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 re￿iVed 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 year*nd 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 perfOr￿anCe
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 fL*nds 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 schOla￿h1pS 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 T￿Stee$ 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 Audito￿5 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 prepa￿d 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 sta￿dardS 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 the￿On.
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 reqUI￿d to provide a
*rue and fair view. This departure has involved following Accounting and Reporting by Charities
preparing their aCCo￿ntS 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
accoUnti￿g 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 fi￿anCial 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 Se￿iCe$ 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 schola￿hIP Trust Fund
Neville Laski Scholarship Charity
The Inner Temple Law Scholarships
David Hughes Pa￿Y 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 SO￿etY 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
FO￿ign 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 1￿Come
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
Balan￿at
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 contrib￿lOn5 d￿e to the Inner
Temple as at 31" December 2020 12019 - E87.0301. This balance is unsecured, Interest free 8nd
payable on demand.
20