Company reglstration number.. 01095065 Charity reglstratlon number.. 265703 L.A.G. Education and Service Trust Limited IA ¢oMpany Ilmlted by guaranteel Annual Report and Fln8ncS4l Staternent$ forthe Year Ended 31 December 2024 Fleld 5ulllvan Umited 9 Hare & Blllet Road 8lackheath SE3 OR8
L.A.G. Education and Ser¥ice Trust Llmlted Contents Referehce and AdmTni5trative Details Trustee5' Report 2to8 Independent Examlner'5 Report 9tolO Statement of Flnancial ArtlvitlÈs li Balance Sheet 12to13 Statement of Cash Hows 14 Notes to the Financlal Statement5 15to26
L.A.G. Educatlon and Setvlce Trust Llmited Reference and Administratlve Detalls rrustees Julian Allen Rosalind Bragg Amanda Groves Charlotte Hu8hes Llsa Lind8 astalr Logan Adrlano Moraes lanathan Robins CharStyR4glstratlon Number 265703 Ctrmp4ny Rogtstratlon Number 01095065 The charty is Incorporated in En8land and Wales. 2nd Floor Gatehouse Chambers l Lady Hale Gate WCIX 8BS Re%lstèr•d Offi¢q Independent Exatnlner Field Sullivan Limited 9 Hare & Billet Road Blackheath SE3 OR8 Pa8e I
L..A.G. Educatlon and Service Tyust Limited Trustees, Report The Trustees, who are also tllrector5 of the charlty lor the purposes of the CompanlES Act 2tK)6, have pleasure In presentlng thelr Report and the Flnanclal statements for the year ended 31 December 2024, which are also prepared to meet the requlrements for a dlrector5' report and financlal statements for Companie5 Act purpose5. The flnanclal statements have been prepared in accordance wlth the 4¢counting pollcies set ot In note 1.1 of the financial statements And Comply with the Charity's Memorandum 2nd Artlcles of A9SOCi8ticn. the Companies Act 2006 and "Attountl#g and Reportin8 by Charities.. Statement of Recommended Practice appllcable to charitles preparing thelr acrounts in accordance wlth the Financial ReportSng Standard appll¢able In the UK and Republic of Ireland IFRS 1021, (Effectlve l January 20191- Obledlves and a¢tlvltl8s G's charitable obleettve5'. To promote and advancE education and knowledge of the law in the UnEted Kln8dom and setondly to relleve poor persons in the United Kingdorn by promoting and asslstSn8 Wlth the provislon of legal servlces which would not otherwise be available to them through lack of means. Vl$lon and m1551on O¢Jr vlslon Is access to lustlce for all. Our mls5ion ts.. To strenEthen the volce of people and communltle5 denied access tolu5t(ce To support frontline charltles, lawyer5 and advlseTS to dellver access tolustlce To Inluence law and pollcyto Smprove at¢e5S tolustice and ¢¥eate a falr legal system for all Ourvalue$ are.. Soclal lustit4 Hurnan rights Excellence in practlce Partner5hlp and collaboratlon D¢verslty and Incluslon strateqlc plan 2022-25 For over filty years. LAG has acted as a respected commentator on legal aid and access to jiJ5tice Issues. The LAG brand Is well known wlthin the 50clal lustlce sector and stands for quallty. LAG dellver5 expert, tar8eted publl¢3tlon$ and tralnln8 to lawyers and advlsers Wofklng wlth those m05t In need, and ¢aMpalgns for ¢h3nge. We Commenced a new strategy In 2022, almlng to streamline dellvery of our high quality resources, to refocus on our campaSgning roots and to widen our reach Into the access to lustlce communlty. This strategy wlll be refreshed In 2025. Page 2
LA.G. Educatlon and Servke Trust Limited Trustees, Report Our stroteglc èlms areto: 1. 84 an *uthorftatlv4 and Ihflu•ntlil voice idvoc4tin{loracces5 to lu$tlt&. We plan to dothis by.. Ralsln8 the proftle of our i¢tess to justice campai8ning. Contributlng well-lnformed Input Into pollcy processes and public debate5. BuildSng network5 and partneT5hips to support our campalsnlng. We plan to.. Develop and implement a di8ltal Strategy to brlng our webslte. publl¢ation5 and resources Sn liTre with Industrystandards. Develop and implement a new model of resources and a tralnlng 5tTategy whlch targets both LAG'S tore audience and the wlder access to justice community. stren8then éeveloprnent and comrnissioning of publlcatlons and resources. In¢ludlng tstdbli5hing gn Edltorial Board. Prepare and Implement a marketlnE Strategy, Sncluding product C05tlng, to support flnanclal 5UStal#4bility. 3. Bulld & sustalt54ble infrastrurtyro to dellver e¥rffll$slon We plan to: Improve LAG'S Internal organlsatlon by updatlng LAG'S outdated financial and operatlonal systems Bnd processes, bullding on the findings of a detalled operatk)nal rleW undertaken In October 2021. ÈuFld and develop the staff tearn to dellver the stra¢e8lc plan, develop a fundraislng plan and build effectlve 80vernance and risk management Strategles. Publ1¢ heneflt W? have referfftd to the advice contained In the Charlty C¢mrnlsslon'5 8eneral guidance on publlc benefit when reviewlng our airn5 and oblectrves and plannlng our future artivitie5. Our Objects, set out above, are Earried out for th£ publlc benef5t as follows.. Our l)ooks, rnagazlne, tralxing and onllne resources are avallable to all and prornoted wldely wlthln the a¢ce35 tolustlce community In the UK. Th¥ov8h our pvbllcatlons and tralnlng, we build the skllls and knowledge ol frontllne lawyers, charltle5 and advisers to deliver high-quallty legal advlce. Through our pollcy analysis, network bullding and ¢ampalgnlng, alrn to Inffuence law and policy to lrnprove ac¢e$s to lustlce. Page 3
LA.G. Educatlon and Servi¢e Trust Limited Trustees, Report A¢hl•v•ments and performgnc We are pursuing a pro8ramme of chan8e to Implement our strateglc plon and are rn4kln8 8¢30d progress. We are seeklne further resources to enable us to tomplete the stream of work StrateKIE aim I: authorltatlve Influontlttl voic advoutlng for ttct•ss to Justl¢e. G continues to eonvene, resource aftd lead eampalgns to strengthen the rl8hts of low Income and marginalised omrnuftitlEs and to support the developmenl of th¢ 3c¢es5 tolustlce sertor. We held a Searclty of Justlce Conference In partner5hlp with Advi¢e SeT¥iees Alliance to rÈframe approaches to delfverlng acces5 ts) justl¢e and fairness. We vrgan15•d • Conference, h¢k7kJng Right o Rtrollty in Wgles highlightln8 a¢¢¢SS to lustlce Issues In Wales. As well 5 0 regular tolumn in Legol Action on North Wales ond the setting up of a new legal practl¢e, North Wales Communlty Law. We worked with Ilved experience 8roup5, campalgnlng organlsatlons and our network of actlvlst lawyers to develop and delNer our conferente prosramrne. We delivered tonferences on Educallon Law, Plouslng Law Community Care Law, Mlgrant support Law as well as Actions AgaISt the Pollce, Pollce Station Updates and Rough Justice. We worked wh a dlverse range of organlsatlons Includin8 Safw Rentlng, Museum of Homele5sne$5, Justice Gap, APPEAL. Renters Reform Coalltlon, Law Centres, Hurnans For Rlghts Network, Project 17, tv7igrants Qr8anlse, FaIrThS Found3tlon, Reasonable Access, Attess Soclal Care, Age International, Law Commisslon. Global Black Maternal Plealth, IPSEA, Cgmmunltie5 Ernpowerment Network, Gyp51es and Traveller& Movernent Wales. Speakers at the Scarclty of Justice Conference Sncluded Professor Eldar Sh3flr. SSr Ernest Ryder, Professor Naomi Creutzfeldt, Lu Thomas. Our CEO was Invlted to speak at Brl8hton Unlverslty, Houslng Law Practltloners Cothference and the Sound Delivery Network. We were o member of the Stakeholder Group of the Law Soclety Reframln8 justice Prolect and ouy C£0 member of the Advlsory Board for the Law Sodety 20th Century Justlee Prolert. Strat•glc alm 2: Dellver hlgh-quallty, •uthoillatlve and up.to.date leg41 Informatlon. A key element of our prograrnrDe of change 15 to streamllne delivvry of our hlgh-quallty books, magazine, eonference5 and tralning. We have slgnlflcantly Improved dellvery of our bwks, dlgltised our ma8ailne and have lald the 8roundwoTk for Improvements to our website. G ha5 5S current book titles and 501d 4,639 coples In 2024,. a 14% Increase mpared to 2023. We publk5hed 10 Issues of our magazine, Legttl Artion. We delfvered 12 training sesslons, event5 and conferen¢es, reachlng 84D people. We contlnued de11very of our houslng prDject funded by Trust for London. Th& project develop5 and dellvers 8¢cesslble tralnlng and resources to front11ne advlce agencles and the wlder access to lustice communlty on 45pects of housing law. Thls Is a new model of Information dellvery, ensurln8 wlder dlssemination of the valuable Infarmation contained in our books includln8 Distrlminutlon HousIg and DomestkAbuse und Houslng. Page 4
L.A.G. Education and Ser¥lce Trust Llmited Trustees, Report We consulted wlth hou51ng providers gft what tralnlng resources they need and to explore new mode15 of information resour¢Es. 5tratè£le alm 3: Build 4 5UStaln4ble Infrastructuie to doliver our mlsslon. As part of our modernisatlofi prograrnrne, we have rnade chan8ÈS to governance, Intern41 systems and stafflng. We have res0ed the structural defl¢it, 4chievin8 a small surplus In 2024. We have strlrt oversl8ht of our finances through the Finance Sub-cornmlttee, whkh meets at least 4 time5.per year. We contlnued to work wlth gur new book dlstributor, Aobbs, to streamline processe$ and have developed enhanced monltorlng of our stock to reduce storage and wastage athd improve the cu5tgmer expeYienc&. LAfj Is unable to meet its objertives solely from tradiTr8 Income. We wlll continue to seek fundln8 to 511PPOrt our modernisation prograrnrne znd projerts targetin8 the wider 3ccess to lustlce communlty. PE4ns for th4 LAG plans to develop a new strateg1¢ plan for the period 2026-2028. We will continue to streamllne delivery of aur hlgh quallty resources, bulld on our campai8nln8 roots and wlden our reach Into the actess to justice communlty. Flnanclal rovl8w LAG had income r)f £505,74912023: £423,525) ar*d expendlture of £440,08312023.. £4S7,4011. LAG Inwrred an unrestricted surplus of £65.21312023.. deficlt of £43,876) for the year and has a comblned total surplus of £65,666 12023 £33,876) In strICted and unrestrlcted balances at the year end. Income L8 prlmaril¥ tradln8 Income from sale Df books, ma6azine. training and conferences Wlth a portion. £85,689, In grant incorne. LAG continues tLI under80 a process of change. We have ittve5ted In new st3ffln8 to 5UPPOrt publlcatlon$ and tralning whlch ha5 resulted In an increase In tradlnK income and a reduction In out80ln85. Our magazSne moved to di8ital format in September 2024 thus eliminatin8 print and dlstrSbutSon t¢st5, as well more easlly allowing lrnprovement to the product quality and accesslbillty. We Increased revènue through 8rant fuhdlng frorn The Nufflold Foundatlon. Doughty Street Chambers. The National Prob Bono Centre and A & O Sherman to develop our onllne resource5 and scope out thÈ potential to develop a di8ltal hub. We recelved fundlng from the Law Sodety to support the publScatlon of the Legal Aid Handbook. We are extremely grateful to all ourfunders. As a re$ult of the changes above, LAG saw a surplus for the 2024 year. Thls was anCIpated, as some of the benefits of the cost-cuttln8 measures Implemented In late 2023 were realtsed th15 findnclal year. Reserves pollry The Trustees aim to malntain free reserve5 in unrestricted fund5 at a level that equatss to between three and slx rnonths of unrestricted charitable expenditure. The Trustee5 £onsider that thls level Is necessary to protect agaln5t FICtUatIOnS in trading Income and 8gain5t drops in 8rant income. Page 5
L.A.G. Edu¢4tion and Service Trust Llmited Trustees, Report The balance held as unre5trlcted funds as of 31 Oe¢emlier 2024 was £93,437. 01 whl¢h £91,427 are regarded as free reserves, agalnst an actual three month spend of £110,020. The current level of reserves is therefore just below the minlmum 3 month target and the Tru5tee5 anticipate that this w511 improve over 2025 os it execute5 ks 5tr8teKiC plèn. Rrsk mani&em•nt The Trustees COnt5nue to revlew of the key fI5ks to whSch the charlty Is ¢urrEntly exposed. Mltigatlng aetlons wlll be lrnplemented to protect thè ongoing stablllty of the charity and allow the orBintsatlon to exewte Jts k)ng-terni strate8ic plan. Strurturep Eovernan¢e and mahagom8nt Governing dgcurnent L.A.G. Edutation and Sefvtce Trust knmited I'LAG") 15 3 company Ilmlted by guarantee and a regLstered tharltv, Incorporated on 8 February 1973, company nurnber 01095065, and reB15tered as a charlty, number 265703, on 21 Juné 1973. The company was èstabllshed under a Memorandum of A550ciation. whlch establlshed the objects and powers of the ¢harltable compaDy and Is gt)verned under its Articles of Assodatlon. The Trustees TheTrustees, who are also the dlfectots forthe purpose of company law, and who served durln8 the year were.. Rosalind Bra8B Ichairl Jon Roblns IVl¢e Chalrl Adrlano Morae$ ITrea5urerl Olumlde Adi5a (until September 241 Jullan Ale Katrlna Crossley luntll December 20241 Amanda Grove5 Charlotte Hughes Llsa Linde Alasialr Logan Page 6
L.A.G. Educatlon and 5eNlce Trust Limited Trustees. Report Appolntment of trust&4S RÈuultment to the trustee board is by elettlon and co-optlon. At the 2024 Annual General MeetSng IAGMI, twa Trustees reslgned and were re.elected. Five Trustees were to-opted prlor to the meeting. The Memorandum and Artlcles ol AssoclatloTr provided for 11 trustees to be elected and 7 to be cOpted. Trustee va¢anties are publlcly advertlsed. Organlsatlonal structure and declslon maklng iAG is both a registered chèrlty and cornpany lirnited by guarantee. A board of el8hr trustees and dlrectors Is responsible for the governance and stratégic management of the org2ni5at5on. Board meFnbers are elerted at an AGM of all members and rneet every two rnonths throughout the year. A staff team of five Is managed by L4G's chief executlve offl¢er. All Trustees, who are also diiectors. give thelr tlme freely and tttsne of them recelved remuneratlon In the year. The pay of the Chlef Executwe Officer I"CEO"I Is revlewed annually, along wlth staff salaries. Stotam•nt of truslee5' responslbllltles The trustees (who are also the dlrectors of LAG. Educatlon and SenAee Trust limlted foi the PUTpose5 of company lawl are responslble for preparlng the trustees, report and the flnancial statements accordance wlth appllcable law and United Klngdom Accounting Standards (Uniced Klngdom Generally Accepted Accounting Practrcel, Including FRS 102'The FSnan¢ial Reporting Standard appllcable In the UK and Republic of Ire13nd'. Company law requlre5 the trustees to prepare financl81 statements for each financial year. Under company law the trustees must not approve the financial statements unless they ar¢ 5atlsfied that they glve a true and falr vlew of the state of affair5 of the tharitable company and of the Incomlng resources and appllcatlon of resources, Includln8 its incorne and expendlture, of the charitable company for that period. In piep3rlng these flnanelal Statements, the trustees are required to: select sultable accountlng pollcSes and apply thern consistentlv- oèsetve the methods and prlrF¢iples In the Charlties SORP,. m8ke Judgements 3nd estirnates that are reasonable and prudent,. state whather appllcable ac¢ounting rtandard5. cornprislng FR5 102 have been followed, subject to any rnater131 dep3rture5 dlselosed and explalned in the financial statements,. and prepare the financlal statements on the goin8 concern basls unless It Is Inapproprlate tts prtsume that the charitable company will contlnuÈ in busSnes5. The trustees afe responslble for kÈeplng proper accounting records that can d15close wth reasonable Accuracy at any tlme the financlal posltion of the charlt3ble company and enable them to ensure that the fSnancl415tatements cornply wlth the Companies Att 2006. They are a150 responsible for safeguarding the asset5 of the charltsble company and hence fort8klng rea$onable steps for the preventlon and detection of fraud and other Irregularltles. The trustees are responslble for the malntenance and Integrlty of the corporate and financlal Inftsrmation included on the charltable company's webslte. LÈgislation 8overnln8 the prèparatlon and d5ssemlnatlon of flnanclal staternents may differ from leglslation In otherjurlsdictlons. Page7
L.A.G. Education and ServKe Trust Llmlted Trustees, Report The annual report was apprt)v¢d by the trustÉes of the charity on 301yne 2025 and 51gned on Its behalf by.. Adrlano Moraes Trustee Page 8
L.A.G. Educatlon and Serylce Trust Llmitpd Independent Examlner's Report to the trustees of L.A.G. Education and Servlce Trust Limited {'the Company'} I report to the charity trustees (who are also Dirertors for the purpose of company lawl rny exarrtlnatlon of the accounts of the L.A.G. Educatli)n and Service Trust Limlted I'the charitablÈ companll for the year ended 31 December 2024 whlch comprlse the Statement gt Financlal ALtlvlties, the Balanet Shqet and related notes. Thls report Is made stslely to the charity's trurtees, as a body, In accordanee wlth section 145 of the Charltles Act 2011. My work has been undertaken so that I mlght state to the charitvs trustee5 those matters l am required to state to them in thls report and for no other purpose. To the fullest extent permitted by law, I dD not accept or assume respon5ibtiity to anyone other than the ch?rity and the charity's trLtstees as a body, for my work, foi this report, or for the oplnlons I have formed. Responslbllltles and basls of rport As the charity's trustees of L.A.G. Education and Service Trust Limited you are responsible for the preparation of the accounts In a¢¢ordance with the requirement5 of the Cornpanies Act 20061'the 2006 ACVI. Having 5at15fied rnyself that the account5 of L.A.G. Educati¢n and Servlce Trust Llmlttd are not regulred to be audited under Part 16 01 the 2006 t and are eligible for Independent éKamlnatTon, I report sn Te5pect of my exarnifiatlon of your charlty's accounts as carrled out under sectlon 145 of the Charities 20111'the 2011 Act'l. In £3rrying out my examSnation I have followed the Directlons given by the Charity Comrnisslon under sertlon 14515llbl of the 2011 Act. An Independent examlnation does not involve gathering all the ewdence that would be requlred in an audit and onsequently does not cover all the matter5 that Bn auditor conslders l# giving thelr opiniors on the financSal statements. The plannlng and conduct of an audlt goes beyond the limited assurance that an independent examlnatlon can provldo. Consequently l express )0 oplnlon as to whether the finèntlal 5tatement5 pfL¥ent a 'true and fairf eW arld rny report Is Ilmited to those specific matters set out In the independent exarninerfs statement. lfidependent exomlrserfs statemetrt Since L.A.G. Education and Servlce Trust Llmited'5 gross Ineorne exceeded £250.000 your examlner rnust be a member of a body listed In sectlon 145 of the 2011 Act. I confirm that l am quHllfled to undèrtake the examinatlon bec3use13m a member of ICAEW, whlch Is one of the listed kodles. I have carnpleted my exarnlnatlon. I confSrrn that no matters have come lo my attentlon In connectlon vlth the examinatlon givin8 me taU5e to believe.. l. accountlng words were n¢t kept In Eespect of LA.G. Education and Servlce Trust Urnlted as requlred by sectlon 386 el the 2006 Act,. or 2. the accounts do not accord wlth those records,. or 3. the aceounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requlrement that the accounts give a 'true and falr view, which Is not a matter considered as part of a Independent examlnatlon.. or Page 9
L.A.G. Educatlon and Service Trust Limited Independent Examinels Report to the trustees of L.A.G. Educatlon and 5ervlce Trust Limited I'the Company'l 4. the a£¢ounts have not been prepared In actordance wlth the methods and prit)¢iples of the Statement of Recommended Practlce for accountin8 and reporting by tharlties appllcable to charltles preparln8 their accau#ts In accordan with the Financial Reporting Standard appllc3ble In the UK and Republlc of Ireland IFRS 1021. I havÈ £on¢erns and have come a¢ros5 no other matters In ¢onnectlon with the examination to which attention should be drèwn in thls report in order to enable a proper understandlng of the 3ccount5 to be rea¢hed. Tim Sullivan FCA ICAEW 9 Hare & Blllet Road eia¢kheath SE3 ORB 025 Page 10
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L.A.G. Educatlon and Servlce Trust Llmited (Registration number: 010950651 Balance Sheet as at 31 December 2024 2024 2023 NDt• Flyed assgts T3n8lble èssets 12 2.010 2,770 Current 055ets Stock$ 13 56,903 42,389 120,718 47,478 33,881 106,297 Debtors Cash at bank and in hand 14 220,010 187,656 Cr¢dltor¥', Amounts lallln& du• wlthln year 15 90.1801 119,068 N¢t ¢urr4nt ass4ts 129,830 68,5È8 Total assets less turrent lTrabllltles 131,840 71,358 Credltors: Amountsfalllng due Bfter more than on ygir 16 122,1901 15,7601 127,3741 Provlslons 17 15,760 Net a5s8ts 103,890 38,224 Funds trf th <harlty- Re5trlrtod Incornq funds Restrlcted funds 10,453 10,000 Unr•strS¢ted lficome tuftds Unrestrlcted fund$ 93.437 28,224 Total lu#ds IB 103.890 38.224 For the financlal year ending 31 Decernber 2024 the charlty was entltled to ex&mption from aud under sectlon 477 of the Companle5 Act 2ff)6 relating to srnall cornpanle5. Dlrectors, responslbllltles: The members have not required the charity to obtain an audlt of Its &C¢Dvnts for the year In questlon In accordance wlth sertion 476,. and The dlrectors acknowledge thelr responsibllltles for ¢ornplylng whh the requ5rement5 of the Act wth respect to accountlng recor¢Js and the preparatlon of accounts. The notes on page$ 15 to 26 form an IntÈgr4I part of these flnanclal 5tatÈment5. Pa8e 12
L.A.G. Education and Service Trust Llmlted (Registration number., 010950651 Balance Sheet as at 31 December 2024 The financial 5taternents on pages 11 to 26 were approved by the tiustee5, and authorSsed for issue tsn 30 lune 2025 and 51gned on their behalf by.. Adrlano Moraes Trustee The notes on pages 15 to 26 form an InteKTal part of these flnanclal statements. Page 13
L.A.G. Education and Service Trust Llmlted Statement of Cash Flows for the Year Ended 31 Decèmber 2024 2024 2023 Note Cash flows from opor8tlh8 •ctlvitles Net cash incomellexpenditurel 65,669 133.8761 Adlu5tments to ¢ash flows from hon-¢o5h Items Depreelatlon Investment In¢ome 1,586 2,863 67,254 131,0141 Worklng capltal adjustments IlncreasElldetrease in stock5 Ilncreaselldecre£se In debtor5 1gecreasel/irterease in creditors Increase in provisions IDecreaselhncrea5e In deferred Income 13 19,4251 18,5081 17,4951 24,518 35,066 15,506 5,760 6,309 14 15 17 16 121,8971 Net Cash flows from operatlng advltles 19,929 56,145 C45h Ilows from Inv8511ng èctlvltles Interest receNed Acqulsitlons of tanglble assets 18271 11,8411 Net cash flows from Investing 4rtivities 18281 11,8421 Cash Ilowg from flnantlng actlvltles Repayrnent of bank borrowlngs 4,6801 Net Sncrease In cash and cash equlvalents 14,421 57,570 Cash and cash equivalents at l January 106,297 48.727 ash and t8sh equivalent5 at 81 December 120,718 106,297 All of the cash flows are dÈrlved frorn contlnuing operations durlng the above two perlods. The notes on pages 15 to 26 form an integral part of these flnandal statements. Page 14
LA.G. Edu£atlon and Service Trust Llmited Notes to the Financial Ststements for the Year Ended 31 December 2024 I Charlty status The charity Is limited by guarantee, Incorporated in England and Wales, and consequantly does not have share eapltal. E&rh of the trustees13 Ilable to contribute an amount not exceeding £1 towards the a5$et5 of tho tharlty In the 4v4nt of IlquSd4tlon. The address of Its reglstered offlce Is.. 2nd Fl¢or Gatehouse Chamber5 l Lady Hale Gate WCIX 8BS These flnanclal $t3tefnents were authoT15ed for155ue by thetrustees on 30June 2025. 2 Actountlng pollcles Summary of 51gnlfl¢ant accountln8 poll¢lo5 and key 4ccountlttg•stlmat85 The principal aecountlng policles applled In the preparation of these finènclal statement5 are set out below. These policles have been rons15tently applled to 811 the years pre$ented, unless otherwlse srated. Statement of ¢ornpllance The finan¢lal statèments have been prepared In accordance th Accountlng and Reportlng by Charltles.. statement ol Recommended Pracdce applKable to charEtlos preparlng thelr accounts In accordance. wlth the Flnanclal Reportlng Standard appllcable In the UK and Republlc of Ireland IFRS 1021 leffectlve l January 20191 Icharlties SORP IFRS 1021 Second edltlon Qrtober 20191, the Flnancial Reportlng Standard appllcable in the UK and R£pub15c of lieland IFRS 1021. Théy also complywlth the CompanlÈs Act 2¢Q6 and Charlties Act 2011. Ba$15 01 pr•par4tlon L.A.G. Educatlon and Service Trust Limited meets the definition of a publlc benefit entity under FRS 102. Assets and liabllltles are Inltially recognised at historical cost or transaction value unless otherwise stated In the relevant aceountlng poliry notes. Judg8ments ond key sourc¢s af gSt5mallon upcertainty In the appllcatlon of the charltvs accounung policles, the dlre¢tos are requlred to make ludgements, e5tlfflates and assumptsons about the c3rrylng amount Of assets and Ilabllit1e5 that ore not rEadlly apparent frorn other sources. The estimates and assoclated as5UrnPtlons are based on hlstprlcal experlence and other factor5 that are consldered to be relevant. Artual results may dlffer fiom these e$t5mate5. The estlmates and underlying a55umptions #re rÈvlÈwed on an ongoin8 ba51s. REvisions to a¢countin8 e5t5rn3tes are recognSsed in the periods in which the estimate is revised wherÈ revlslons affe¢t5 only that perlod, or sn the perlDd of the revisk)n and future perlods where the rev15ion5 affects both turremt and fijture periods. Page 15
L.A.G. Education and Serrfice Trust Llmited Notes to the Flnanclal Statements for the Year Ended 31 December 2024 GolnK concarn The financial statements have been prepared on a going concern ba$ls. The trustees assess whether the use ol Éolng concern 1$ approprlato l.e. whether there are any materlal uncertainties related to events or conditlons that may cast slgniflcant doubt on the abillty gf the charlty to contlnue as a 80in8 concern. The trustees make thls assessment In respect of a perlod of ofjayBar from the date of approval of the financial statements. In Ilne wlth LAG'S medlum-long term strategy, book sales Increased by IO% compared to 2023 from £213.8k to E236.Ik, and tralnlng & events Income Increased sl8nlfltantly from E9k in 2023 to £49k sn 2024. Thls refierts succt55 in LAG'S strategy tLI streamline and redu¢e t¢t$, whllst increasing income over tlme. Magazlne sales dropped sli8htly a5 expected wlth the 5hlft to dSgltal, whl£h whilst savlng costs, somo loss of 5ub5crihers WA5 inevitak)lÈ due tts chan8lng the mediutn for acce55in8 the rnagazlne. LAG Is ImplemÈntlng a marketlng strategy In order to Increase SbSCrIber numbers ovor th* ¢omln8 year. Expenditure dropped further, and is expected to Increase 48aln in 2025 a5 we contsnue to action G, methum.lon8 terrn strate8Y Wlth 8ddltlonal resouree$. Grant fundln8 Increased as the or8anisation now ha5 a clear view of LAG'S strate8y over coming years and Is In stable posltion to tar8et and carry out specillc projeds. Income and endowm4Trts All Income Is recognlsed once the charity has entitlement to the intome, it15 probatile that the incorne w511 be recelve¢J and the amount of the income receable can be measured rellabty. Cash donatlons are rerogni$ed ¢n receipt. Other donatlan5 are recognlse<l once the charity has been notifled of the donation, unless performance condltlons rÈqulrÈ deferral of the amount. Sncometsx recoverable In relati¢n to donatlon recelved underGfft Ald or deeds of covenant Is recognlsed at thè tlme of the donation. Incorne from grants #re re¢ognised when the thartty has èntitlement to the funds, any perfoTrnance conditions attached to the grants have been met It Is probable that the Income will be received ind the amount can be measured reliably and Is not deferred. These 8rant5 tend to be for spedfic purposes, for example, the wrltln8 of a report, and re therefore treated as restclted fund5. Income recelved for future Courses and Le8al Acrlon Magazlne and CCVLR 5ub5crlptions recelved In advonce are deferred untll the charlty 15 entitled to thpse amounts. The amount are rea115ed to the statement of finanilal actlvitles In the period to whlch it re14te5. Page IG
L.A.G. Education and Servlce Trust Llmlted Notes to the Financial Statements forthe Year Ended 31 December 2024 Deferred Income Deferred Income represents amounts received for future peilods and Is released to incoming rour¢2s in the pewlod lor whith, It has been received. Such Income is only deferred when. - The donor speciftes that the grant or donation rnust only be used in future accounting p¥riod5- cr Yhe donor has Imposed condltlons whlch must be met before the charlty has unconditional entltlemÉnt. Expendlture All expendlture Is recognl$ed once there Is ¥ legal or ¢on5tructSve obli8atlon to that expendlturp, It Is pr¢b?bl• settlement Is requlred and the amount can be measured rellably. All costs are allocated to the appllcable expenditure headlng that aggregate 51mllar costs to that ¢ategory. Where costs cannot be dlrectty attrlbutÈd to particular headlnBs they have been all(Kated on a basls tonslstÈnt wilh the L¢5e of resources, wlth tentral stsff Costs allocated un the bas of time spent. and depreciation charees allocated on the portion of the as5eVs use. Other support costs are alEocated based tsn the spread of staff CDStS. CIKrltqble uctlvitles Charitable expendSture comprises those cost5 incurred bythe charity Sn the dellvèry of artivltles and seTvlces for it5 beneficiaries. It includes both costs that can be alSocated dlrectly to such activities and those costs of an indirect nature necessary to support them. Support costs Support costs Include central functlons and h3ve been allocated to activity cost categorles OH a ba51$ £on5iStent wlth the use of resources, for example. allocating PTOParty costs by floor areas, or per ¢aplta, staff c¢5t5 by the tlme Spent and other c05t5 h¥ thelr usage. Taxotion The charity15 considered to pas5 the tests set out in ParaBraph I Schedule 6 of the Flnance Act 2010 and thtr¢fore It meets the definition of a charitable company for UK corporatTon tax purposes. Accordln8ly, the charlty 15 potentlally exempt from taxatlon in respect of income or capital 8aln5 received withln categorles covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of theTaxatlon of Chargeable Galns Att 1992, to the extent that such incorne or 8ains are appllfjd exclusively to charitable purposes. Tanglbla flxed assots Individual flxed assets costlng £200 or more ère l¥)Itlally recorded at ¢osL IE55 any subsequent accumulated depreciation and subsequent a¢¢umulated impalrment losses. D•pretlatlon and amortlsotlon Depreclatlon Is provlded on tan8ible flxed assets so as to wr5te off the cost orvaluatlon, less any tIMated resldual value, overthelr expected useful economic life as follows.. Asset da$s FSxture5 ajd flttlngs Deprq¢14tion m•thod rale 33.33% stralghtllne Pa8e 17
L.A.G. Education and Servlce Trust Llmited Notes to the Flnanclal Statements for the Year Ended 31 December 2024 Stock Stock is valued at the lower of cost and estlmated selling prl¢e1ess tosts to complete and sell, after due regard for obsolete and slow movln8 Stoc. Cost 1$ determined usin8 the flrst-in, flrst-out IFIFOI. Trado d8btOF5 Trade debtors are amount5 due from customers for merchandise sold or services performed In the Drdinary course of buslness. Trade debt0r5 8rÈ ret08n1s Initlally at the transactlon prfte. They are subsequently measured at amortised Cost using the effedive Intérest method, le55 provision for impalment. A provision for the Impairment of irade debtors is established whan there is objertive evidence that the ¢harit¥ wll not be able to collert all ?mourits due according to the orlglnal term5 of the receivables. Cash and cash equlvalants Cash and cash equlvalents cornprise cash on hand and call deposlts, and other short-term highly liquid investments that are readily convertibl8 to a known amount of cèsh and arè sublert to an Insignificant risk of change in value. Trade croditors Trade creditors are obllgatlons to pay for goods or servlces that have been acqulred In the ordlnary course of business frorn suppller5. Account5 payable are dassrfied as current Ilabilltles If the ¢hartty does not have an uncoftdltional rlght, at the end of the reportlng period, to defer settlement of the ¢redltor for ot least twelve months after the rep¢rtlng date. If there Ip an uncondltlonal rlght to defer settlement for at least twelve months after the reportlng date. they sre presented a5 non-currÈnt liabllitles. Trade credltols are recognlsed Inltlally at the transactlon prlce and subsequently measured at arnortlsed cost Ing the effectlve Interest method. Borrowlngs Intere5t-bearlng borrowin85 are Initially recorded at fair value. net of trans8etlon costs. IntEfe5t.bearln8 borrowings are subsequently carried at arnort15ed cost with the difference between the proceeds, net of transattion cost5, and the arnount dEte gn redemption bein8 rewgnlsed a5 a charge to the Statement of Finènelal Actlvltle5 over the period of the relevant borrowing. Interest expense15 recognised on the basis of the effective Interest method and is included in l#terest payable and slmilar ¢hargts. Borrowlllgs are classified as current Ilabllities unless the charity has an unconditional right to defer settlernent of the Ilablllty for at least twelve months after the reporting date. Pa8e 18
L.A.G. Education and Service Trust Limited
Note5 to the Financlal Statements for the Year Ended 31 December 2024
Provlsl¢n$
Provlslons are recognised when the Char has an obligation at the reportlng date as a result of a p45t event, it is
proh3ble that the charity will be re4uired to settle that obllgation and a re113ble estimate tan be made of the
arnount of the obli8atlon.
Fund structuto
UnrestTlCted Income funds are Beneral funds that are avallable for use at the trustees discretion in further#n¢e tsf
the objectives of thecharlty-
Restrlcted incorne funds are those donated for use In a partlcular area or for speclflc purposes, the use of whl¢h Is
restricted to that area cr purpose.
Penslorjs and othar post rttWr•m•Dt obllg4tlons
The charlty operates a defined contribution pensSon scheme whlth is a penslon plan under whlch fixed
contrlbutions are pald Into a penslon fund and the charlty has no legal ttr tOn5tructive obll8atlon tc pay further
contributions even If the fund does not hold sufllclent assets to pay all employees the benefits relating to
employee service in the
L.A.G. Educatlon and Servlce Trust Llmlted Notes to the Flnancial Statements for the Year Ended 31 December 2024 4 Intom• Irom chvrhble artlvltl•s Unrestrlcted funds General Total 2024 Total 2023 Legal action magazln¢ Book sales 121,703 236,142 49,158 121,703 236,142 49,158 134,042 213.837 9,ODI Course5 incoffle 407,003 407,003 356,880 5 Inv•rtm•nt Income Urtrestrlrt4d fund$ G¢n¢f•l Totzl 2024 TDtal 2023 Interest receSvable on bank deposit5 6 EKpendlturé on charltablé a¢tlvltt•s Unr•$trlctèd fvnds Geneial R#sttlct4d fvnds Total 2024 Totol 2023 Note Other dlrect costs 193,497 4,183 1,586 193.497 4,183 1,586 155,469 13,600 2,8S3 Pro Bono work & Royalty Donation DEpreciat1on offixtures and fittin85 Website malntenance and development 5tHff costs 14,284 20,083 131,214 14,284 95A19 131,214 17,979 120,735 146,755 li 75,236 Support Costs 364,847 75,236 440,083 457,401 In addition to the expendlture analysed above, there are also governance cost5 of £131,21412023 - E146.7551 whlch relate dlrettly to charltable actlvltles. See note 7 lor further detalls. Pa8e 20
L.A.G. Education and SeNlce Trust Llmlted Notes to the Flnancial Ststements for the Year Ended 31 December 2024 7 Analysls ¢lgov•rnanco and sijpporteosts Support Costs Unrestrltted funds General Total 2024 rotal Z023 Wages and salaries Telephone Sundrles 103,806 147 103,806 147 101,033 328 5,780 8,294 5,139 214 5,780 8,194 5,139 214 9,495 21,259 4,982 471 Offlce expenses Cornputer 50ftware and malntenan¢e PrlntSn8, postage and statlonery Cost af trstee rneetlnB5 Independent examination Legal and professional Pad debt5 wrÈtten off 300 2.970 34 2,970 34 2,200 13 2,799 2,413 1.762 Bank charges Member5hlp 2.790 1,740 2.790 1,740 131,214 131,214 146,755 8 Trustge8 remunerètlon and exp¢ns*$ No trustees, nor any persons connected wlth them, have recelved any remuneratlon from the tharlty during the year. 9 Taxation The ch3rity15 a registered chartty and is therefore exempt from taxation. 10 Related party transacllons There wtre no related party transactions In theyear. Page 21
L.A.G. Education and Service Trust Limited Notes to the Flnan¢lal Statements for the Year Ended 31 December 2024 11 Staff costs The a88re8ate payroll costs were as follows.. 2024 2023 Stafl costs durlng theyoarw4r8: Wages and 531aries Soclal sÈturity cost5 Penslon costs 154,418 10.223 9,265 23,593 1,626 169,919 12.848 10.951 6,757 1,293 Compensatson payments Other staff costs 199,125 221,768 The movthly average number of person$ 15ncludlfiE senlor managernent I leadershlp teaml employed by the charlty durlngthe year expressed as full time equivalents was as follows.. 2024 2023 No Administration Editorial Triinlrig & events No ernployee received emolumettt5 of more th3n £GO,QOO durln8 the year. Poge 22
L.A.G. Education and Servlte Trust Limlted Notes to the Flnancial Statements for the Year Ended 31 December 2024 12 Tanglble fixed •ss4ts Furnltur6 and eqltlpmorbt Total Ctsst At l January 2024 Addltions 11,052 826 11,052 826 At 31 Decernber 2024 11,878 11,878 Depre¢latSon At l January 2024 Charge for the year 8,282 1,585 8,282 1,586 At 31 December 2024 9,868 9.868 Net bookvalue At 31 December 2024 2,010 2,010 At 31 December 2023 2,770 2,770 13 Stock 2024 2023 Stocks 56,903 47,478 14 Debtors 2024 2023 Trade debtOT5 32,324 8,215 1,850 22.488 9,484 690 1,219 Prepayments Ac¢rued incoffle Other debtor5 42,389 33,881 Pag2 23
L.A.G. Education and Service Trust Llmited Notes to the Financial Statements for the Year Ended 31 December 2024 15 Cyedltors: amounts falllng due wlthln Ort8 year 2024 2023 Bank loans 4,799 35,990 1,372 1,151 13.100 33,768 4,295 39,819 1,087 1,391 16,811 Trade credltors VAT Penslon Accruals Deferred ittcome 90,180 119.068 16 Credltors.. amounts falllng due after onè 2024 Z023 Bank loan5 22,190 27.374 B•fik loan Payable wV(hln oneyear Payable after one year 4,799 22,190 4,295 27,374 26,989 31.669 17 Provlslons Pension contributlons provlslon Total At I january 2024 15.7601 15,760 Potentlal repayment to HMRC for over-clalmsd tax rellef on pensions. OnÉolng Investigatlng b underway where LAG wlll work alongside HMRC In identifying if there is an over4laim and how to Yepay this. Page 24
L.A.G. Education and Servi¢e Trust Limlted Notes to the Financial Ststements for the Year Ended 31 December 2024 18 Funds Balance at I January 2024 InmIng Resourtes expènded Balonce at 31 D•combef 2024 Unre5trl¢ted funds Generél futhds 28,224 430,060 1364,8471 93,437 R•sfrlrted funds The Law Saclety Nuffleld Foundation io,ooo 10,000 15,690 44,999 5,ODO 19,5471 1ts,6901 144,9991 5,000 10,453 Trust for London Natltsnal PrLI Bono Cent 10,000 7S,689 175,2361 10,453 Total funds 38,224 505,749 1440.0831 103,890 B4lane8 8t i January 2023 Incomlng resour¢¢s R4sout¢VlS expended BaloneB at 31 Decemb•r 2023 Unrestrlcted funds General 72,100 391,025 1434,9011 28,224 Rpslrl¢t8d funds The Law Sotiety Trust for London 10,000 22,500 10,000 122,5001 122.5001 32,500 10,000 Total funds 72,100 423,525 457,4011 38,224 The spedflc pvrp05es for whlch the funds are to be applled are as follow5.. Trust for London Grant- to 5UPPOrt the cost of the dévelopment of a comprehenslve model #f hou51ri8 tralnln8 and resources whlch reath wider audlences. Lèw Soclety Grant-to support cost5 of wbllshln8 the Legal Ald Handbaok120241251. NufflEld Foundation- Grant lor developlng a dlgltal legal knowledge hub for soc]al welfare law. Natlonal Pro 8gno Centre- Grant to support thetransitloll and transformatlon of the Magazlne. Pa8e 25
L.A.G. Educatlon and Senjice Trust Llmited Notes to the Flnancial Statements for the Year Ended 31 December 2024 19 Analy51s of Thet assots behYo•n funds UnMslri¢ted lunds General Total funds at 31 Decemb¢r 2024 R•strlrt•d funds Tan8ible flxed a55ets Current assÉt5 2,010 209,SS7 190,1801 122,19Ql 15,7601 z,oio 220,010 190,1801 122,1901 15.7601 10,453 Current liabilltles Creditors over l yoar Provisions Total net assets 93,437 10,453 103,890 Unrestrlded fvnd General Total funds at 31 Decembef 2023 Reslrirted funds Tan8ible fixed asset5 Current assets 2,770 177,656 1119,0681 127,3741 15,760 2,770 187,656 1119,1%81 127,3741 15.7601 io,0( Creditors over l year Provisions Total net assets 28,224 10,000 38,224 Pago 26