REGISTERED CHARITY NUMBER: 282719
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 May 2021
for
Society of Legal Scholars in the United Kingdom and Ireland
The Kelvin Partnership Ltd Chartered Accountants The Cooper Building 505 Great Western Road Glasgow G12 8HN
Society of Legal Scholars in the United Kingdom and Ireland
Contents of the Financial Statements for the Year Ended 31 May 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 to 11 |
| Detailed Statement of Financial Activities | 12 to 13 |
Society of Legal Scholars in the United Kingdom and Ireland
Report of the Trustees for the Year Ended 31 May 2021
The trustees present their report with the financial statements of the charity for the year ended 31 May 2021. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The main object of the Society is the advancement of legal education and scholarship in the United Kingdom and Ireland. During 2020/21, membership fluctuated at around 3,100 as new members joined and a number of deemed and other resignations took place. The membership comprises some 2,700 staff at law schools in the United Kingdom and Ireland and Associate members in overseas law schools, usually in common law institutions, and a smaller number of Emeritus and Honorary members. Legal practitioners who are involved in legal scholarship are eligible to join the Society as Ordinary members, or Associate members if overseas. In addition, barristers' chambers, solicitors' firms and law publishers may join the Society as Patrons.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The Society successfully pursued its primary functions throughout the year. These included:
• managing 28 subject sections, providing networks for those interested in the same specialist areas of legal study;
• hosting its Annual Conference, which in 2020/21 took place virtually, hosted by the University of Exeter in September 2020;
• publishing the Society's peer-reviewed journal 'Legal Studies' (recognised as one of the leading UK academic law journals);
• publishing its biannual members' journal, The Reporter, and the annual Directory of Members;
• providing financial support for the SLS Annual Seminar Series, a high-profile series attracting leading scholars on specialist subjects from home and abroad;
• awarding the annual Birks Book Prize, named after Professor Peter Birks FBA, a former Hon Secretary and President of the SLS;
• providing grants through the SLS Research Activities Fund to assist members to undertake research or other scholarly activity;
• providing grants through the SLS Small Projects Fund to assist legal scholarship other than is covered by the Research Activities Fund;
• representing the interests of the academic legal profession in discussions and negotiations with Government and the professional legal bodies on matters as diverse as the provision of resources to law schools, judicial appointments, legal education and training, law reform, and its relationship with legal practitioners and training.
FINANCIAL REVIEW
Financial Review
The net result for the year was a net inflow of funds of £61,619 (2019/20 - £9,705) with a resulting increase in reserves to £379,121 (2019/20 - £317,507).
Policy on Reserves: The Society's reserves policy is to hold in its capital account a sum that is sufficient to meet three months' expenditure assuming no further income. At present this would not exceed £36K and so the reserves substantially exceed the required amount.
Page 1
Society of Legal Scholars in the United Kingdom and Ireland
Report of the Trustees for the Year Ended 31 May 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
282719
Principal address
PO Box 3017 BRISTOL BS6 9HJ
Trustees
Professor N Gravells Professor S Worthington Professor A Paterson
Independent Examiner
C M Fotheringham CA The Kelvin Partnership Ltd Chartered Accountants The Cooper Building 505 Great Western Road Glasgow G12 8HN
Bankers
National Westminster Bank plc Tavistock House Tavistock Square London WC1H 9JA
Approved by order of the board of trustees on 16 February 2022 and signed on its behalf by:
Professor N Gravells - Trustee
Page 2
Independent Examiner's Report to the Trustees of Society of Legal Scholars in the United Kingdom and Ireland
Independent examiner's report to the trustees of Society of Legal Scholars in the United Kingdom and Ireland
I report to the charity trustees on my examination of the accounts of Society of Legal Scholars in the United Kingdom and Ireland (the Trust) for the year ended 31 May 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
C M Fotheringham CA The Kelvin Partnership Ltd Chartered Accountants The Cooper Building 505 Great Western Road Glasgow G12 8HN
16 February 2022
Page 3
Society of Legal Scholars in the United Kingdom and Ireland
Statement of Financial Activities for the Year Ended 31 May 2021
| 31.5.21 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 71 Charitable activities Direct charitable income 156,653 Other trading activities 2 28,241 Investment income 3 3,601 Total 188,566 EXPENDITURE ON Charitable activities 4 Direct charitable expenditure 143,889 Net gains/(losses) on investments 16,942 NET INCOME 61,619 RECONCILIATION OF FUNDS Total funds brought forward 317,502 TOTAL FUNDS CARRIED FORWARD 379,121 |
31.5.20 Total funds £ 44 138,591 119,448 1,584 259,667 238,805 (11,157) 9,705 307,797 317,502 |
|---|---|
The notes form part of these financial statements
Page 4
Society of Legal Scholars in the United Kingdom and Ireland
Balance Sheet 31 May 2021
| 31.5.21 Unrestricted fund Notes £ FIXED ASSETS Investments 8 101,107 CURRENT ASSETS Debtors 9 27,618 Cash at bank 255,542 283,160 CREDITORS Amounts falling due within one year 10 (5,146) NET CURRENT ASSETS 278,014 TOTAL ASSETS LESS CURRENT LIABILITIES 379,121 NET ASSETS 379,121 FUNDS 11 Unrestricted funds 379,121 TOTAL FUNDS 379,121 |
31.5.20 Total funds £ 49,165 34,442 243,780 278,222 (9,885) 268,337 317,502 317,502 317,502 317,502 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 16 February 2022 and were signed on its behalf by:
S Worthington - Trustee
N Gravells - Trustee
The notes form part of these financial statements
Page 5
Society of Legal Scholars in the United Kingdom and Ireland
Notes to the Financial Statements for the Year Ended 31 May 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Investments
Investments are carried in the balance sheet at market value.
The statement of recognised gains or losses includes gains and losses on the revaluation of investments.
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continued...
Society of Legal Scholars in the United Kingdom and Ireland
Notes to the Financial Statements - continued for the Year Ended 31 May 2021
2. OTHER TRADING ACTIVITIES
| Conference 3. INVESTMENT INCOME Deposit account interest Dividends 4. CHARITABLE ACTIVITIES COSTS Direct charitable expenditure 5. DIRECT COSTS OF CHARITABLE ACTIVITIES Journals Administration Postage and stationery Insurance Seminars President's reception Conference costs Research activities fund Business meetings SLS prizes Website Small projects and events fund Archiving and storage Subscriptions |
Direct Costs (see note 5) £ 130,580 |
31.5.21 £ 28,241 31.5.21 £ 1,046 2,555 3,601 Support costs £ 13,309 31.5.21 £ 8,317 28,045 637 476 2,700 - 63,193 4,577 731 1,300 4,080 11,330 4,300 894 130,580 |
31.5.20 £ 119,448 |
|---|---|---|---|
| 31.5.20 £ 771 813 1,584 Totals £ 143,889 |
|||
| 31.5.20 £ 12,335 39,467 444 800 3,521 3,805 98,827 7,215 10,200 1,300 3,771 31,176 8,178 620 |
|||
| 221,659 |
continued...
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Society of Legal Scholars in the United Kingdom and Ireland
Notes to the Financial Statements - continued for the Year Ended 31 May 2021
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 May 2021 nor for the year ended 31 May 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 May 2021 nor for the year ended 31 May 2020.
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES (2018/19)
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 44 |
| Charitable activities | |
| Direct charitable income | 138,591 |
| Other trading activities | 119,448 |
| Investment income | 1,584 |
| Total | 259,667 |
| EXPENDITURE ON | |
| Charitable activities | |
| Direct charitable expenditure | 238,805 |
| Net gains/(losses) on investments | (11,157) |
| NET INCOME | 9,705 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 307,797 |
| TOTAL FUNDS CARRIED | |
| FORWARD | 317,502 |
continued...
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Society of Legal Scholars in the United Kingdom and Ireland
Notes to the Financial Statements - continued for the Year Ended 31 May 2021
8. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 June 2020 Additions Revaluations At 31 May 2021 NET BOOK VALUE At 31 May 2021 At 31 May 2020 There were no investment assets outside the UK. 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Prepayments 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Taxation and social security Other creditors |
Listed investments £ 49,165 35,000 16,942 101,107 101,107 49,165 31.5.21 31.5.20 £ £ 27,163 34,117 455 325 27,618 34,442 31.5.21 31.5.20 £ £ 105 - 5,041 9,885 5,146 9,885 |
|---|---|
continued...
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Society of Legal Scholars in the United Kingdom and Ireland
Notes to the Financial Statements - continued for the Year Ended 31 May 2021
11. MOVEMENT IN FUNDS
| Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS Comparative net movement in funds, included Unrestricted funds General fund TOTAL FUNDS |
At 1.6.20 £ 317,502 317,502 are as follows: Incoming Resources resources expended £ £ 188,566 (143,889) 188,566 (143,889) At 1.6.19 £ 307,797 307,797 in the above are as follows: Incoming Resources resources expended £ £ 259,667 (238,805) 259,667 (238,805) |
Net movement At in funds 31.5.21 £ £ 61,619 379,121 61,619 379,121 Gains and Movement losses in funds £ £ 16,942 61,619 16,942 61,619 Net movement At in funds 31.5.20 £ £ 9,705 317,502 9,705 317,502 Gains and Movement losses in funds £ £ (11,157) 9,705 (11,157) 9,705 |
|---|---|---|
continued...
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Society of Legal Scholars in the United Kingdom and Ireland
Notes to the Financial Statements - continued for the Year Ended 31 May 2021
11. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.6.19 £ 307,797 307,797 |
Net movement in funds £ 71,324 71,324 |
At 31.5.21 £ 379,121 |
|---|---|---|---|
| 379,121 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 448,233 448,233 |
Resources expended £ (382,694) (382,694) |
Gains and Movement losses in funds £ £ 5,785 71,324 5,785 71,324 |
|---|---|---|---|
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 May 2021.
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Society of Legal Scholars in the United Kingdom and Ireland
Detailed Statement of Financial Activities for the Year Ended 31 May 2021
| INCOME AND ENDOWMENTS Donations and legacies Seminars - Royalties Other trading activities Conference Investment income Deposit account interest Dividends Charitable activities Subscriptions - members Legal studies Reporters/journals Advertising Total incoming resources EXPENDITURE Charitable activities Journals Administration Postage and stationery Insurance Seminars President's reception Conference costs Research activities fund Business meetings SLS prizes Website Small projects and events fund Archiving and storage Subscriptions |
31.5.21 £ 71 28,241 1,046 2,555 3,601 116,550 36,963 1,700 1,440 156,653 188,566 8,317 28,045 637 476 2,700 - 63,193 4,577 731 1,300 4,080 11,330 4,300 894 130,580 |
31.5.20 £ 44 119,448 771 813 |
|---|---|---|
| 1,584 106,656 30,990 450 495 |
||
| 138,591 | ||
| 259,667 12,335 39,467 444 800 3,521 3,805 98,827 7,215 10,200 1,300 3,771 31,176 8,178 620 |
||
| 221,659 |
This page does not form part of the statutory financial statements
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Society of Legal Scholars in the United Kingdom and Ireland
Detailed Statement of Financial Activities for the Year Ended 31 May 2021
| Support costs Governance costs Independent examiner's fee Administration Bank charges Gain/loss on foreign currency Total resources expended Net income before gains and losses Realised recognised gains and losses Realised gains/(losses) on fixed asset investments Net income |
31.5.21 £ 2,520 9,349 1,437 3 13,309 143,889 44,677 16,942 61,619 |
31.5.20 £ 2,580 13,155 1,400 11 17,146 238,805 20,862 (11,157) 9,705 |
|---|---|---|
This page does not form part of the statutory financial statements
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