THE INNER TEMPLE BENEFACTORS, SCHOLARSHIP FUND Financial Statements 31" December 2020 Registered Charity No 1056609
The InnerTemple Benefactorg Scholarship Fund Index to the financial ststements forthe year ended 31st December 2020 Pages Report of the T¥ustees Report of the independent auditors ststetnerTrt offinancial activitie5 Balance Sheet 10 Cash flow statement Notes to the financial statement5 12-20
The InnerTemple Benefartors, Scholarshlp Fund Report of the Trustees forthe year ended 31st December 2020 (Continued) In 2020 the Benefactors. Fund reiVed the following donations.. £1,500 from Mr l. larman and £250 from Kiron Reid. james Beeton donated E1,500 to the Pegasus Scholarship Fund. Principal risksand uncertainties The Trtjstees have Identifled the major ri5k5 to which the fund is exposed and have satisfied themselves that adequate systems are in place to mitlgate those risks. The major risks ale set out a5 follow5-. Currency risk.. this is the risk that the fair value of future tash fiows of a financial asset wlll flurtuate because of changes in foreign exr.hange rate., Interest rate risk.. this 15 the rtsk that the fair value of future cash Nows of a financial asset WÉ11 fluctuate because of changes in the market interest rate. Other price risk.. this Is the risk th2t the fair value of future cash ff ows of a financial asset will flurtuate because of change5 in market prices (other than those arising from interest rate risk or currency risks), whether those change5 are caused by fartors specific to the individual financial instrument or its issuer. or fartDFS affectÉng all similar financial instrument5 tiaded in the market. Reserves policy The Trustees alm to apply income as fully as possible in the year in which it arises maint8ining only a modest surplus eaih year to deal wlih adverse fluctuations in the retums from Ènvestments. The level of funds at the year-end wa5 £4,758,759 12019 - £4505,0621 including restrlcted income reserves of £66255 12019- £98,850}. There are no free unrestrl(ted reserves atthe yearnd for the charity due to the nature of how the charity operates. All income is generdted and recognised within restrirted funds from endowed investment5 during the year and subsequently this 15 spent on underlylng activities of the charity. The Charity's spend is adjusted to the income level generated in the year. Transfer between funds Transfer between fijnds represents the movement between restrirted income and endowment fvnd5. relating to the investment income and fees paid to the tnvestment managers. Investment5 policy and perfOranCe The Trustees aim to maximise real return on a rolling five-year view with emphasis on capital growth with income. Investment perforrn4111e durtTig the year equated to 12.7% net of fees. Investment income on the Charity's fLnds is paid out by the manager Iveritasl to generate funds for the payment of scholarships. Styucture governance and management The Charity'5 Trustees are the four Governing Benchers elected by the Treasurer and Masters of the 8ench of the Honourable Society of the Inner Temple to act as Trustee5 of the Honourable Society. Legal title to the Charity's investments is vested in the four Tru5tee5. They act in accordance with decisions made by the appropriate committees of the Bpnih, provided they are satisfied that those decisions have been properly reacheij and are within the pawer of the committee. The committees which make decisions afferting the Charity are the Investment Committee, the Scholarships Commtttee and the Council of Management for the Pegasus Scholarship Trust.
The InnerTemple Benefartors'scholarship Fund Report of theTrustees for the year ended 31st De(ember2020 Objectives and activities The InnerTemple Benefartorg Scholarship Fund is a reqistered char*ty comprislng four individual funds.. The Inner Temple Benefactor¥ Scholarship Fund, The Pega5U5 Scholarship Trust Fund, The Woolfe Summerfield Bequest Fund and The Peter Taylor Scholarship Fund. Each of the four fund5 was established by gifts or legacie5 for the puipo5e of paying scholarships or pijrchasing Library book& The specific objectives of eèch fund are asfollow&' The Inner Temple Benefactors. Scholarship Fund.. The advancement of education in the law, and in particular the provision of scholarshlps, prlzes, grdnts and èwards to persons who are Studying the law. being 5tudent5 or young barrister members of the Socicty. The Pegasus Scholarship Trust Fund.. The advancement of legal education among siudents and young barristers whether or not being member5 of the Honourable Society of the Inner Temple and among any other person5 by such means asare charitable and particulaTly by the means of the award of scholarships and grants. The Woolfe Summerfield Bequest Fund= The purchase of library books. The PeterTaylor Scholarship Fund.. The provision of a scholarship for an outstandlng student member of the Honourable Society of the Inner Temple who either has entered or undertakes to enter for the Bar Professionèl Training Course which commences during the year in which the scholarship 15 awarded or. at the discretion of the Scholarships Committee of the Society, during the next following year. The funds are all invested with Veritas Investment Management. Investment policy is 5upervi5ed on behalf of the Trustees by the Investment Committe.p ()f the Honourable Society of the Inner Temple. Decision5 about the award of scholar5hip5 are made by the Scholarships Committee of the Honourable Society of the Inner Temple and. in the case of the Pegasus Scholarship TrusL by a committee of all lour Inn& The Trustees have given due regard to the Chaiity Commi55ign guidance on Public Benefrt. Achievementsand perfomiance There were no significant changes to the eligibility criteria orthe application process for scholarshlps prlzes and awardsforany ofthe charities in the year. Awards made during the year were as follow&. The Inner Temple Benefattors. Scholarship Fund awarded 30 scholarships and prizes to individuals ring the year totalling £19.85012019- £23,470). Three out of thirty awards were deferred to 2021. The Pegasu5 Scholarship Trust Fund awarded 17 schOlah1pS and piizes the year, the majority of which were deferred to 2021 due to Covid-19. Total award5 paid in 2020 were £7,62612019- £84,914). The PeterTaglor Scholarship Fund awarded one 5cholar5hip of £22,00012019- f20,0001. Financial review All revenues are used for charitable artivities. Inve5tment5 performed extremely well in 2020, generating an overall return, net of fees, of 12.7%12019.. 14.1%).
The InnerTemple Benefactors, Scholarship Fund Report of the Trustees forthe year ended 31st December 2020 {continued) New Tnjstees are advised of their role. dutie5 and responsibilities on appolntment, by reference to the Bench Tab5e Orders of the Honourable Society of the InnerTemple. Day-to-day management of the Charity Is undertaken by the siaff of the Honourable Society of the Inner Temple, acting in accordance wtth policies and procedyres laid down by the Honourable Society. The Charity's Trustees recognise the legal obligation to oversee and ¥eport on the Inner Temple Benefactors. Scholarship Fund's fundraising activities. The InnerTemple Benefatt0, Scholaisliip Fund does not Use Dirert Marketing for its fundraising ac.tivities and is not therefore registered with the Fvndrai5ing Regulator. It doe5 not have any direct contart with vijlnerable people hence no Vulnerable People Protection Policy is cvrrently in place. Any donations or bequests are welcome and given vDluntarily. usually by members of the lllner Temple. Any Gift Aid fom15 è¥e secijrely stored in order to protect donors, personal data. The personal data is used only for Gift Aid tax claims and is not used for mailing, distribution or other fundrdising purposes. No Personal Data IS 501d to thÉrd parties. Currently no thlrd parties are used for fundraising purp05E5 but If they are used in future the third parties would be expecied tg mdintain a high Standard of fundraising practice. There were no fundraisÈng complaints from donor5 or the general public in 2019 or any prior years. Any complaint would be taken seriously and investigated thoroughly. Invèstment Committee This Committee compri5e5 Benchers and other members of the Honourable society of the Inner Temple. Among the Bencher members are Honorarg Bencher5 chosen for their particular expertise in investment matter5. The Committee meets quarterly to review investment performance and to consider changes to policy. It is advised by an independent investment manager. Schola¥shlps Committee Thi5 Committee comprises Benchers and other member5 of the Honourable Society of the Inner Temple. It meets throughout the yea¥ to set policy for the awardln9 of scholarships and to assess appliiations. Awards are made. to students and junior barrksters by the Honourable Society of the Inner Temple. The Charity makes grants to the Inn in accordance with the terms of the bequests of whlch it is comprised. Coronavirus The global pandemic ha5 not led to any significant changes in the Charity's income or expendlture In the Post balance Sheet period. Taking into account the balance sheet POSltioll and the impact of Covid-19 on the Charity's income streams and expenditure plans, the Trustee5 consider tliat the going concern assumption remains appropriate and the fEnanclaS statements continue to be prepared on thi5 ba51S. The Trustee5 do not con5Éder it necessary to make a redurtion to the levels of fijnding budgeted for 2021.
The InnerTemple Benefartors'scholarship Fund Report ofthe Twstees forthe yearended 31st December 2020 Icontinued) Referencesand administration Charity Name & No.. The Inner Temple 8enefartors' Scholarship Fund irkcludes the following charitie5 registered under the charity number 1056609.. The Innei Temple Benefactors, Scholarship Fund IcoYnpri5ing the fund5 listed in Note 1lgl to the accounts) The Pegasus ScholarshipTrust FLJnd The Woolfe Summerfield aequest Fund The PeterTaylor Fund Govemin9 Instrument&.The InneTTemple Benefacto, 5cholatship FuRd= scheme made by the Charity Commissioners dated 14thAugust 1995 The Woolfe Summerfield Bequest Fund 15 governed by the tecm5 of the will of Woolfe Summertleld The Pegasus ScholarshlpTNst Fund.. trust deed dated 13th March 7988 The Pete¥Taylorkholarship is governed by regulat10115 dated 23rd july 1997 TheTrustee5 of the InnerTemple Benekctors. Scholar5htp Fund are.. The kt Iqon Sir Stephen Tomlinson The Rt Flon Lord ILEStice Nugee David Pittawaij QC Penelope Reed QC as nominees of the Tseasurer and Master5 of the Bench of the Honourable Society of the InTrerT@mple, who act In accordance with their usual proceduro Trustee&- TheTru51ees of the Pegasus Scholarship Trust Fund,set up by the tsust deed, are. Ihe Rt Hon Sir Stephen Tomlinson The Rt Hon Lord justice Nugee David Pittaway QC Penelope Reed QC Princlpal Address.. Inn2rTEmple London EC4Y7HL Bankers.. Royal Bank of Scotland 9-15 Paiernostef Row LoridvrE EC4M 7EI Solicitors.. Forsters LLP 31 Hill Street London W115LS Lewis Silk¢n LLP 5 Chancery Lane, Clifftbrd'5 Inn London EC4A 18L Auditors.. Crowe U.K LLP 55 Ludgate Hill London EC4M 7IW Investment Manager5.. Veritas Investment Management LLP Riverside House 2A Southwark Bridge Road London SEI 9HA Investment Powe The Tru5tee5 hBwe wide powers of investment
The InnerTemple Benefaciorgscholarshlp Fund Report of the Trustees forthe year ended 31st December 2020 (continued) Council of Management for the Pegasu5 Scholarship Trust The Council of Management comprlses Benchers and other members of all four Inns of CoutL' the Honourable Societies of Gray's Inn,the Inner Temple, Linioln'5 Inn and Middle Temple. The Council makes awards from the Pegasus Scholarship FLÈnd to finènce UK and overseas barri5teF5 in gaining international work experience. Ststement of Tyustees, responsibilities The Trustees are responsible for preparing the Annual Report of the Trustees and thefinancial statements in accordance with applicable law and United Kingdom Generally Accepted Actountino Practice Iunited KÈngdom Accounting Stèndardsl. The law applicable to charities in England and Wales requlres the Trustees to prepare finantial giatements for each financial yeai which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of re50urce5 of the Charity for that period. In preparing these financÈal statements, the Trustee5 are required to.. select suitable accounting pollcles and then apply them consi5tently- observe the methods and principle5 in the Charities SORP., make judgements and estimates that are reasonable and prudent., state whether appliiable accounting standards have been followed. 5ubjert to any material departures dSsclosed and explained in the financial statemerTrts- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Chaiity will continue in business. The TStee$ are respDnsible for keeping adequate accounting records that are 5ufFicient to Show and explain the Charity's transactions, disclose with reasonable accuracy at any time the financtal position of the Charity and enable them to ensure that the financial statement5 iomply with the Charities Art 2011, the Charlties (Accounts and Reports) Regulations 2008 ènd the provisions of the Charity's constitution. They are also re5pon5ible for safeguarding the assets of the Charity and hence for taking reasonable steps forthe prevention and detection of frdL¢d and other irregularitie& Approved forthe Trustee5 on py 2021 and sSgned on their behalf. The Rt Hon Lord Trustee ceN ee
The InnerTemple Benefartors, Scholarshlp Fund Independent Audito5 Report to the Trustees of the Inner Temple Benefactors. Scholarship Fund Oplnlon We have audited the financial statements of the Inner Temple Benefartors, Scholarship Fund Ilhe charity? for the year ended 31 December 2020 which comprise the Statement of Financi81 Activtrties, the Balance Sheet, the Cash Flow Statement and notes to the financial statements. including signtficant account*ng policies. The financial reporting framework that has been applied in their preparation is applicable Saw and United Kingdoryh Accounting Stsndards. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financtal statements.. give 3 true and lair vSew of the state of the charity's affairs as at 51 December 2020 and of it5 Income and expendFture, for the year then ended., have been properly prepared accordance with United Xingdom Generally Accepted Accounting Practice., and have been prepad in accordance with the requirements of the Charitie5 Art 2011. Basis for opinion We conducted our audit in accordance with Intematinnal Standards on Auditing IUKI IISA5 IUKII and applicable law. Our responsibilities under those stadardS are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the charity ill aciotdance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilttie5 in accordance with these requirement5. We believe that the audit evidence we have obtained 15 sufficient and appropriate to provide a basis for otjr opinion. Conclusions relating to going concern In audrting the financlal statement5, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the fsnancial statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions thaL individually or collectively, may last significant doubt on the Eharity'5 ability to continue as a going concern for a period of at least twelve month5 from when the financial statements are authorised for issue. Our responsibilittes and the responsibilitie5 of the trustees Wlth respect to going concern are described in the relevant sect¥on5 of thi5 reporL Other informatlon The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statement5 and our auditors report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance ionclusion theOn. Our responsibility is to read the other information and, in doing so, consider whether the other informatlon 15 materially inconsistent with the financial $12tements or our knowledge oblained in the audit or otherwise appears to be materially misstated. If we identify such material incon51Stencies or 3pparent material misstaterT)ent5, we are required to determine whether this gives rise to a material mi55tatement in the financial statements themselves. If, based gn the work we have performed. we conclude that there is a materièl mi55tatement of this Other information, we are required to report that fBcL
The InnerTemple Benefartors'scholarship Fund Independent Auditorfs Report to the Trustees of the Inner Temple Benefactors, Scholarship Fund (continued) We have nothing to report in this regard. Matter5 on which we are Yequired to report by exception We have nothing to report in respert of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: the information given in the financial statements 15 inconslstent in any material respect with the trustee5' report., or sufficient and proper accounting records have not been kept by the charity,. or the financial statements are not in agreement with the accounting records and returns or we have not received all the information and explanations we require for our audlt. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement, the trustee5 are responsible for the preparation of the financial statement5 and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessaiy to enable the prepaTation of financial statements that are free from material misstatemenL whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, di51105ing, as applicable, matteT5 related to going ionceTn and using the goir)g concem basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic altemative but to do so. Auditoffs responslbilitiesfor the audit of thefinancial statement5 We have been appointed a5 auditor under section of the CharitÉes Art 2011. and report in accordance with the Acts and relevant regulations made or having effect thereunder. Our objertives are to obtain reasonable assurance about whether the financial statement5 a5 a whole are free from material mi5statemenL whether due to fraud or error, and to Issue an auditors report that includes our opinion. Reasonable assurance 15 a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exist& Mi55tatements can arise from fraud or error and are considered material if. individually or in the aggregate. they tould reasonably be experted to influence the economic decisions of users taken on the basi5 of these financial statements. Details of the extent to which the audit was considered capable of deterting irregularlties, including fraud and non-compliance with laws and regulation5 are set out below. A further descriptlon of our respon5ibi1ities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.or itorsres onsibilities. Thi5 description forms part of our auditorfs report. Extent to whÉch the auditwas considered capable of detecting irregularitles. including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or erroT, and discussed these between our audit team metnbers. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basi5 for our opinion. We obtained an understanding of the legal and regulatory fratneworks within which the charity operate% focusing on those laws and regulations that have a direct effect on the determinalion of material amounts and di5c105ures in the financial statements. The laws and regulations we considered in this
The InnerTemple BenefactOTS'Scholarship Fund Independent Auditofs Report to the Trustees of the Inner Temple Benefactors. Scholarship Fund {continued) context were the Charities Act 2011 together with the Charities SORP (FR5 1021. We assessed the requiTed compliance with these laws and regulations as part of our audit procedures on the related fjnancial Statement items. In addition, we considered provisions of other laws and regulations that do not have a dirert effect on the financial statements but compliance with which might be fundamental to the charity'5 ability to operate or to avoid a material penalty. We also considered the opportunitie5 and incentives that may exist within the charity forfraud. We noted no additional law5 and regulations in this context foT the UK operation5. Auditing standards limit the required audit procedures to identify non-iompliance with these laws and regulation5 to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impart on the financial statements from irregularitie5, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management. and the Board about their own identification and a55e55ment of the risks of irregularitie5, sample testing on the posting of journals, reviewing aicounting estimates for biase5, reviewing regulatory correspondence with the Charity Commission, and reading minute5 of meetings of those charged with governance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have deterted some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standard5. For example, the further removed non- compliance with law5 and regulations lirregularitiesl is from the event5 and transactions reflected in the financial statements, the les5 likely the inherently limited procedures required by auditing standard5 would identify it. In addition, as with any audit, there remained a higher risk of non-detertion of irregularities, as these may involve collusion. forgery, intentional otni55ion5. misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be experted to detect non-compliance with all laws and regulations. Use of our rèport Thi5 report is made solely to the tharity'5 trustees. as a body. in accordance with Part 4 of the Charitie5 (Accounts and Report51 Regulations 2008. Our audtt work ha5 been undertaken so that we might stale to the charity's trustees those matters we are required to state to them in an auditorf5 report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report. or forthe opinions we have formed. CrfvR LJ k LLP Crowe U.K. LLP Statutory Auditor Crowe U.K. LLP 55 Ludgate Hill London EC4M 7IW Date.. 29 October 2021 Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under sertion 1212 of the Companies Art 2006.
The InnerTemple Benefartors, Scholarship Fund staternellt of Financial Activities for the year ended 31st December2020 Restricted Expendable Pe¥mallent Income Endowment Endgwmeht Total Restrictéd Expendèble Permanent 2020 Income Endowment Endowment Totsl 2019 Notes Incomlng resources Donations and legacle5 othertrading activities 21al Income from investments 2lbl 3,750 19,500 45,228 5,750 19.500 45,228 6,710 78,OQO 46.843 6,710 78.000 46,843 Total tncomeand endowTnÈnts 66.478 66,478 131,553 131,553 Expenditureon raislng funds IrFvestment manager¥ charges Bank tharges and office costs 51.508 31,508 51,687 31.687 34 31.511 31,511 51.721 31,721 Expendlture on charital)le acttvitles Siholar5hip5 payable Contribution to purchase of library book5 49.476 49h76 128,384 128,384 2.792 1792 3.522 3,322 51268 52,268 151.706 151,706 54EPPOrt cost 46,946 46,946 44.506 44.506 Total expenditure 130,725 130,725 207,953 207,933 Net galns on Snvestrnent5 sd 395,719 124,205 517,924 335,358 174,376 509.734 Net lexpendÈturÈll Income 164,2471 393,719 124,205 453,67T 176.3801 535,358 174,576 435,354 Transfer between funds 51,652 121,0261 110,6261 31942 1232001 19,7421 Net movement Infvnds (32,595) 372.693 113,579 453.6Tr 145,4381 311158 164,634 453,354 Fund bèlan¢es broughtforward At T" january 2020 98,850 2,812,012 1,394200 4,305,062 142,288 1499.854 1.229,566 3,871,708 Fund balanie5carried fonvard At 51 Decernber2020 66255 3,184,705 1,507,779 4,758,739 98,850 2,812.012 1,394,200 4,305,062 All the above amounts relate to continuing artivitie5. The notes on page5 12 to 20 form part of these financial statemen
The Inner Temple Benefactors. Scholarship Fund Balance Sheet as at 31st December 2020 Restrirted Expendable Permanent Income Endowment Endowment Total 2020 Total 2019 Notes Flxed assets Investment5 5.184.705 1,507,779 4,692184 4,206,212 Current assets Debtor5 4587 4587 28,647 Cash at bank and in hand 214,059 214,039 184.507 218.626 218,626 213.154 CreditoY*. amounts falling due Within one year U52,3nl 1151571) 1114,5041 Netcurrent a55etsl Iliabllltiesl 66255 66,255 98.850 Total assets less CUtrTent liabiltties 10 66,255 3,184,705 1.507.719 4.758,759 4,305.062 Represented by.. The Benefartors. Fund 30,519 758,510 789.029 741.971 The PeterTaylor Fund 22,090 468,891 490,981 4n,580 The Woolfe Summerfield Fund 2SO,378 280,578 261,165 The Pe9asus Scholarship Trust Fund: The PegasL15 Fund'A' 198 2,866,254 2.866h32 2.556,367 The Pegasus Fund'B' 13,448 318.471 331,919 293.981 10&11 66,255 3,184,705 1,507,T19 4,758,739 4,505.062 Thefinancial Statements on pages 9 to 20 were approved and authorised for issue by theTrustees on 20J and signed on theÉT behalfr. The Rt Hon Lo Trvstee The notes on p3ge5 12 to 20 form part of these financial statements io
The InnerTemple Benefartors. Scholarship Fulld Cash flow statement Forthe yearended 315T December2020 2020 2019 Net cash rov eratin artivities 14 {45,033) 159.8091 ash flowfrom inv Dividends and interest from investments Proceeds of sale of inve5tmentS Purchase of investments Net cash 42,912 1,324,151 92,4981 74565 47,863 608.799 1515,858 80,804 Cash and cash equivalent5 in the reporting period 20,995 Cash and cash equivalents at the beginning of the reporting period 15 184 507 163 512 Cash and cas eriod ortln 15 21 059 184,507 The notes on pages12 to 20 form part of these financial statements.
The InnerTemple Benefactors, Sd)olarship Fund Notesto the financial statements forthe yearended 31st December 2020 1.Aciounting policies al Basls of accountipg The financial statements have been prepared in accordance with the St6tement of Recommended Practice.. Accounting and Reporting by Charitie5 preparing their accounts in accordance with the Financial Reportrng Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 july 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 january 2015. The financial statements have been prepared to glve a.YYue and fairf view have departed from the Charitics (Accounts and Reports) Regulation5 2008 only to the extent reqUId to provide a *rue and fair view. This departure has involved following Accounting and Reporting by Charities preparing their aCContS in aiiordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FR5 1021 issijed on 16 july 2014. The Inner Temple Benefactor5' 5cholar5hip Fund ion5titutes a public benefit entity a5 defined by FRS 102. After making enquires. the Trustees have a reasonable expecEation that the Charity has adequate resource5 to ionlinue its activtiies for the foreseeable future. Accordingly. they continue to adopt the going concern basis in preparing the financial siatements as outlined in the Statement of Twstees Responsibilities on page 5. The Covid-19 pandemic has had no material imp3Ct on the CharFty'5 operations. The Trustees, the relevant committees, profe55i0nal advisers and staff continue to monitorthe situation carefully. Having regard to the above, the current cash position, and Expected ca5hflow over the following twelve months the Tru5tee5 believe it Is appropriate to adopt the going Eoncern basis of accoUntig in preparing thefinan£ial statement b} Critical accounting judgementsatEd key sour(es of estimation uncertainty Sources of estimation uncertainty that have a signtficant effect on the amounts recognised In the rinancial statement5 are described in the accounting policies. No speclfic accounting judgements and uncertaintie5 have been identified forthe culrent year. c) Investments Investments are included in the a£counts at fair value. Net re.alised and unrealised gains and 105sCs are reflected In the 5tstement of Financial Activities as net gains/1055e5 op investment d) Yinancial instruments The Inner Temple Benefartors. scholarship Fund has financial assets and financial lTrabslitie5 of a kind that qualify as basic financial instruments. Basic fianCial instruments are initially recognised at transaction value and 5ub5equentlg measured at amortised cost using the effective interest method. Financial assets held at amortise.d cort comprise cash at bank and in hand. togetherwith trade and othp.r debtors. Financial liabilities held at amortised c05t comprise bank loan5 and overdrafts, trade and other creditors. Investments, including bonds held as part of an investtnent portfolio are held at market value at the Balance Sheet date. with gains and1055e5 being recognised within income and expenditure. 12
The InnerTemple Benefartors'scholarship Fund Notes to the financial statements for the yearended 31st December 2020 el Incoming resources Donation5. inteTe5t and investment inc.ome are accounted for when receivable. Legdcies are accounted forwhen received or otherwise if amounts are known as probable and measurable. fj Resour(es expended Direct charttable expendlture comprises SeiCe$ supplied and artivttie5 undertaken. which a Identrfiable as wholly or mainly in 5UPPOrt of the Ch3rity's objective& Grants, PTizes and scholarshlps are accounted for when awarded. The c05t5 of generating funds re5ate to the management of the Charity's assets. gl The InnerTemple Benefactor5' Scholarship Fund The Inner lemple. Benefactors. Scholarship Fund is an approved scheme whereby the charities listed below are administered and managed together as one charity. The Charity Commissioner5 approved the scheme in 1995. Charit125 included Én schemtr. lardine Student5hip Poland Prize Sttuben Bequest Ashworth Charity Horaie Avory Scholarship Wilfred Clothier Scholarship Frank and Burris Gahan Scholarship iihael Hodge scholahIP Trust Fund Neville Laski Scholarship Charity The Inner Temple Law Scholarships David Hughes PaY PThze Basil Nield Scholarship Charity Otto Rix Scholarship Geoffrey Veale Scholarshlp Fund Cecile Yahuda Scholarship Elfreda Edwards Scholarship Peta FoTdham Scholarship Sweet & Maxwell Prize The105eph Priestley Scholarship Solk Scholarship Yarborough-Ander50n Scholarship Piofumo Scholarship Allan Levy Award IX21 Philip Teichman Award Paul Methven Scholarship The Rachel Lawrence Scholarship Leonard Waodley Scholarship h) Taxation The Inner Temple Benelactors. ScholarshÉp Fund is a registered charity and taxation is not applicable. 2(al ContributÉonsfYom the Inns The four Inn5 of Court IThe Honourable SOetY of Gray's Inn, The Honourable Society of the Inner Temple, The Honourable Society of the Middle Temple and The Honourable 5oclety of Lincoln'5 Inn) each made an annual dottation of £4,87512019 - £19500) toward5 The Pegasus Scholarshlp Trust Ftjnd. The Council of Management of the PegasU5 Trust decided not to ask the Inns to pay the full annu31 contributlon, given the impact of Covid-19 on the Inns. finances. Instead only the first quarterly contrlbution w85 demanded. The Honourable Society of the Inner Temple also pays the Charity's audit fee& 15
The InnerTemple Benefactors'Scholar5hip Fund Notes to the financial Statements forthe year ended 31st December 2020 21b) Investment income 2020 2019 The InnerTemple Benefattor5' Stholarship Fund UK equitie5 FOign equitles Flxed interest The Woolfe 5ummerfield Bequest Fund UK equities Foreign p.quities ixed interest The PeterTaylor Fund UK equities Foreign equities Fixed inteTe5t The Pegasus ScholaYshipTrust Fund UK equtLie5 Forelgn equities Fixed interest 1,836 1,835 1,635 1,353 1.196 2,769 739 685 538 580 264 1,180 1,102 1,075 1,006 930 510 1,924 5.228 17,560 9.904 3073 19,196 11860 45.159 A6,635 Scholarships payable,awarded to individuals 2020 2019 The InnerTetnple Benefartors, Scholarship Fund.. 50 {2019.. 27 The PeterTaylor Scholarship Fund-. 11201>. 11 The Pegasus Scholarship Trust Fund.. 17 I201fy. 261 19.850 22,000 7,626 23,470 20.000 84,914 49h76 128384 Support cost 2020 2019 Administrètion cost5 allocated by the InnerTemple 46,946 44,506 Investments Reconciliation of movement in investment assets 2020 2019 Market value at 1. january 2020 Additions to investrnent5 at C05t Less: Disp05a15 at carrying value Nct gains on revaluation 4206,212 848.928 1883.1121 520,456 3.729,420 495,137 1494.6111 476266 Market walue èt 315t December 2020 4,692,484 4206312 14
The InnerTemple Benefactors. Scholarship Fund Notes to thefinancial statements for the year ended 31st December 2020 (contlnued) {bl Analysisof Investment 2020 2019 The InnerTemple Benefattors, 5cholarshlp Fund UK equitie5 ForeÉgn equities Fixed interest Cash Thewoolfe Summerfield Bequest Fund UK equities Foreigri eqtJltie5 Fixed interest Cash The PeterTaylor Fund UK equitie5 Foreign equities Fixed interest Cash 650.074 406,096 151330 89,758 53,791 89,476 18,960 247.095 212592 6,460 25,546 18565 23,367 9,916 414,191 321,589 38,891 45,827 25,755 35,421 19279 The Pegasus Scholarship Trust Fund UK equtties Foreign equities Fixed interest Cash 283,733 1.949,468 707,694 243,810 326,028 1511,012 656,745 518,227 4,692h84 4206212 Hlstorscal cost at 31st December 3 517 495 3108108 Icl Reconciliation of movewnents in unrealised gains on Investment asset5 2020 2019 Unrealised gains at 1st january 2020 Write back loss on disposal of inve5tment5 Unrealised gain forthe year 1,098,105 1443,5701 520,456 702,552 180,n31 476266 1,174,991 1,098,105 Idl Net gain on investment 2020 2019 Unrealised gains Realised1105511 gain 520,456 125321 476,258 35,476 Net gain on investment at 51sI December 2020 517,924 509,734 15
The InnerTemple Benefartors, Scholarship Fund Notes to the financial statements forthe yearended 31st December 2020 (continued) Debtors 2020 2019 Dividend 1Come Amounts due from the Inns of Court Other debtors 3.087 1772 24,375 1,500 7,500 4587 2&647 (ash at bank and in hand 2020 2019 Current account Deposit account 104223 109.816 78,877 105,630 274039 184.507 CredÉtor&' amounts falling due within one year Note 2020 2019 Accyved expenditure Other creditors Amount dueto InnerTemple 8,926 11.558 131,887 16561 10,713 87,050 16 152571 114,304 9. Yinancial instruments Financial assets and liabilities 2020 2019 Financial assets me3sured at amortised cost Financial assets measured at fair value 4587 4,692,484 28.647 4,206212 Financial liabilities measured at amortised cost 152,3n 114,304 The Trust's income, expense, galns and losses in respect of these financlal Instwments are summari5ed below.. 2020 2019 Total income forfinancial assets held at falr value Total gains for financial assets held at fair value Total losses forfinancial assets held at fair value 3.087 1,184,785 9,794 2,722 1,122,449 24345 16
The InnerTernple Benefattors. scholarship Fund Notes to the financial statements forthe year ended 31st December 2020 (continued) 10. Funds {al Permanent Endowment Funds Balanceat Capital Additions Balanceat 1 lan 2020 Galn5 TraTbsfers 31 Dec 2020 The InnerTemple Benefactors, scholarship 700,975 432,062 62,787 15,2521 13,3211 12,0531 110.6261 758,510 The PeterTaylor Fund The Woolfe Summeffjeld Bequest Fund 40,150 468,891 261.163 21,268 280.378 1,594,200 124,205 1.507,779 Balance at Captt31 1 lan 2019 Additions Balance at Gains Transfers 51 Dec 2019 The InnerTemple Benefartors, kholarship 618.804 87,163 14.9921 700,975 The PeterTaylor Fund The Woolfe Summerfield Bequest Fund 379285 55,739 12,9621 432.062 261.163 1,229,566 174,376 19,7421 1394,200 {bl Expendable Endowment Funds Balanat 1.lan 2020 Capttsi Addltlons Gains TrdnsFeYs Balanceat 31 Dec2020 The Pegasus Scholarshlp Tyust Fund 2 812 012 393,719 121,0261 3.184.705 Balance at 15klan 2019 Capital Additlons Losses Transfers Balance at 31 Dec 2019 The Pegasus Scholarship Trust Fund 2 499 854 335 358 2 812 012 17
The InnerTemple Benefartors. Scholarshlp Fund Notes to thefinancial statement5 for the year ended 31st December2020 (continued) Icl Income Funds Balance at Incoming 1 lan 2020 re50uKes Expenditure Transfe Balance at 51- Dec2020 The InnerTemplt BÉne*actor5'ScholaTship Fund 40,996 7,575 123.3041 5,252 30.519 Yhe Petef Taylor Fund 59,518 3,279 124,0281 3,321 22,090 The Woolfe Summerfield Bequest Fund 1,962 14,0151 2,053 The Pega5U5 Scholar5hipTrust Fund 18,336 53,662 179.3781 21,026 13,646 98050 66,478 1130,T251 51,652 66,255 8alance at I'lan 2019 Incorning resources Expendtture Transfers Balance at 31. Dec 2019 The InnerTemple 8enefactor5'5cholarship Fund 52,200 1t,818 128,0141 4,992 40,996 The PeterTaylor Fund 56,886 3,572 (22,r281 1,788 59.518 Thewoolfe Summerfield Bequest Fund 2.024 14,9861 1962 The Pegasus Scholarship Trust Fund 33,202 114.139 (152205) 25,200 18,536 t42,288 151555 007,9331 31942 98,850 11. Analysisof net assets InnerTemple Benet8rtor4 Scholarship Fund Woolfe Pegasus 5ummeffield Scholaishlp Bequest Trust FEEnd Fund Peter Taylor Fund Totsl 2020 rixed asset&. Investments 758510 468,891 280,578 1184,705 4,692,484 Current a55ets.' Debtors 1,689 74 50 2,714 4,587 Cash at bank and tn hand Credrtors.. amounts falling due within one year 87,039 84h16 7,n4 54,870 214,039 1582091 162,4001 (7,7641 125,9981 1152,5711 789,029 490,981 280,578 5,198,351 4.758.739 18
The InnerTemple Benefactors, Scholarship Fund Notes to thefinancial statements foT the year ended 31st December 2020 (continued) InnerTemple Benef-dLtors' Scholarship Fund woolfe Summerfield Bequest Fund P@qasus Scholarship Trust Fund Peter Taylor Fund Total 2019 Fixed assets.. Investment5 700,975 432,062 261,165 2012,012 4,206,212 Current assets.. Debtors 1,688 83 26,826 28,647 Cash at bank and in hand credito amounts falling due within one year 125,554 40.231 429 20313 184,507 184,2261 17g61 14791 128,8031 1114,3041 741,9n 471,580 261163 2,850.548 305 062 12. Trustees None of the Trustees received any reimbursement of expenses or remunerdtion for their service5 during the year. 15. Auditfees The Charity'5 audit fee5 3re paid by the Honourable Societu of the Inner Temple. Inner Temple paid £4,080 on account of the audit fee5 in 2020 (2019- £14,020}. Reconclllatlon of cash inflowfrom operating activities 2020 2019 Net incomel lexpenditurel for the reporting perSod Galns on Investments Divldends 453.677 433354 1517.9241 1432281 1509,7341 146,8431 Other income Operating deficit 1107,4751 {123,2231 Decrease in debtors 24,575 15,881 Increase creditors 38,067 47,533 Net cash outflow provided by operating artivitie5 45,035 159,8091 19
The InnerTemple Benefactors. Scholarship Fund Notes to thefinancial statements for the year ended 31st December 2020 (continued) 15. lal Analysis of short.term deposits and cash at bank as shown in the balance sheet At 31" Dec 2Q2 Cash flow Short-term deposlts 105,630 4,186 109,816 Cash at bank 78,877 184,507 25,5116 29,532 104223 214,059 Cash and bank balance5 Ibl Reconciliation of net cash flow to movement in net cash Increase in cash and shon-term deposits 29,552 Net cash at 1" january 2020 Net lash at 31" December 2020 184,507 274,069 16. Related partytransactions The HonouTrble society of the Inner Temple paid £4,875 towards the Pegasus Trust scholarships awarded in 2020 12019 - £19,500). The Inner Temple a150 paid the 8enefartors' Scholarship Fund's audit fees of £4,08012019- £4.0201. The Pegasus Scholarship Trust paid £46,231 wtth regardsto staff cost5 3dmini5tereil by the Inner Temple in 202012019- £42.8521. In 2020 The Inner Temple Benehctors. Scholarship Fund contributed the following amounts to the cost of the Inn'5 5cholar5hip awards.. 2020 2019 Benefartors, Scholarship Fund Woolfe Summerfield Bequest Fund PeterTaylor Fund 19,850 2.792 22,000 23,470 3,322 22,000 The amount of £131,887 in creditors (Note 81 represents the contriblOn5 de to the Inner Temple as at 31" December 2020 12019 - E87.0301. This balance is unsecured, Interest free 8nd payable on demand. 20