Charlty Reglstratlon 265703 Company Reg15tratlon No. 01095065 {England and Wales) L.A.G. EDUCATION AND SERVICE TRUST LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 tc accounts . tax , legal . financial planning 76 New Cavendlsh Street London WIG 9T8
L.A.G. EDUCATION AND SERVICE TRUST LIMITED CONTENTS Pag• Company information Trustees, report Ind9peThlgnt audKofs report 9-12 Statement of financ4al activitS 13 statement of financial posié*)n 14 ststement of $h llws 15 Notes to the financial statements 16-29
L.A.G. EDUCATION AND SERVICE TRUST LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees Jullan Allen Or Laura Janes {Chair) Sonia Kalsi Oliver Rivers {Treasurerl Russell Conway Angela Patrick HeatherThomas Socrelary Mr O Ri¥Èrs Charity number 265703 Company number 01095065 PrfnclpaS addrw45 2nd Floc Gatehouse ChamboTS 1 Lady Hak Gate London WC1X 88S Reglstered office 2nd Floor Gatehouse Chambers 1 Lady Hale Gate London WC1X 8BS Auditor TC Group 76 New Cavendish Streot London W1G 9TB
L.A.G. EDUCATION AND SERVICE TRUST LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2021 The trustees, who are also directo of the Charity lor the purposes of the CoMpanS Act 20C6. have pleasure PTes8nting their Report and th¢ Fina101 Siatemgnts for Ihe year ended 31 December 2021, which are also pr8par8d lo meet th• requirements lor a direclors. report and financial statsm&nts for Companies Act rposes. The financial statements have been prepared in accordance with lh8 a¢counling poliogs s$1 out in note 1.1 of Ihe financial statements and compty with the chariws Memorandum arKI AJts'cles of Association. th8 Companies Act 2006 and "Accounting and Reporting by Charilies.. Stalernent of ReGommended Practice applicable to ¢harili&s pr&paring U)eir #cunIS in accordance wth the Financtal Reportin9 StwJard applicable in the UK and Repu1¢ of Ireland IFRS 102>" leffe¢lNe 1 January 20191. Sirvcture, govemance and managemenl Goveming document L.A.G. Education and Sotrvice Twsl knmiled fLAG"l is a company limited by guarantee and a rgyisl¢red Charity, incorpcKal8d on 8 February 1973. company number 01095065. and registored as a d)arity. number 265703. on 21 1973. The company was estsblished under a Memorandum of Associaln. vthich e$tabli$h8d th& object5 arid Fowers of the charitable company is govem8d uThl8r its Artbckn ofAssttiation. Th8 truslees The trustees. Iptho ar8 also thè d8ctrrfs thè PLJrrM)se of company law, vtho served during the year were.. JulHn All&n Dr Lauro Janes ICh8irl Sonia Kalsi OIIv8r Rfvers ITreasurerl Russell Conway Angela Patrick Heather Thomas Appoirtment oftwslees Recruitment to the trustee board is by elertion and cTrOpTr. At th9 2020 Antwal General Mo8ting IAGMI, the trusteos on tha board who had s¢Th¢d for tY+K) years resigned and eleclions wer8 h8ld for new Irusteos. The Memorandum and Articles of assoctalion prowded lor 11 trust88s lo bè and 7 to bo COvOPt8d. Angela Patrick, Russell Conway and Oliver Rivers were eleCte¢j to the board. organisat81 stnKture and decis making LAG Is both a registefed charity and company limited by guarantee. A board of seven trusttres and directOTS is re$pon$ibl¢ for thg govemance arKI strategic managemenl of the organisation. Board members arg elected at an AGM of all members and m88t 8v8ry months throughout the year. A staff tgam of five Is monaged by LAG'S thief executive offic*r. There are heads ol department: Publishing Director and Legal Action Ethtor. These post hohJ8TS are responsibl¢ lor mgn8yin9 department budgets. P8ypolw for senior slaff All Iruslees. who are also drectots. gfva th8lr tlme freety and none of them received remuneration in the year. The pay of the ChEef Executive Olfi¢%r fcEO"I 15 revithved annuany. akw with stsff salaries.
L.A.G. EDUCATION AND SERVICE TRUST LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORn (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 ObJoctlv•$ and •ctlvllle¥ LAGS ¢httrAt8bl& obj&ctiV8 To promote and advance education and knovAedg& of the law in lh8 United Kingdom Bnd secondly to relleve poor persons in the Uniled Kirydom by prorrK)ting and asStIng Vlith the provision of legal services whith would not otherwise be available to them through lack of means. L4Gs Vision Our vision is a fair legal system that exclLK1tr5 no on•. upholts equalrty and social justiet, Ènd rneets the needs of the people it serves. Legal Action Group supports and empowers those providing legal seNices and using the law to athievg justice for thosa who are disadvantaged, unable to speak for them5eNfes or who struggle to be heard. by-. Publishing and disseminating acSible. high quality. authoritstwe and up lo dale legal information and kno¥edge. Delivering education and training and creating opportunitS IOT the exchange of ideas. Being an aulhoriiativ8 voice Speaking up for justice arKI improving law and praGtic8. On thLs b8Sts. the Trusl88s confimi Ihat they h8ve fX)mp1d vlith the duty in s8ction 17 of the Charities A 2011 to have due regard to the Charity Commission's general gukfjan on publ benefit. Slr8legic alms LAG is a respected commentator on legal aKI and aC$S to ju$lice issues. The LAG brand is well known wthin the social jUste sector and stands for quality. As LAG reaches ils 501h year The conlent of our legal infomialion is high quality and our magaine, Legal Actw. is the main oulkl for our policy messages to achieve our vision. 80th the specralist kgal media and the wider prnt and tsoadcast media perceive LAG BS one of the leading commentators in this area of work. LAG'S slratsglc aims in line cwr vision are as follows: Strategic aim 1.. Publish $nd dI55errite acces5it4e. high quality. authoritative and up to date legal infomiation and knowledge. Strategic aim 2: DeThver educatton a1 training and creating opporbJniti&s for the exchange of idèa5. Stralegic aim 3: Be an authoritatNe voice spaaking up fcf justice and improving law and practicg.
L.A.G. EDUCATION AND SERVICE TRUST LIMITED TRUSTEES, REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Developing Slralegy The strength ol Ihe LAG brand has been constantty reinforced by the quality of ils publications 8nd training. LAG is a well-respected, valued and much-loved organisation thal 5its al the heart of the legal advice sector providing the tools to enable social Justi 18wyers lo do their jobs to a high standard and develop the law. 11 supports newer erilranls and allows them to benefil from the èxpertise of leading lawyers in their fields. LAG'S audience Can be dNi(Jed into di8bnct camps. wth drfrent infomiation needs.. tial ju31i¢e lawyers and legal adviser5.' and the wider a¢¢ess lo Justice community. who may have no legal qualffic3tion or training. There is considerable scope for recycling and repackaginy existing Ixjntent to reach r audiences., sgrvg existing audiences more fully", and incage retum on cost prIung copy. A kèy compon8nl of the new slr81egy is lo develop new ways ol delN8ring an¢J deVek)g the o)ntsnt to support the wder access lo justice ¢ommunity. In 2020 LAG ad8ptst1 to the tircumstances of the pandemic and th8 1Th)ve towards rne working. This was achieved by increased focJJs on avaitability of digtial products and the devekjpmenl of multi-user Ilcencos for larger organisations. The trustees are continuing to fc¢us on developiny the digttal strategy that would enable LAG lo re-package our Gontenl and deliver in new ways to our core aLJdience. Thts will be In a wider range of accessible. digital formats which will re4hape an(J dislil Gonlent lo tailoi il lor frontline advisors in the widef access to justice GOTnmunty- We will prioritisa the dev8bpment ol training prcyrams for specralist professions and support professions by Increasing the relevance of contenl across wider 8udiÈncÈs= in Èasy to obtain, affordable information lailor8d from existing cont8nt for dwferenl gTOUPS wilhin the wider access to justice communmy. LAG'S charitable 51alus and reputatn within the social justicè sector slands it in go stead fty partnnolabOratIng wlth a dfj range of prowdefs in this fièld. statefflenl (vj cafflpliance Charity Commis&on guidance The trustees have paid due regard to guKlance issued by the Charity Commisswjn in deciding what activ*bes the charlty should undertake. A¢hlev•ments and perfonnance LAG'S comrnercial adNilie5 in publKalh)ns and training meet the obj8drve5 of incTea5iThJ knowledge ol legal righls. particularty in Ihose areas of law that have the greatesl impact on the vulneiable and socially excluded Is1ratsg aim 1}. LAG now publishes over books on law ond practice. The Sale of these prowdes Ihe Largest source of venu& fof th8 charity. Much of the ac1iwty of the charity is Carried out lo expand the market for LAG'S products and to maintain an effirtent and sofvent business Istralegic aim 1). Al books are available In print and digital format and available to blry as'bundes. of prinudigital. PublAshing The award-winning Legal Aclion Magazine. a 48-pa9e magazine, PlUCed ten issues covering news, policy and fealures. The law and pradice seolion of the magazine covers every area ol social welfare law, inrni9ralion, prison law and criminal pracbce- kegping pra¢(itioners up lo date wilh the law on a monthlylquarterly basis. Books.. LAG publishes accessib. praclical gaI handbooks covering all aspects of social wdlare law and criminal justice in both prir)I lorm and as e-books. The advice is practical and jargon free and accessible to all lawyers and advisers. In 2021 new edition5 of LAG'S books were published including Defending Possession Proceedings. Empbyinent Lw. an atfviser'$ h8ndi>)ok, Supported Housing and the Law. Home$$ and Allocations. Housing PosseSs)n Duty Desk. EXtraditn Law. New tittes were developed includiro Jobs and Homes and ViGariws Trauma in the Legal Profession. Communty Care Law Reports ICCLRI. the onty law report devoted enb.rely to communty care law. were published quarterfy in print and online.
L.A.G. EDUCATION AND SERVICE TRUST LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 TraAning Events Our programme of online training cltinu9 IK)sbng over 1500 delegates, speakers and guests including: Thè Housing Conference, The Commurllty Care Conlerenc8. Thè Dark Art5 in Coroners Courts. Inquests and PU1C Inquiries. LAG also ran a series of training with the support of a gyant from TheriLwn: Houslng Possession Duty Desk training.. Beginner. advanced and advocacy. A number of online seminaF3 and book launches which Vre free to attend Ènd sign[fanIlY enhanced the reath of Ihe bks. inueaslng sales and 8xpx)sure. Oper8lionalReview The trusiee board commissioned an independent consullant to undertake an oryanl$8tional review of LAG'S current slruclure and praclices to ensure they are best suited to meeting the objectrves of the charity. Pr&mises LAG securèd a nèw home at 1 Lady Hale Gate. Gray's Inn. London WC1X 88S in 2021 are gratefvl to Gatehouse Chambers for their SUPF¥Jrt. The continimng de[[ in the rKtmber of CIV lega aid prowders is the m8in threat to LAG achieving ils objectives. Th8 reduction in the legal aid sector. due lo cuts in gaI aid rates. local govemment and other public spending. as well as the strain caused by Covtd. is anothèr $igntfi¢anl threat to LAG achieving ils strategic obieclives. LAG has respond6d well lo this need, incTeasing on-line publications and thè provision of nlI1-Ser Iken(s. The new strategy. of repackaging our content. and making rt available lo the wider access to justice secior. 11 increase revenue and reduce the threat caused by diminishing Wl aid toviders. Key Perfonnance IndicatoTr (KPI) for LAG'S 8Ctiwties are.. Increase in variety and sales of publications maa$ured by ad(*tions to existing bad(list of products and tumover: Incre8sed Subscriptior to the magozi Increase in new authors and IraineTS Increased revenue from training and conferprKe5", Extending the reath of LAG'S products to the wder access tojusb.ee communty al media profi measured by webs& traffic ar¥J Twitter and Facetrfjok folloWS
L.A.G. EDUCATION AND SERVICE TRUST LIMITED
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
Flnanclal revlew
LAG incurred an unrestricted surplus of £32.829 (2020: £15.5131 for the year and has a combin&d lolal
surplus £112,482 (2020.. £108.6131 in restrict8d and uNestrfclgd balances 81 the y68r end.
Books
Irme from Book sales was £333k in 2021. up £25k {8Y.) from £308k in 2020. CCLR income of £21k in both
years 15 included in book saS and totakg. The largest increases wthin the bwk sal85 were from EbcM)ks. with
0 £15k177%1 inc89¢ nCe 2020 of both individual and mutti user licence ElokS sales combined.
Magazines
Income from magazine subscriptrons dropped by £12k {9%1 from £146k in 2020 10 £134k in 2021. The
Iruslee's are reviewng how a strategy can be implemented to increase this income agabn.
Train1r & Events
Income from Course events in 2021 was £48k vs £33k in 2020. This is an increase of £15k145Y.I, which is the
result of having rrv)re events. and the n¥6 to on-Iln8 events, compare(1 to 2020 when we had many in
person events cancdled.
Granl In¢om&
Restricted Grant incomè indudes £2Sk for LEF lo work on LAG'S new strategy and £16k Irom Th6rium A9$$
fc the devek)pment ol the book.. Housing Possession Duty. A Pra¢lJ¢al Guidg 8nd training to SUFPOrt the
book.
Ovetvlew
Overall, expenditure in 2021 was conslstènt wlth the prior ye8r. There were inueases in reslricled costs ol
wages and direct costs, however this is to be expected wilh higher grant incom8 and hSghor b
L.A.G. EDUCATION AND SERVICE TRUST LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021 The trustees plan to increase the erveS by reviewing costs arvj redudrKJ costs where posslble. There is rnuch scope to increase our income on magazines once our intwnal systems have been tmproved. There is also the potanlial io in<g8se gvenl income by ensuring that the is a solid h)ryJ.lemi plan in place and Ihal events can be held in a fleXIe way to reduce cancellations if thèro are oxl8m81 la¢tors beyond our control. su( as govemment reslrictrons on events. The reslricted lunds are not induded in the Irvslee$' wew of reservè nèed¥ beousè these restricted funds are held for only a5 long as il is necessary to organise the relevant prcle¢ts. Nornially these fvnds a Spent within 12 months of recaipL The tolals funds held It? r&sÈrv8s 8t 31 December 2021 are £112,482 {2020.. £108,613). 01 this amount, unrestricted lunds showed a surplus of £108.83212020.- surplus of £76.0031 r8$tri¢l&d ftjnds showed a surplus £3.65012020.' surplus of £32.610). Risk managemenr The Iruslees have reviewed the major Iwglness. financial and strategic iisks to which the charity is expos8d and confimi that steps have been tsken to mthgate those risks. Thè main risk to th8 orgAnisalfion L% tho w)tinukng dedine in the numbers of finns and organisalions undertaking legal aid work and the narrowing of the margins on whKth the remaining firms operate. as these fimis have been LAG'S main customers. LAG'S new strategy of developing content lor the wider access lo justice community will enable a wder audience to use L4G's produ¢ts and thereby in¢fease revenue. A seCnd major risk Ls tho avallability of worknng Capitol. The charity has miligal&d Ihis rtsk by inaSIng ils unres110 re$8N&s. Costs are kept und81 ojnstant review and new markets arg bging developed for tho trading activitl8S. Plan8 for th ftrturn Below are some ol LAG'S pL4ns frjr 2022 and furthèr ahead.. Devolop a new model of training prcgrams for speaalist prof8ssions and support prof8sslon$ by increasin9 the relevancè of contènt across widèr audien¢es= easy lo obtain, affordable information tailored from 8xists.ng content for different groups within the wder access to juslice community. Fully revise our website lo improve access lo our books. magazines and events and to ¢rgat¢ 8 plattorm for sharing id8as and inspirin9 Innovalion and d&bate about new ways of delivering access lo jU51ic8, from Ihe UK an(J around the world. Develop partngr strategy with law centre$. CAB'$, thice centre5 and unNersilie5 to support Iralning and information needs and also content repository. Explore a membership nk)del aimed al our re audience and from whère we wll draw our writers and trainers. Nurture and support the next generats.1 of soc4al justice lawyers to WTile and campaJn on access to juslice issues LAG wll use the D)ntinue to raise ils profile as a commentator on legal aid and acc99S to jusli¢e, through the Legal Action m893zine 8ThJ other media outlets arKI lo play a ad1Thj ro in campaignlng on access to justice. Key prioritie5 for the magaine indude Increasing the proportion of young subscribers - trBinees, pupils and studen1$ by lailortng ¢onlgnl lo thostr age groups as well a5 marketing lo them more effectively. The magazine is also keen to expand its pool of authors so that we havè younger and more diverse voices in the maga21ntr. To use the 50th onniversary lo enhan and strength&n L4G's profi.
L.A.G. EDUCATION AND SERVICE TRUST LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORn ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 statement of Trustees. responslbllltSes The trustees. who are aL80 the directors of L.AG. Educ•bon 8nd Ser¥ice Trusl Limited for the purpose ol ¢ompany18w. are responsib for preparing the Trustees. Report and the financial stalements in a¢o)rd8n( with applicab law and Unhled Kingdom Accounting Stsndards (United Kingdom Generalty Accepted Accounling Practs.l. Cornpany Law requires the trustees lo prewe financial staiaments for each financial yèar whK gwe a tru8 and fair view ol the state of 8ffairs of Ihè charity and of the iring resources and 8p1¢8b0n of reSoUrs. Includlng the income and expendilure. of the charitabk company tor that year. In preparing Ihese finanaal slatements. the trusteas arè required to.. - select suitable accounting poli¢ie$ and then apply them consistentty; - obsBrve the mathods and principles In the Chartfies SORP: - make judgements and estimates that arè reasonab and prudenL and - prepare the financial statsments on the going corKem basis ksS it is inappropriat8 to presume that th& charity will continue in operalion. The trustees are responsib for keeplng adequate accounling records that disck)se with reasonabte accuracy t any time the financial p05itBJn of the charity and enable them to ensure that the finanrial $tstgmgnts cornply with the Companies Act 2006. They are also responsib lor safeguarding the assets of the charity and hence for taking reasonabl& Stsps for the prevention and delection of fraud and othèr IrregukidJès. Auditor In accordance with the companls artides. a resolution proposin9 that TC Grt>up be reapwinteil as auditor of Ihe ¢ompany 11 be ptrt al a General Meeb'ng. Dlselosur• of Infomiation to audrtor Each of the truslees has confirmed that there no informaln of whKh they are aware vthich is rol&vanl to the audit. but of which the auditor is unaware. They have further oyffimièd that they have taken appropriate steps lo identify such relevant Informat and to establish that the audilor is aware of such information. The Trustses. rgport was approvet1 ty Ihe Board of Trustees. Oliv•r Rlv•rs (Trnasurer) Trustee Dated..
L.A.G. EDUCATION AND SERVICE TRUST LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LAG. EDUCATION AND SERVICE TRUST LIMITED Oplnlon We have audtted the finanual statements of LA.G. Education and Semce Trust Limited (the 'charity'l for th8 year ènded 31 Decèmbor 2021 which comprise Ihe ststement of firkincial activities, the statement of financial position, the stslemenl of cash flows and Ihe noles lo the financial slatemtsnts, including a summary of Slgnificant accountiNJ policies. The financial reporting Iramework that has been applied in their preparation is applicable law and United Kingdom Accountiny Standards. induding FinanThal Reporting Standard 102 The Finanu'al Rgp(Jrting Sl8ndard aPpItsIe in the UK and Ropublic of Ireland (Uniled Kingdom Generally Accepted Accounting Practice). In our opinion. the fin8ncSal ststements: giv8 a trug and fair view ol the stste of the chalitable companvs affairs as al 31 December 2021 and of its incoming resources and application ol resourc8$. for the year then ended- have been properfy prepared in accordance with Unlted Kingdom GenerdllyAccepted Accounti Pracllce,. and hav8 been prepared in ac£c&dance with the requtremènts ofthe c<)mpan Act 20. Basls for oplnlon We conducted our audit in a¢¢ordan¢e wilh Intemational Standards on Auditi'ng (UK) (ISAS IUKII and applicable law. Our restx)nsibilibes under those standards are rther desuibed In the Auditoffs 8p(billtses for the eudit of the financ1 slalem&nts seciion of our report. We are independent of the charity in acrdance wth the elhlcal rtsquir8menls that a relevant to our audit of the finanal ststÈmÈnts in thÈ UK, including the FRC'S Ethical standard. and we have fvffillod our other elhical responsibilities in accordance with these requlrements. We believe that the audit evidence we have obtained 1$ suffiuenl and appropriate lo provide a basis for our opinion. Concluslons relatlng to golng ¢Onrn We have nolhing to report in re¥)ect of the fdlowng rnatte in relation to which the ISAS IUKI requrre us to report to you where.. the Trustees. use of the goiro concem basis of a¢(x)unltng in the preparation of Ihe financial statements is not appropriate- or thè Irustoes have not dis¢k)sed in the finanaal statements any IdenufEed maledal unlxrtainlies that may cast signfficanl doubt about the charity's ability to continue lo adopt ihe going concem basis of accounting for a period of al least trHefve months from Ihe dale when the finarKial stalempnts are aulhorised for issuo. oth•r Informatlon The Irustees are responslble for Ihe other information. The other inf0mtIOn cornprises Ihe infomiallon included in the annual report, other than the financial Slaterrnts arKI our auditor's report thereon. Our opinion on Ihe financial statements does not cover the other inforniation and. except to the extenl otheMs¥ eXpliGY 51ated in our report. we do not exprass any fomi of assurance conclusion Ihereon. In connedion with our audit of thÈ financial staternents. our responsibility is lo read oth8r information and, in doing so. consider whether the other infomialKJn Is m8teri8lly InnSiStenI with the financial statements or our knowl8dg9 obtain1 in the audit or otherwise appears to be malerially misstated. If we Idenlrfy suth material inconsistencies or apparent material misstslernenls, we 8re required to delem)ine whether therg is a malgrial mlsstalemenl in the financial statements or o material mi&8tatement ol the other infoTm8tion. W. based on the work we have perfom)ed, we conclude that there is a material misstatement of this Other infomiatk>n, we are required to report thal lacL We have nothing to report in this regar(i.
L.A.G. EDUCATION AND SERVICE TRUST LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF L.A.G. EDUCATION AND SERVICE TRUST LIMITED Oplnlons on other matters prescrlbed by the Companle$ 2006 In our opinion, based on the work undertaken in the wjrse of our audit.. the inlomialion given in the Trustèès, Rewjrt, whiGh indude5 the director5, report prepared for the purposes of company law. for Ihe ffinana year for lch the financial Statements are prepared 13 consistènl wlh tha finanoal $talemenls.' ant1 th8 directors. r8port Included wlthln the Trustees. report has been prepared in ac(x¥dance wth applicable legal requirements. Matters on whlch we are requlred to report by exceptlon In the light of the knovAedge and understanding of thè chanty and tls enwrtjnmenl obtained in the course of the audit, we have not identified malerial misstalements in the directors. report induded wilhin the Twstees, ieport. We h8ve nothing to report in respect of the fdlowng matters in relation to which the CoMpanS Act 2006 requires us to report to you rf. In our opinbn.. adequate accounting records have not been kept. or ffjtums odequats ft)r wr audrf( have not been received from branches nol visll8d by us: or the financial 5talements are not in agreement wilh the awunting reths and reiums.. or certain disclosures of trustees. remuneration specified by law are not made,. or we have not received all the inlomiation and explanations requirp for our audiL or the tnjstees were not entiued to prepare thè ffinanoal Statements in acrdanCe ¥Mlh the $m811 companies regimÈ and takè advantage of the small companies. exemptKJns in preparing the Trustees. report and from the requiremenl lo prepare o slrategic rew)rt. Rèsponsibilities ol trust• As gxplained more fvlty in the statement of Tw5tees' responsibilities. the trustees, wk• a also Ihe diroctors of the charity for the purpose of company law. are r8sponsible for Ihe preparation of th? financial statements and for being satisfied that thoy give a true and fair view. and for such internal control as the trustees detemiine is necessary to enable the pParatn of finanoal ststements that are fro8 from matsrial mlsststemenl. whether due to fraud or error. In preparing the financial slatsments, the IteeS are rnsponsib$8 for assesslng th8 chèrfty's abllity to conllnue as a going Goncern, discb5ing, as applicable, matters related lo going conrn and using the going concern basis of accounting unless the trustees eilheF tend to liquidate the Gharitsble company or to ase operations, or have no realistic allemalive but lo do so. Auditorfs responsibilities for the audlt of th• financlal stal•mènts Our objedives are lo obtain reasonable assurance about whèther tho financial $talgm8nts as a whde aro free from material misstatemÈn1. whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a hlgh level of assurnnce. bul is nol a guarantee thal an audit dUcted in accordance wilh ISA5 (UK) W11 aayS detect a malerial missiatgment wh8n it èxists. Missiatamènts can arise from fraud or èrror ar are fAJnsidered material rf. individualty or in the aggregate, they could reasonably be expected to infiuence the economic decisions of users laken on the bosi8 of these finan¢i81 statements. Irregularities. including fraud. a instancès of non-wmplianc8 L3Ws and Tegulations. The extent lo which our procedures are Capab of detecting irregularities. induding fraud. is detailed beknw. Extent to whlch the audit was consldor•d capabk of d•t•ctlng Irreyularitlès, Ineludln9 fraud The obieclive5 of our audit, in respect to fraud, are.. lo identify and assess the risks of material misstatement of the financial stslemenls due lo fraud.. to obtain Slrffiuenl appropriate audrt evhyence regarding the assessed risks of material misstatement due to fraud. through designing and IMpmentSg appropriate respons8s: and lo respond approprfately lo fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both Ihose charged vAlh govemance of the enlty and 115 management. 10-
L.A.G. EDUCATION AND SERVICE TRUST LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF L.A.G. EDUCATION AND SERVICE TRUST LIMrrED Our approath was as folk)ws: . We identified areas of laws regukilions that could reasonably be expectèd to havè a matgrial effect on the financial statements from our general ¢Aynmertyal and seclor experience. and Ihrough dt5cussion with the directors and other managemenl {as required by auditing standards). and dlscussgd wlth the directors and olher management the pc4Kxes arKI wocedures regaTding compliarKe laws and regulations" . We idered the legal and regutOry fraMeWckS direcdy appkable to tt)e ffinanLial statèmsnts reporting framèwork (FRS 102 and the Cmipanies Act 2c} and the reVanI tax compliance gUlationS In the UK.. We (sidered the nabjre of the industy. the control environment and buslnÈss perfornance, includiryJ the key drivers for rnanagement's TernUrration: . We commUrCated Idantrfd and regulalw)ns (wrteam arKI remained alert to any indi¢atirms of rn-cOMplian¢e thrcHJghout the aud( . We considered Ihe pr(xethJfes and cffitrob that Ihe company ha5 established lo addres5 risks identified. or that otherwfse prevent. deter and detect fraud: aThJ SOnr management MonOr$ ihose programmes and ntrols. Bas8d on Ihls understand1 we deswed (r a11 Procedures to idenbfy nOnlIanCe with such laws and regulations. Ilhere th8 iisk tNas conSKd lo be hwjher, we perfryTrd •udil procedures to athjress each KJentffjEd fraud risk. These FedureS indud&J'. testir¥J manual Irnal$.. reVWl9 the fmancial statement disdosures and testing to supwrtlng d0mentatIon. performing analytiral toCedureS.. and enquiring of man•3erwL and were designed to provmle reasonable assuranc8 that the finanaal ststgnwts were freè from fraud or error. OwirwJ to the inherent ffim1lati( of ) a11. is unavohjth Ir that we may not have detected some material misstatements in the financial slalem8nts. even w8 have plamed and rwf(Thed our 8udlt In a¢o)rdance w6th 8uditing standa. For exarnp. the lurther removed noTrccxnpliarKe vAth laws and regulations {iThegLlaribesl is from th8 trans810Th$ rellted tn the financial statements. the less likely the tnherentty lirNted proca*Jres required ty auditirwJ slandards Wj identify il. Thè risk 15 a150 greater regardlng irregularilies (KXUrriThJ due lo fraud rdther Ihan error. as fraud involves intentional concealment. forgery, Co1on, omission or misrepresenlation. We arè reStrA¢ for wevenb'ty WH¥)mpli8e arKI cannot b• 6xpect&d to dètect FKjrrXyrnp1l8ce wilh all laws and regulations. A further klesuiption of our respNtsitilties 15 avaikbte on the Fina1 Rewxting Counufs website at.. bLtQLII r-WorklAuditlAudrL-and-assuraneel tandard -for- audilors/Audilors-res onsibililies-for- x. This deption fS part of our auditor's rerKJrL 11
L.A.G. EDUCATION AND SERVICE TRUST LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF L.A.G. EDUCATION AND SERVICE TRUST LIMITED USB of our report This report is made SOlY lo the charitable ¢ompanYs member5. as a Jy. in acoJrdarKe with Chapler 3 of Part 16 cf the Companies Ad 2(X)6. Our audil work has beon undertaken so that we miyhl st81e to the charitable compan$ members those matters we are required lo state to them in an auditors, report and for no othèr purpose. To the fvllesl extent pemiitted bylaw. we do not a(xepl or assume responsibility to anyone other than the Charitab company and the charrtable company's members as a body, for our audil work, for thi5 report, OT ffx tho oplnions we have fom)ed. Mark L•vy (Senlor Statutory Audltor) for and on behalt of TC Group stutory Audltor Office.. London Dale.. 0710912022 12-
L.A.G. EDUCATION AND SERVICE TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021 Unrestrlct R•$trlcted Total Unrestriclo Restricted Totsl funds 2021 fund$ 2021 funds 2020 fijnds 2020 2D21 2020 Not•s Donations and grant income Charitabla activities Invèstmen18 10.819 514,656 43.107 53.926 14.114 37.725 514,656 487,174 39 13 51.839 487,174 13 T¢tal incorn• S25.514 43.107 .821 501.301 37,725 539.026 Trdltur• on.. Raising fvnd$ 430 430 Charitable a¢lfves 492.685 72.067 564,752 487,084 18,788 505.872 Total r•sources expendgd 492,685 72,067 564.752 48T.514 18,788 506.302 Gro88 transfers behveen lunds 1.726 11,7261 Net incom¢ll¢xp•nditure) for the y•arl Not movemenl In funds 32.829 128,960) 3.869 15.513 17.211 32,724 Fund balances a11 January 2021 76,003 32.610 108.613 60,4 15.399 75.889 Fund balances at 31 D•¢¢mber 2021 108.832 3.650 112.482 76.003 32,610 108.613 The statement of financial actsths indudes all g8ins K1 bsses re(rynised in the year. All Inwne and expenditure derive from contiNing ac11ties. The statement of financial activitres also cor)lIeS wilh the rewirerrwts for an Income and expgndtture account under the Companies Ad 2006. 13-
L.A.G. EDUCATION AND SERVICE TRUST LIMITED STATEMENT OF FINANCIAL POSITION AS A T 31 DEGEMBER 2021 2021 2020 Note$ Ftx*d assots Tangible assets 11 5.979 2.546 Current ass•ts Stocks Debtors Cash al bank and in hand 12 13 79.260 105.990 86,829 62,561 99,040 109.054 272,OT9 270,655 Creditors: amounts falllng du• tAlthln on• y•ar 15 {130.7401 {113.3011 Nel CUTrenl assets 141.339 157.354 Total ass•l$18$$ ¢urrent Ilabllltles 141,318 159.900 Credltors: am¢unts falllng dut after mofe than on8 year 16 <34,836) {51.2871 Nel assets 112,482 108,613 kncome funds Restricted funds Unrestii¢lod funds 18 3,650 108.832 32,610 76.003 112,482 108.613 The financial statements were approved by the Trustees on ..1.8 ..... Dr Laura Janes (Chalr) Trustee Oliver RNers ITr8asurer} Trusts# Company R•gl$lratlon No. 01095065 14-
L.A.G. EDUCATION AND SERVICE TRUST LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021 2021 2020 Cash flows from operating act5¥ltl•s Cash labsort)ed byygeneraled from operatsons (12.0071 40,465 Invèsllng amIleS pUrdse of tangible fixed as58ts Inlefe31 rgceived (4.739) 39 12.8251 13 Net e•sh used In investlng actlvltl•s <4,7CK)I 12.812) Flnanclng acllv5tl•s Proceeds of new bank h)ans Repayment of bk loans 50,000 15.518) Net ¢a$h lu$ed inllgentrated from flnancing actlvltEes {5,518) 50.000 Net Id•cr•as•)Ilncr•as• In ¢ash and ¢4sh •qufvalents (22.225) 87.653 Cash and cash 8qufvaIts at nrIng of y¢¥ 109,054 21.401 Cash and ush •qulv¥knts at •nd of y•ar 109,054 15-
L.A.G. EDUCATION AND SERVICE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Aceountlng pollcl•$ Charity Infomiiti¢)n L.A.G. Education and Service Trust Miled is a private company limited by guarant&e incorpr)rat¢d in England and Wales. Thè r8gistèrè(l offi¢è ar place of ExJ$lness are 2nd Fk)or, Gatehouse Chambers, 1 Lady Ha18 Gale, London, WC1X 88S. 1.1 Accounting conventlon Th8 finanaal slalements hav& been prepared in accordance with the charity's Igovgmlng documentl, the Companies A¢t 2006 and 'Accounting arKf Reporting by Charities." Statement of Recommended Practic8 oppllcable to charits.es preparing their a¢¢ounts in a¢cordan¢o With Financi81 Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021. leffeclive 1 January 2019). Th8 chaiity 1$ a Publ1¢ Benefit Entity as defined by FRS 102. The financial slalements are prepa in sterting. hthich is th ftJn(onal c(wren¢y of the Charity. Moneiary amounls in ¢hese financial 5talemenls are rtyjnded to the nearest £. The finandal statements have been prepared under Ihe historical cost convention. The principal accounting polici8s adopted are sel oul below. 1.2 Go5ng conc•rn Al the lime of approving the finanaal stat6m8nts. th8 tnjslees havè a r8asonabl8 expectslSon that the charity has adequate resources lo continue in operational e$tence for the foreseeab fulure. Thus the Irustegs continue to a¢Jopl the goirrtj ¢oncem basis of a¢counliNJ in preparing the fin8nci81 stslements. 1.3 Charltsbl• funds Unrestricted funds 8rè av8118bKg for use at the dls¢r8bon of the tnjslees in furtherance of their tharilable oblectives bJnles5 Ihe funds have been desMJnated for other purpose$. Restricted funds are subiect to specific Condltks by donors 8$ lo how thgy may b& used. Tho purp08e8 and uses of the restricted funds are Set out in the notes to the financial statements. Endowment fuThJs ar8 subje¢t to speclfi¢ w)dlllons by don0 that thtr Ca181 mu51 be maintained by the charity. 1A Incomlng r•sourc•s Income Is recKJgnisod when the tharlty Is bgally entitled to il after any perfom)an¢e conditions have bèen mat. Ihe 8mounls can be measured reliatdy. and il is probable that income will be received. Cash donatlons are ro¢ognlsod on rocetpL Oth¢r donab.ons 8ro roownised onco the charity has been notified of the donalKn. unless performance ConditnS require deferral of Ihe amount. Incom8 tax recoverable in relation to donations received under Gift Aid LY deeds of covenant is recognised al the lime of the donation. Income from grants 1$ recognised when the tharity has enli118m8nt lo Ihe funds, any r*rfomance condrtions attached to Ihe grants have been met. it is probabbe that Ihe income will be CeIVed and the amount can be measured reliabty and is not delerred. These granls lend lo be for sp8cAfic purpos•$. f example. the writing of 8 report. and are Ihèrèfore trèated as rÈstri¢tèd funds. Income rg¢elvod for fvture course5 and Legal Action Magane and CCLR Subscriptions rocoiv8d In advance are defefred until the charty is entitled to these anKJunts. The anK)unts are released lo the 8lalemenl of financial activblies in Ihe period to which il Idates. 16-
L.A.G. EDUCATION AND SERVICE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2021 Ace¢wntlng pollelas {Continu•dl Income from Legal Actlon magazine and CCLR sales are apportioned evenly over the perfod of the sUbripl]0n. The Charity offers subscription lerrfJths of either 1 yoar or 2 y$015. Income from ixxjk sale5 are recognised in the rnIh of sal8. Intsrest Is Inchjded when receivable by ihe charity. 1.5 R•sources ?xp•nd8d Liabllities are recognised as èxp8nditur# as so¢m as tre 15 a legal or CnStructive oblig3tKJn Commlttlng the charity lo Ihal expenditure. it is Fffobabl8 that Soubment wll b8 required and the amount d the obligation can be measured r81iabty. JI expendilure is accounted for on an a¢cruals basis, indusive of ary VAT wthich cannol recovered. All expenses including support costs and govemance costs are allo(le(l or apportioned lo the applicable expenditure headings. Certain expenditure that can be d1Ctty attributabl8 to sp8dfle activtbes has been induded in those cost cate&Ksrtes. Certain olher rx>sts. are attributable to more Ihan one actiwty. are apporiloned a¢ross cost categories on Ihe basis ol an 8slimalg of the kyoporbon of t¥ne spent by staff on those activities. The direct costs of funthai$ing a¢li¥ibe$ aTrJ the pro1( ol overheads rBquired lo support Ihe5e advlues. Govemance costs are those incurrad in the govomance of the tharity aTrJ are primarity associated with constllulonal and stslutory requiremenls. sup costs 8re those expenses kncurred to suFporl the xlNilles In furtherance of thè charivs obiects. 1.6 Tanglbh fixed a$sets Tangible fixed assets are initially asured at v)sl and subsequgnlly mea8UTed at (xjsl or valuation. not of depr8eiation and any impairment rosses. D8preoalion is ro¢ognl$gd $0 as lo lte off the cost or ValUatn of assets knss thgir residual val$ over their usoful lfves on the followrvJ bases.. Flxtures and rIngS 33.33% straWtI The gain or loss arisin9 on Ihe rfisposal of an asset is delemined as the difference beeen thg sale pro¢oed$ and tho ¢8ryiry value of the assel. and is recognised in nèt Incomèllexpenditurel for the year. 1.7 Stock$ Stocks ore ststeil at the ltr of cost and estimated selSng price loss costs to c¥)mplele and $ell. Cost comprises direct materials and. where applicab. direct labour costs and those ovetheads that have been ¢urTrd in bringing the stocks to their present kncation and condrtion. Itèms he for di5tribulion al no OT nominal consmleration are measuwd the bwer of replacement cost and cost. Nel realisable value is Ihe es14maled selling prfce kn5 all e5tknated costs ol compleb'on and costs lo be Incwred in marketing, sellng and distrfbuUon. 1.8 Cash and cash •qulvalents Cash and cash Ul¥alentS include cash in hand. deposits hekl al call with banks. and bank overdrafts. Bank overdrafts are shown wlhin trfjrrowings in jIreI liabilities. 17-
L.A.G. EDUCATION AND SERVICE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 A¢¢ountlng pollde$ (Continued) 1.9 Flnanclal Instrum•nts The (arity has elected lo apFdy the provisions of SoctKfft 11 'Basi¢ Finan31 Instnjments.. Financial instruments are recognised in the charitys balance sheet when the charity beeomes party to the contrathl prOon$ ofthe instrument. FTnanaal assets and IkHbililies are oftsel, wih Ihe net amounts presented in the financial stalemenls. when there Is 8 legally enforceable rtghl to sel off the cOgnised amounts and there is an intenb.on lo settle on a nel basis or lo reali5e Ihe asset and settle the liabifily simu11aneous. 61¢ Ilnan¢lalassets Basic financial assets. which indude debtors and cash and bank balances. are inittaly measured al transaction pri¢tr including transaction costs and are subsequently carried at amortised o)sl using the effective interest method unless the arrangement constitutes a financing transaction. where the transadion 15 measured al the present value of the future repts discounted at a market rate of interest. Financial assets claSri&l as receae within one year are not a•Sed. BasA¢ finan¢lalllabllitl¢$ Basic financial liabiles. including Credito and h)ans are initially recognised at transaction pric8 unlèss th8 aThangem8nl conslilutes 8 financing transaction, where the debt inslrument is measured at the Present value of the future paymenis discounted at a market rate of inte$t. Finan¢ial liabilities dassifigd as p8y8blè within onè year are not amortised. Debt instruments 8r8 >Jbsequenlty carried at amortised cost. using the effectNo inlerest rale meth(Kl. Trade Creditors are oblHJations lo pay for gc#)ds or services that have been acquired in the ordinary ¢ourse of operations ftom suppliers. Amounts payable are dassthd as current liabilities rf payment is due within one year or less. If not. they are presented as rn-0Jrrent liabililies. Tradè creditors ar8 recognised initial al transa¢tw prir• and subSeqUenY rrwured 8t WfKJrlised cost using the effectNe interest method. Dw•cognition olfinancialliabilities Financial liabilitw ar8 darac0lsOd when Ihe (tharitys c¢)ntractual obligations expire or discharged or cancelled. 1.10 Employèg bonrfits The cost of any unuged hdiday entiuement is reClSed n the perKMI in which the emph)yee's serwces are recetrd. Tominalion boneffts are recognised imrnediatety as expense when the charity is demonstrably committed lo iom)inate the emptynI of an eMpkn orto provtde lemiN4tion boneffits. 1.11 Retlrement benefits Payments to defined ccffttribulion retiMent benefft s¢henws a Chad 8$ an expense as they f811 due. 1.12 Gov•rnm•nl grants Gov8rnm8nl giants arè r8cognlsed at the fair value of the asset I1Ve or r&ceivabb when there is reasonable assurance that the granl condi1nS will be mel aThJ the grants wll be ieceived. A grant that spec4fias p8rfomwnce coNlitions is ro¢rNJnisod in InMe Vh&n tho perfonnanf* conditions are met. Where a grant does not specfy performance conditions it is recognised in income when the oceeds are received or receivable. A grant received before the recognrtion ¢rrteria are sab'sfied is rec%)gnised as a lithlty. 18-
L.A.G. EDUCATION AND SERVICE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Crltl¢al a¢¢ountlng osllrnates and ludgements In the applicalion of the Charis a)UntIng polie$, the trustees are required to make judgements, estimates and assumptions 8boul the carrying amunt of assels and liabili1S Ihal are not readily apparent from olher sources. The estimates and 8SSOClated assumptTrE>fiS are based on historic81 experience and other factor5 that are considered to be relevanl. Actual results may differ from thes8 estimat&s. The estimates and underfwThJ assumptws are revievml on an ongoing basis. Revlslon5 to accounting estimates are recognised in Ihe period in %thich Ihe eslimate ts revised whorè (he revision affèts onfy that period, or in the period of the revision and future perKJs where the revision affects both current 8ntJ future P8riods. In the opInn of the directors there are no signrficanlNtyments or ar& of estwnalion uncertalnty. 19-
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L.A.G. EDUCATION AND SERVICE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Charttabl• a¢tlvltl•s 2021 2020 L89alAC1 magaiintr sales Book sales Courses income 133.542 333,079 48.035 146,027 307,997 33,150 514.656 487,174 Inv•stm•nls Unr•strl¢led funds Total 2021 2020 Interest reeeivable 39 13 Ralslng funds UnrestrS¢led funds Total 2021 2020 Fundraisin an Other fundraising costs 430 430 -21-
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L.A.G. EDUCATION AND SERVICE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Trust•es None of the trustees lor any persons connected with Ihernl received any remuneration or benefits from the charity during the year. 10 Employees Numb•r of •mployees Th8 avgrago Month number of empk)yg0s during the year was.. 2021 Mumber 2020 Number AdministratK>n Publishing Editorial Employment costs 2021 2020 Wages and salaries Social security o)sts Other penslon (>)sts 227.805 17,401 14.661 211,108 17.494 14,531 259.867 243.133 There wore no empknyees wthose annual remuneration was £60.000 or mo. 11 Tanglblo flxed as$•ts FIMiur•s •nd ffttln Cost At 1 J8nu8ry 2021 Ad¢Jits'ons 6.845 4.739 At 31 0èc8mbw 2021 11.584 D•preclatlon and Impalrni•nt At l January 2021 Dopreualk)n charged in the year 4,299 1.306 Al 31 December 2021 5.605 Carrylng #mount At 31 De¢ember 2021 5,979 Al 31 December 2020 2,546 -24-
L.A.G. EDUCATION AND SERVICE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 12 Stocks 2021 2020 Flnlshgd goods and goc4Js for resale 79.260 62,561 13 Debtors 2021 2020 Amounts falling due within one year: Trade debtors Other dtblors Prepayments and ac¢rued income 83,213 1.678 21,099 85,839 257 12.944 105,990 99.040 14 Loans and overdrafts 2021 2020 Bank bans 44.482 50.000 Payabk within one year Payabk after e year 9.646 34.836 50,000 15 Cr•dltors: amounts falllnB duo wlthln one year 2021 2020 Nol•s Bank loan5 Other laxatv)n and swal securty Deferred income Trade creditors AccruaL% 14 4.686 43.675 57.380 15,353 8,388 52.186 30.019 22.708 17 130.740 113,301 16 Creditors: amounts falllng due after more than one year 2021 2020 Bank bans Deferred income 14 17 34.838 50,(4)0 1,287 34,836 51.287
L.A.G. EDUCATION AND SERVICE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 17 Dèforrod Incom• 2021 2020 ArSsing from deferred membership subscriptions and WJTse fe8s 43,675 53,473 08f8rred income is induded in the financial statements as fo. 2021 2020 Current liabilities Non-tsjrrenl Ikabilities 43.675 52.186 1,287 43.675 53.473 -26-
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L.A.G. EDUCATION AND SERVICE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 19 Anatysls of net assèts bets¥een fvnds UnTe$tricted R•strlctsd fund¥ funds 2021 2021 Total Totsl 2021 2020 Fund balances al 31 December 2021 are represented by.. Tangible assets Cuent assetsllliabilities) Long lemi liabillb.es 5.979 141,339 {34.8361 5.979 141.339 {34.836} 2.546 157,354 151,287) 112.482 112.482 108.613 L8gal status of the charity The charity is a company limited by guarantee and has no shara Capital. The Irability of 8aeh member in the event of winding up is b'miled lo £1. 21 Relat•d paity transactions R•mun•ration of key managgmgnt p•rsonn•l The remunoration of key rnanagemgnt personnel is a8 folkws. 2021 2020 Aggregate compensation 113,350 102.030 22 Cash g•nerated from op•ration$ 2021 2020 Surplus for the year 3,869 32,724 Adjustments for.. Inve51menl income recoJni$8(I k) statement of financial advllles Depreaation Impalml of tangiTrAe fixed assets {39) 1.306 (131 1,495 M0VenlS In wrkIng capital: IlncreasÈydecrea5e in stocks Ilncreaseydecrease in debtors Increaselldecreasel In crgdito IDecreasel in deferred Incorne (16,6991 {6.9501 1fj.304 19,798) 21,125 26.810 133.8741 17,8021 Cosh l•bsort)ed byyg•n•rat•d frorTr operallon5 (12,7) 40,465
L.A.G. EDUCATION AND SERVICE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 23 AnalyBls of changes in n•t funds At 1 Januwy 2021 Cash Ih)ws At 31 OeG•mb•r 2021 Cash at bank and in hand 109.054 (22,2251 86,829 Loan5 falling due wlhlh one year Loan5 falling due after more than ¢)ne year 19,646) 15.164 19,6461 134.8361 150.0(KJ) 59,054 (16,7071 42,347