balance at 1 31
January Gains/ December
2024 Income Expenditure (Losses) 2024
£ £ £ £ £
Unrestricted funds
General Funds - all funds 1,323,947 149,845 (180,628) 102,349 1,395,513
Statement of funds - prior year
Balance at
Balance at 31
1 January Gains/ December
2023 Income Expenditure (Losses) 2023
£ £ £ £ £
Unrestricted funds
General Funds - all funds 1,205,826 173,117 (137,196) 82,200 1,323,947

15. Summary of funds

Summary of funds - current year

General funds Balance at 1
January
2024
£
1,323,947
Balance at
1 January
2023
£
1,205,826		 Income
£
149,845
Income
£
173,117		 Expenditure
£
(180,628)
Expenditure
£
(137,196)		 Gains/
(Losses)
£
102,349
Gains/
(Losses)
£
82,200		 Balance at
31
December
2024
£
1,395,513
Balance at
31
December
2023
£
1,323,947
Summary of funds - prior year
General funds

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THE MODERN LAW REVIEW LIMITED

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

16. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2024
£
Tangible fixed assets
400
Fixed asset investments
1,248,749
Current assets
232,968
Creditors due within one year
(86,604)
Total
1,395,513		 Total
funds
2024
£
400
1,248,749
232,968
(86,604)
1,395,513

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2023
£
400
1,141,593
277,228
(95,274)
1,323,947		 Total
funds
2023
£
400
1,141,593
277,228
(95,274)
1,323,947

Page 23