SDT Administration Company Publishes Its Financial Statements For Year Ended 31 December 2016
The SDT’s administration company, SDTAL, has published its independently audited Financial Statements for the year ended 31 December 2016.
To access the statements, please click here.
The auditors confirmed that the financial statements are unqualified and no reference was made to any matters to which the auditors drew attention by way of emphasis.
The SDTAL is a not for profit company limited by guarantee. The deficit for the year of £542,931 represents the amount underspent by the company as against its LSB-approved budget. The underspend is refunded by SDTAL to The Law Society by means of adjustment to future funding payments.
An underspend against approved budget arises for a number of reasons including: careful budgeting to reduce costs; court sitting days adjourned; number of outcomes agreed between the SRA and solicitors (reducing hearing time anticipated at the point of making the budget application in September 2015); case hearings going short.