The report was finished in September, well inside the deadline, and posting it a fortnight late is still a breach in its own right.

Practise this topic with exam-style questions: sqe1prep.co.uk

In this episode:

• Obtain the report within six months of the accounting period end
• Deliver it to the SRA only if it is qualified
• Rule 12.5 is two limbs: chartered body, and registered auditor
• Keep records six years from the record, not from the file
• Exemption from the report exempts you from nothing else

Narrated by an AI voice from a script written and checked by the editors at sqe1prep.co.uk. Educational content only — not legal advice. SQE1 Prep is not affiliated with or endorsed by the SRA or Kaplan.

Six years of paying someone else's mortgage can buy you nothing at all under a resulting trust, while signing the loan on day one buys you a share outright.

Practise this topic with exam-style questions: sqe1prep.co.uk

In this episode:

• A resulting trust gives effect to the transferor's presumed intention
• Advancement is presumed from a father, never from a mother
• A resulting trust is fixed at acquisition and never grows
• In a jointly owned family home, equity follows the law
• A failed purpose sends the money back on a resulting trust

Narrated by an AI voice from a script written and checked by the editors at sqe1prep.co.uk. Educational content only — not legal advice. SQE1 Prep is not affiliated with or endorsed by the SRA or Kaplan.

Two clients, one pot of money, and a trainee who is certain you need two bank accounts to keep it straight.

Practise this topic with exam-style questions: sqe1prep.co.uk

In this episode:

• Two different things get called a joint account, and only one is rule 9
• The ledger separates client money, not the bank account
• Rule 9 leaves statements and the bills record, and nothing else
• A client's own account is one you operate as signatory
• Money you do not hold never goes on a client ledger

Narrated by an AI voice from a script written and checked by the editors at sqe1prep.co.uk. Educational content only — not legal advice. SQE1 Prep is not affiliated with or endorsed by the SRA or Kaplan.

A woman funding free sports coaching in the area she grew up in is told her trust cannot be a charity because she has not registered it. She has been told wrong.

Practise this topic with exam-style questions: sqe1prep.co.uk

In this episode:

• Three cumulative tests: exclusively charitable, recognised description, public benefit
• Nothing is presumed; public benefit must be shown
• Poverty escapes the personal nexus rule, not public benefit
• A purpose trust fails unless somebody can enforce it
• General charitable intent matters only on initial failure

Narrated by an AI voice from a script written and checked by the editors at sqe1prep.co.uk. Educational content only — not legal advice. SQE1 Prep is not affiliated with or endorsed by the SRA or Kaplan.

Your client has paid you six thousand pounds and it is all still in the client account, and you still cannot send the completion money.

Practise this topic with exam-style questions: sqe1prep.co.uk

In this episode:

• The client ledger, not the client account, governs what you may pay
• Credits increase the balance, debits reduce it
• Reconcile at least every five weeks, three ways
• No transfer to office without a bill delivered first
• Principal method charges VAT, agency method does not

Narrated by an AI voice from a script written and checked by the editors at sqe1prep.co.uk. Educational content only — not legal advice. SQE1 Prep is not affiliated with or endorsed by the SRA or Kaplan.

Every beneficiary wants the trust wound up, the youngest is sixteen and her mother has agreed on her behalf, and it still cannot be done.

Practise this topic with exam-style questions: sqe1prep.co.uk

In this episode:

• Vested is not the same as absolutely entitled
• Saunders v Vautier needs all three conditions, not just agreement
• Discretionary beneficiaries own nothing until the trustees distribute
• A life tenant and remainderman together cannot end the trust
• A protective trust converts permanently once the trigger fires

Narrated by an AI voice from a script written and checked by the editors at sqe1prep.co.uk. Educational content only — not legal advice. SQE1 Prep is not affiliated with or endorsed by the SRA or Kaplan.

There is no twenty-four hour rule, and believing in one is how a small overdraft turns into a career problem.

Practise this topic with exam-style questions: sqe1prep.co.uk

In this episode:

• A breach is a breach whatever you knew or intended
• Reporting turns on materiality, not on any fixed deadline
• Correct a shortage from the firm's own money, promptly
• Never fix one breach by committing another
• A debit balance on a client ledger is a shortage

Narrated by an AI voice from a script written and checked by the editors at sqe1prep.co.uk. Educational content only — not legal advice. SQE1 Prep is not affiliated with or endorsed by the SRA or Kaplan.

A father sends off the share transfer forms, the company takes six weeks to register them, and the dividend that lands in the meantime is not his.

Practise this topic with exam-style questions: sqe1prep.co.uk

In this episode:

• Writing for declarations of trust of land, and for disposing of equitable interests
• A trust of personal property can be declared out loud
• Equity will not perfect an imperfect gift, but will not officiously defeat one
• Strong v Bird, deathbed gifts and estoppel rescue volunteers
• Fully secret: communicate before death. Half-secret: before the will

Narrated by an AI voice from a script written and checked by the editors at sqe1prep.co.uk. Educational content only — not legal advice. SQE1 Prep is not affiliated with or endorsed by the SRA or Kaplan.