THE INNER TEMPLE BENEFACTORS, SCHOLARSHIP FUND Financial Statements 31 December 2023 Registered Charity No 1056609
The Inner Temple Benef3Ctors' Scholarshlp Fund Index to the financial statements for the year ended 31 December 2023 Pages Report of the Trustees Report of the independent auditors Statement of flnanclal activitles io Balance sheet li Cash flow statement 12 Notes to the flnancial statements 13-21
The Inner Temple Benefactors, Scholarship Fund Report of the Trustees for the year ended 31 December 2023 Objectlves and actlvltles The Inner Temple Benefactors, Scholarship Fund is a registered charity comprising four individual funds.. The Inner Temple Benefactors, Scholarship Fund, The Pegasus Scholarship Trust Fund. The Woolfe Summerfield Bequest Fund and The Peter Taylor Scholarship Fund. Each of the four funds was established by glfts or legacies for the purpose of paying scholarships or purchasing Library books. The specific objectives of each fund are as follows.. The Inner Temple Benefactors. Scholarship Fund: The advancement of education in the law, and in particular the provision of scholarships. prlzes, grants and awards to persons who are studylng the law, being students or young barrister members of the Society. The Pe8asus Scholarship Trust Fund: The advancement of legal education among students and younE barrlsters whether or not being members of the Honourable Society of the Inner Temple and among any other persons by such means as are charitable and partlcularly by the means of the award of scholarshlps and grants. The Woolfe Summerfield Bequest Fund: The purchase of library books. The Peter Taylor Scholarship Fund: The provision of a scholarshlp for an outstanding student member of the Honourable Society of the Inner Temple who either has entered or undertakes to enter for the Bar Professional Tralnlng Course whlch commences during the year in which the scholarship is awarded or, at the discretloi) of the Scholarshlps Commlttee of the Society, during the next followlng year. The funds are 311 invested with Meridiem {formerly known as Veritas) Investment Management, Investment policy is supervised on behalf of the Trustees by the Investment Sub-committee of the Honourable Society of the Inner Temple. Decisions about the award of scholarships are made by the Scholarships Commlttee of the Honourable Soclety of the Inner Temple and, in the case of the Pegasus Scholarship Trust, by a committee of all four Inns. The Trustees have given due regard to the Charlty Commission guidance on Public Benefit. Achlevements and performance There were no slgnlflcant changes to the eligibility criteria or the application prOsS for 5cholar5hips, prizes and awards for any of the charitie5 in the year. Awards made during the year were as follows: The Inner Temple Benefactors, Scholarshlp Fund awarded 23 scholarships and prizes to individuals during the year totalling £15.97512022 - £20,680). The Pegasus Scholarship Trust Fund awarded 15 outgoing 5cholar5hips and prizes in the year, of which one was declined and three were deferred to 2024. Total awards paid in 2023 were £83.17612022 £77,884). The Peter Taylor Scholarship Fund awarded one scholarship of £22,000 In 2023 {2022 - £22,000>. One deferred scholarship of £22,(NJO was also paid during the reporting period. Financial revlew All revenues are used for charitable activities. Investment5 generated an overall return in 2023, net of fees, of 11.9% {2022 negative return.. 8.5%).
The Inner Temple Benefactors, Scholarship Fund Report of the Trustees for the year ended 31 December 2023 (contlnued) In 2023 the Benefactors, Fund received the following generous donations.. £1,000 from Mr J. Jarman and £500 from RS & CJ Davis The Charity also received £15,492 from the Inner Temple Scholarship Fund. Prlnclpal rlsks and uncertalntles The Trustees have Identlfied the major risks to whlch the fund is exposed and have satisfied themselves that adequate systems are in place to mitlgate those risks. The major risks are set out as follows. Currency risk: this is the risk that the fair value of future cash flows of a flnancial asset will fluctuate because of change5 in foreign exchange rate; Interest rate rlsk: this is the risk that the fair value of future cash flows of a financial asset will fluctuate because of changes In the market interest rate- Other price risk.. this is the risk that the falr value of future cash flows of a financial asset will fluctU3te because of changes in market prlces (other than those arising from interest rate risk or currency risks), whether those changes are caused by factors speclfic to the individual financlal instrument or its issuer, or factors affecting all similar financlal Instruments traded in the market. Reserves pollcy The Trustees aim to apply Income as fully as posslble In the year in whlch It arlses, maintalnlng only a modest surplus each year to deal wlth adverse fluctuatlons In the returns from Investments. The level of funds at the year-end was £5,638,986 {2022 £5,128,662) Including restricted income reserves of £96,802 12022 £106,556). There are no free unrestricted reserves at the year-end for the Charity due to the nature of how the Charlty operates. All income is generated and recognised within restricted fund5 from endowed Investments during the year and subsequently thi5 is spent on underlyin8 activities of the Charity. The Charlty's spend is adjusted to the Income level generated in the year. Transfer between funds Transfer between funds represents the movement between restrlcted Income and endowment funds, relating to the investment income and fee5 paid to the investment managers. Investments pollcy and performance The Trustee5 aim to maximise real return on a rolling five-year vlew wlth emphasis on capital Erowth wlth income. Investment performance during the year equated to a gain of 11.9% net of fees. Investment income on the Charitvs funds Is paid out by the manager to generate funds for the payment of scholarships, Structure governance and management The Charlty's Trustees are the four Governing Bencher5 elected by the Treasurer and Masters of the Bench of the Honourable Society of the Inner Temple to act as Trustees of the Honourable Society. Legal title to the Charity's investments is vested in the four Trustees. They act in accordance with decisions made by the appropriate committees of the Bench, provided they are satisfied that those decisions have been properly reached and are within the power of the commirtee. The committee5 which make decisions affecting the Charity are the Investment Sub-committee, the Scholaiships and Outreach Committee and the Council of Management for the Pegasus scholarship Trust.
The Inner Temple Benefactors, Scholarship Fund Report of the Trustees for the year ended 31 December 2023 (continued) New Trustee5 are advised of their role. duties and responsibilities on appointment, by reference to the Bench Table Orders of the Honourable Society of the InnerTemple. Day-to-day management of the Charity is undertaken by the staff of the Honourable Society of the Inner Temple, acting in accordance with policies and procedures laid down by the Honourable Society. The Charity's Trustees recognise the legal obligation to oversee and report on the Inner Temple Benefactors, Scholarship Fund's fundraising activities. The Inner Temple Benefactors, Scholarship Fund does not Use Direct Marketlng for Its fundralslng activities and is not therefore registered with the Fundraising Regulator. It does not have any dlrect contact with vulnerable people hence no Vulnerable People Protection Policy is currentty In place. Any donatlons or bequests are welcome and glven voluntarily, usually by members of the Inner Temple. Any Gift Ald forms are securely stored in order to protect donors, personal data. The personal data is used only for Gift Aid tax claims and 15 not used for mailing, dlstribution or other fundraising purposes. No Personal Data Is sold to third parties. Currently no third parties are used for fundraising purposes but if they are used In future the third partles would be expected to maintain a high standard of fundraising practlce. There were no fundraising complalnts from donors or the general public In 2023 or any prlor years. Any comp131nt would be taken seriously and investigated thoroughly, Investment Sub-commlttee This sub.commlttee comprises Benchers and other members of the Honourable Society of the Inner Temple. Among the Bencher members are Honorary Benchers chosen for their particular expertise in investment matters. The Sub.Committee meets quaiterly to revlew investment performance and to consider changes to pollcy. It is advised by an independent investment manager. Scholarships and Outreach Commlttee This Committee comprises Benchers and other members of the Honourable Society of the Inner Temple. It meets throughout the year to set policy for the awarding of scholarships and to assess applications. Awards re made to students and Junlor barrister5 by the Honourable Society ofthe Inner Temple. The Charity makes grants to the Inn In accordance with the terms of the bequests of which it Is comprised.
The Inner Temple Benefactors, Scholarship Fund Report of the Trustees forthe year ended 31 December 2023 Icontinued) Reference5 and adrnlnlstratlon Charity Name & No- The Inner Temple Benefactors, Scholarship Fund includes the following charities re8lStered under the charity number 1056609.. The Inner Temple Benefactors, Scholarship Fund (comprising the funds listed in Note 1181 to the accounts) The Pegasus Scholarship Trust Fund The Woolfe Summerfield Bequest Fund The PeterTaylor Fund Governing Instrument5.' The Inner Temple Benefactors, Scholarship Fund: scheme made by the Charlty Commlssioners dated 14 August 1995 The Woolfe Summerfleld Bequest Fund is governed by the terms of the wlll of WooSfe Summerfield The Pegasus Scholarship Tf Ust Fund.. trust deed dated 13 March 1988 The Peter Taylor Scholarship Fund is governed by regulations dated 23 July 1997 The Trustees of the Inner Temple Benefactors. Scholarship Fund are., The Rt Hon Sir Stephen Tomlinson The Rt Hon Lord Justice Nugee David Pittaway KC Penelope Reed KC as nomlnees of ihe Treasurer and M3Sters of the Bench of the Honourable Society of the Inner Temple, who act in accordance with their usual procedure. Trustees: The Trustees of the Pegasus Scholarship Trust Fund, set up by the trust deed, are: The Rl Hon Slr Stephen Tomlinson The Rt Hon Lord Justice Nugee David Pltlaway KC Penelope Reed KC Princlpal Address: InnerTemple London EC4Y 7HL Bankers: Royal Bank of Scotland 9-13 Paternoster Row London EC4M 7EJ Sollcitors.. Forsters LLP 31 Hill Street London WIJ 5LS Lewis Silkin LLP 5 Chancery Lane, Cllfford's Inn London EC4A IBL Audltors: Crowe U.K. LLP 55 Ludgate Hlll London EC4M 7JW Investment Managers: Meridiem (formerly Veritas) Investment Management LLP Riverside House 2A Southwark Bridge Road London SEI gHA Investment Powers- The Trustee5 have wide powers of investment.
The Inner Temple Benefactors, Scholarship Fund Report of the Trustees for the year ended 31 December 2023 (continued) Council of Management for the Pegasus Scholar5hlp Trust The Council of Management comprises Benchers and other members of all four Inns of Court; the Honourable Socletles of Gray's Inn, the Inner Temple, Lincoln's Inn and Middle Temple. The Council makes awards from the Pegasus Scholarship Fund to finance UK and overseas barristers in gaining international work experience. Statement of Trustees. responslbllltles The Trustees are responsible for preparing the Annual Report of the Trustees and the financlal statements in accordance with applicable law and United Klngdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards). The law appllcable to charities In England and Wales requlres the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incomlng resources and application of resour5 of the Charity for that period. In preparing these financial statements, the Trustees are required to.. • select suitable accounting policies and then apply them consistently; • observe the methods and principles in the Charities SORP; make judgements and estlmates that are reasonable and prudent; • state whether applicable accountlng standards have been followed, subject to any materlal departures dlsclosed and explaincd in the financial statements; prepare the financlal statements on the going concern basis unless it is inappropriate to presume that the Charity will contlnue In business. The Trustees are responsible for keeping adequate accountlng records that are sufflcient to show and explain the Charity's transactlons, disclose with ieasonable accuracy at any time the financial positlon of the Charity and enable them to ensure that the financial statements comply wlth the Charities Act 2011, the Charitie5 (Accounts and Reports) Regulations 2008 and the provislons of the Charit¢s constitution. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the preventlon and detection of fraud and other irregularities, Approved for the Trustees on July 2024 and signed on their behalf: The Rt Hon Lor Truste ugee
The Inner Temple Benefactors, Scholarship Fund Independent Auditorfs Report to the Trustees of the InnerTemple Benefactors, Scholarship Fund Oplnlon We have audited the financial statements of the Inner Temple Benefactors, Scholarship Fund ('the charity'l for the year ended 31 December 2023 which comprise the Statement of Flnanclal Actlvities, the Balance sheet, the Cash Flow Statement and notes to the financlal statements, Including signiflcant accounting policies. The flnanclal reportlng framewoTk that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Klngdom Generally Accepted Accounting Practice). In our opinion the f inancial statements: give a true and fair view of the state of the charity's 3ffairs as at 31 December 2023 and of its income and expenditure, for the year then ended: have been properly prepared in accordance with United Kingdom Generally Actepted Accounting Practice; and have been prepared In accordance with the requirements ofthe Charitie5 Act 2011. Basis for oplnlon We conducted our audit in accordance with Internatlonal Standards on Auditing IUKI IISA5 IUKII and applicable lilw. Our responsibilities under those standards are further described In the Auditor's responsibilities for the audit of the financial statements section of our report. We are Independent of the charity in accordance wlth the ethical requirements that are relevant to our audit of the flnancial statements in the UK, Includlng the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wlth these requirements. We believe that the audit evidence we have obtained 15 sufficient and appropriate to provide a basis for our oplnlon. Concluslons relatlng to goSng concern In auditing the flnanclal statements, we have concluded that the trustee's use of the going concern basis of accountln8 in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertaintles relating to events or conditions that, individually or collectivelyi may cast significant doubt on the charlty's ability to contlnue as a golng concern for a period of at least twelve months from when the flnanclal statements are authorlsed for issue. Our responslblllties and the responsibillties of the trustees with respect to goin8 concern are described In the relevant sections of this report. Other Informatlon The trustees are responslble for the other information contained withln the annual report. The other informatlon comprises the information included in the annual report, other than the flnancial statements and our auditor's 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 conclusion thereon. Our responslblllty is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or appaient material misstatements. we are required to determine whether this gives rlse to a material misstatement in the flnancial statements themselve5. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
The Inner Temple Benefactors, Scholarship Fund Independent Auditor's Report to the Trustees of the Inner Temple Benefactors, Scholarship Fund {continued} We have nothing to report in this regard. Matters on whlch we are requlred to report by exceptlon We have nothing to report in respect of the following matters in relation to which the Charlties (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: the information glven in the financial statements is inconsistent in any material respect with the trustees, report; or sufficlent 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 audit. Responslbllltles of trustees As explained more fully in the trustees, responsibilities statement, the trustees are responslble for the preparation of the financial statements and for being satisfied that they give a true and fair vlew, and for such Internal control as the trustees determine is necessary to enable the preparation of financlal statements that are free from material misstatement, whether due to fraud or error. In preparlng the flnanclal statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the golng concern basis of accounting unless the trustees either Intend to liquidate the charity or to cease operations, or have no rÈallstlc alternative but to do so. Audltor's responslbllltles for the audlt of the flnantlal statements We have been appolnted as auditor under sectlon of the Charities Act 2011, and report In accordance wlth the Acts and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the flnancial statements 35 a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance Is a high level of assurance but is not a guarantee that an audit conducted In accordance with ISAS (UK) will always detect a material misstatement when It exlsts. Misstatements can arise from fraud or error and are considered material if. individually or In the aggregate, they could reasonably be expected to influence the economic declslons of users taken on the basls of these finan¢lal statements. Details of the extent to whlch the audit was considered capable of detecting irregularities, Includln8 fraud and non-compliance with laws and regulations are set out below. A further description of our responslbllities for the audit of the financial statements is located on the Flnanclal Reporting Council's website at: www.fr auditorsres on ilities. This description forms part of our auditor's report. Extent to whlch the audit wa5 consldered capable of detecting irregularltles, Includlng fraud Irregularities, including fraud, are instance5 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 error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and reEulations that have 3 direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were
The Inner Temple Benefactors, Scholarship Fund Independent Auditols Report to the Trustees of the Inner Temple Benefactors, Scholarship Fund (continued) the Charities Act 2011 together with the Charities SORP IFRS 102}. We a55e55ed the required compliance with these laws and regulations as part of our audit procedures on the related flnantlal statement Items. In addition, we considered provisions of other laws and reEulations that do not have a direct effect on the financial statements but compllance with which might be fundamental to the charity's ability to operate or to avold a material penalty. We also considered the opportunities and Incentive5 that may exist wlthin the charlty for fraud, We noted no additional laws and regulations in this context for the UK operations. Aud5tlng standard5 limit the required audit procedures to identify non-compliance with these law5 and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of materlal impact on the financial statements from irregularities, including f raud, to be wlthin the override of controls by management. Our audit procedures to respond to these risks Included enquirles of management, and the Board about their own identification and assessment of the risks of Irregularities, sample testlng on the posting of journals, reviewlng accounting estimate5 for biases, reviewing regulatory correspondence wlth the Charity Commlssion, and reading mlnute5 of meetlngs of those charged with governance. Owing to the Inherent limitations of an audit, there is an unavoidable rlsk that we may not have detected some material misstatements In the financial statements. even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non- compliance with law5 and regulations lirregularitiesl Is from the events and transactions reflected in the flnanclal statements, the less likely the Inherently limited procedures requlred by auditing standards would identify it, In addition, as with any audit, there remained a higher rlsk of non-detectlon of irregularlties, as these may Involve collusion, foreery, intentional omlsslons. misrepresentations, or the overrlde of Internal controls. We are not responsible for preventing non-compllance and cannot be expected to detect non- compliance with all laws and regulations. Use of our report This report is made solely to the Charity's trustees. as a body, in accordance wlth Part 4 of the Charltles IAccounts and Reports) Regulatlons 2008. Our audit work has been undertaken so that we mlght state to the charity'5 trustees those matters we are requlred to state to them in an auditor's report and for no other purpose. To the f ullest extent permltted by law, we do not accept or assume responsibility to anyone other thali the Charity and the charlty's trustees as a body. for our audit work, for this report. or for the opinlons we have formed. re• u.k LLI Crowe U.K. LLP Statutory Audltor London Date.. 15 July 2024 Crowe U. K. LLP Is eliBlble for appolntment a5 auditor of the charity by virtue of Its ellgibillty for appointment as auditor of a company under section 1212 ofthe Companies Act 2006,
The Inner Temple Benefactors, Scholarship Fund Statement of Financlal Activitles for the year ended 31 December 2023 Restrlcted Expendable PermYJnenl Income Endowment Endowment Total Resirltted Expendable Permanenl 2023 Income Endowment Endowment Total Notes 2022 Income endowments from Donations and legacles Other Irading actlvities Income from Investments Other income 16.992 78,000 67.338 205 16,992 78,000 67,338 205 58.896 78,000 53,525 108 58.896 78,000 53.525 108 21al 21bl Total Income and endowments 162,535 162,535 190,529 190,529 Empèndlture on ralslng funds Investment managers, charges Bank charge5 and office costs 33,732 16 33,732 16 33,179 56 33,179 56 33,748 33,748 33,235 33,235 Expendlture on ¢harltable acilvltles Scholarships payable Contrlbutlon to PL¢rchase of Ilbrary books 121,151 121,151 120,564 120.564 3,778 3,778 3,232 3,232 124,929 124,929 123,796 123,796 Support cost 46.869 46,869 48.979 48,979 Total expendlture 205,546 205,546 206,010 206,010 Net 8alns on Investments Sd 399,550 153,785 553,335 1336.583) 1155.1601 1491,7431 Net lexpendlturell Income 143.0111 399.550 153.785 510,324 115.4811 1336,5831 1155.160) 1507,2241 Transfer between funds 33,257 130,4011 12.8561 33.061 129,8691 13,1921 Net movement In funds {9.7541 369.149 150.929 510,324 17.580 1366.4521 1158.3521 1507,2241 Fund balances brought forward At ljanuary 2023 106.556 3.440.316 1.581.790 5.128,662 88.976 3,806.768 1.740,142 5.635,886 Fund balances carrled forward At 31 December 2023 96,802 3,809M65 1,732.719 5,638,986 106,556 3,440,316 1.581,790 5,128,662 All the above amounts relate to continuing activities. The notes on pages 13 to 21 form part of these financial statements. io
The Inner Temple Benefactors, Scholarship Fund Balance Sheet as at 31 December 2023 Restrlcted Expendable Permanent Endowment Endowment Total 2023 Total 2022 Notes Income Flxed a55ets Investments 3.809.465 1,732,719 5,542,184 5,022,106 Current assets Debtors 41,370 41,370 34,111 Cash at bank and In hand 132,733 132,733 137,475 174.103 174,103 171,586 Credltors,, amounts falllng due Wlthin one year 177.301) 177,301) 165,0301 Net current a55et51 Illabllltlesl 96.802 96,802 106,556 Total assets less current Ilabllltles io 96.802 3,809,465 1.732.719 5,638,986 5,128,662 Represented bv: The Benefattors, Fund 53.942 869,685 923,627 852,595 The Peter Taylor Fund 540,463 540,463 492,519 The Woolfe Summerfleld Fund 322,571 322,571 294.609 The Pegasus S¢holarshlp Trust Fund: The Pegasus Fund 'A' 23,276 3.428.519 3,451,795 3.124,747 The Pegasus Fund 'B' 19,584 380.946 400,530 364,192 io& li 96,802 3.809,465 1,732,719 5,638,986 5,128,662 The financlal statements on pages 10 to 21 were approved and authorised for issue by the Trustees on July 2024 and signed on their behalf.. The Rt Tru ee rd Justi Nugee The notes on pages 13 to 21 form part of these financial statements li
The Inner Temple Benefactors, Scholarship Fund Cash flow statement For the year ended 31 December 2023 2023 2022 Note Net cash outflow rovided b eratin activities 14 1103.1601 196,303) Cash flow from investment activities Dividends and interest from Investments Proceeds of sale of investments Purchase of investments Net cash rovided b investin activities 65,165 789.948 (756,6961 98,417 53,250 807,092 {774.0311 86,311 Cash and cash equlvalents in the reporting period 14,743) 19,9921 Cash and cash equivalents at the beginning of the reporting period 15 137,475 147,467 Cash and cash e eriod uivalents at the end of the re ortln 15 132,732 137,475 The notes on pages 13 to 21 form part of these flnancial statements. 12
The Inner Temple Benefactors. Scholarship Fund Notes to the financial statements for the year ended 31 December 2023 Accounting pollcles al Basls of accountlng The financial statements have been prepared in accordance with the Statement of Recommended Practice,. Accounting and Reporting by Charities preparlng their accounts In accordance with the Financial Reporting Standaid applicable in the UK and Republic of Ireland (FRS 1021 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 l January 2019. The flnanclal statements have been prepared to give a 'true and fair, view and have departed from the Charities IAccountS and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view.. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance wlth the Financial Reportlng Standard applicable in the UK and Republlc of Ireland IFRS 1021. The Inner Temple Benefactors, Scholarshlp Fund constitutes a public benefit entity as deflned by FRS 102. After maklng enquires. the Trustees have a asonable expectatlon that the Charity has adequate resources to contlnue Its activities for the foreseeable future. Accordingly, they continue to adopt the going concern basis In preparlng the financial statements as Outllned In the Statement of Trustees Responslbillties on page 6 Having regard to the above, the current cash posltion. and expected cashflow over the followlng twelve months the Trustees belleve it Is appropriate to adopt the going concern basi5 of accounting In preparlng the financial statements. bl Crltlcal accounting Judgements and key sources of estlmation uncertalnty Sources of estlmation uncertainty that have a SiBnifitant effect on the amounts recogni5ed in the financial statements are descrlbed In the accountlng policies. No speciflc accounting judgements and uncertalntles have been identified for the current year. cl Investments Investments are included in the accounts at fair value. Net realised and unreallsed gain5 and losses are reflected in the Statement of Financial Activities as net gainsllosses on investments. d) Flnanclal Instruments The Inner Temple Benefactors, Scholarship Fund has financial assets and financial liabilities of a kind that qualify a5 basic financial instruments. Basic financial instrument5 are initially recognised at transaction value and subsequently measured at amortised cost using the effective interest method. Flnancial assets held at amortised c05t comprise cash at bank and in hand, together with trade and other debtors, Financlal liabilitie5 held at amortised cost comprise bank103ns and overdrafts, trade and other creditors. Investments, Including bonds held as part of an Investment portfolio are held at market value at the Balance Sheet date, with gain5 and10sses being recognised within income and expendlture. 13
The Inner Temple Benefactors, Scholarship Fund Notes to the financial statements for the year ended 31 December 2023 e> Income Donations. interest and investment income are accounted for when receivable. LeEacies are accounted for when received or otherwise if amounts are known a5 probable and measurable. fl Expendlture Dlrect charitable expenditure comprises seN15 supplied and actlvities undertaken, which are identifiable as wholly or mainly in support of the Charity's objectives. Grants, prizes and scholarships are accounted for when awarded, The costs of generating funds relate to the management of the Charlty's assets. gl The Inner Temple Benefactors. Scholarshlp Fund The Inner Temple Benefactors, Scholarship Fund is an approved scheme whereby the charitie5 listed below are administered and managed together as one charity. The Charity Commissioners approved the scheme in 1995. Charities included in scheme: Jardine Studentshlp Poland Prize Struben Bequest Ashworth Charity Horace Avory Scholarship Wilfred Clothier Scholarship Frank and Burris Gahan Scholarship Michael Hodge Scholarship Trust Fund Nevllle Laski Scholarship Charlty The Inner Temple Law Scholarships Davld Hughes Parry Prlze Basil Nleld Scholarship Charity Otto Rix Scholarship Geoffrey Veale Scholarshlp Fund Cecile Yahuda Scholarship Elfreda Edwards Scholarship Peta Fordham Scholarship Sweet & Maxwell Prize The Joseph Prlestley Scholarshlp Solk Scholarship Yarborough-Anderson Scholarship Profumo Scholarshlp Allan Levy Awards Philip Teichman Award Paul Methven 5cholarshlp The Rachel Lawrence Scholarshlp Leonard Woodley Scholarship h) Taxatlon The Inner Temple Benefactors. Scholarship Fund is exempt from tax on Income and gain5 falSing within settion 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 2(al Contrlbutions from the Inns The four Inns of Court (The Honourable Society of Gravs Inn, The Honourable Society of the Inner Temple, The Honourable Society of the Middle Temple and The Honourable Society of Lincoln's Inn) each made an annual donation of £19,50012022 - £19,500) towards The Pegasus Scholarship Trust Fund. The Honourable Society of the Inner Temple also pays the Charity's audit fees. 14
The Inner Temple Benefactors, Scholarship Fund Notes to the financial statements for the year onded 31 December 2023 2{b) Investment Income 2023 2022 The Inner Temple Benefactors, Scholarshlp Fund UK equitie5 Foreign equitles Fixed Interest The Woolfe Summerfleld Bequest Fund UK equitie5 Forei8n equities Flxed interest The Peter Taylor Fund UK equities Foreign equities Fixed Interest The Pe£a5us Scholar5hlpTrust Fund UK equitles Foreign equities Fixed interest 7,782 7,091 2,940 1,856 2,898 2,477 990 792 4,892 4,519 1,620 914 4.344 20,407 21,465 4,790 18,096 12,977 67,338 53,525 Scholarships payable. awarded to individuals 2023 2022 The Inner Temple Benefactors, Scholarship Fund: 2412022.. 241 The Peter Taylor Scholarship Fund: l (2022: 11 The Pegasus Scholarship Trust Fund: 2312022: 22} 15,975 22,000 83,176 20,680 22,000 77,884 121,151 120,564 Support cost 2023 2022 Administration costs allocated by the Inner Temple Other costs 40,886 5,983 43,410 5,569 46,869 48,979 Investments la) Reconclllatlon of movement In investment assets 2023 2022 Market value at l January 2023 Addltions to investment5 at cost Less: Disp05a15 at cairying value Net gain51 (Ios51 on revaluation 5,022,106 655,561 {680,2071 544.724 5,546,910 576,657 1635,116) 1466,345) Market value at 31 December 2023 5,542,184 5,022.106 15
The Inner Temple Benefactors, Scholarship Fund Notes to the financlal statements for the year ended 31 December 2023 (continued) Ibl Analysls of Investments: 2023 2022 The InnerTemple Benefactors, Scholarship Fund UK equities Foreign equities Fixed interest Cash The Woolfe Summerfield Bequest Fund UK equities Foreign equlties Fixed interest Cash 779,611 688,318 23,634 66,442 61,219 45,125 291,060 261,901 9,848 21,419 11,289 21,662 The Peter Taylor Fund UK equities Foreign equlties Fixed interest Cash The Pegasus Scholarshlp Trust Fund UK equities Foreign equitles Fixed interest Cash 488,625 439,146 11,817 40,021 32,540 20,833 401,102 2,245,832 819,478 343,053 273,163 2,007,323 916,934 242,896 5,542,184 5,022,106 Hlstorical cost at 31 December 4,108,970 4,036,276 Icl Reconciliation of movements In unreallsed galns on Investment assets 2023 2022 Unrealised gain at l January 2023 Write back gain on disposal of investments Unrealised gain/ Ilossl for the year 989,619 1.649.052 {101,128} 1192,5901 544,724 1466,8431 1,433,215 989,619 (d} Net galns / (losses) on Investment 2023 2022 Unrealised gain/ (lossl Realised gain/ Ilossl 544.723 8,612 1466.8431 (24,9001 Net gainl110551 on investment at 31 December 2023 553,335 1491,7431 16
The Inner Temple Benefactors, Scholarship Fund Notes to the financial statements for the year ended 31 December 2023 {contlnued) Debtors 2023 2022 Dividend income Amounts due from the Inn5 of Court Amount due from the Scholarship Fund 6,378 19,500 15,492 3,994 19,500 10,617 41,370 34,111 Cash at bank and In hand 2023 2022 Current account Oeposit account 122,466 10,267 122,336 15,139 132,733 137,475 Credltors: amounts falling due within one year Note 2023 2022 Accrued expenditure Other creditors Amount due to Inner Temple 10.246 20.443 46,612 9,766 12,364 42,900 16 77,301 65,030 9, Flnanclal Instruments Financial assets and liablllties 2023 2022 Flnancial assets measured at falr value 5,542,184 5,022,106 The Charl5 Income, expense, galns and losses in respect of these financial Instruments are summarised below: 2023 2022 Total income for financlal assets held at falr value Total gain5 for financial assets held at fair value Total losses for flnanclal assets held at fair value 6,378 1,490,632 57,417 3,994 1,120,980 110,769 17
The Inner Temple Benefactors, Scholarship Fund Notes to tho financial statement5 for the year ended 31 December 2023 (continued) io. Funds {a) Permanent Endowment Funds Balance at Capltal Additlon5 Balance at lJan2023 Galns Transfers 310ec 2023 The Inner Temple Benefactors, Scholarship Fund 794,662 76,509 (1,486) {813) {557) (2,8561 869,685 The Peter Taylor Fund The Woolfe Summerfield Bequest Fund 492,519 48,757 540,463 294,609 28,520 322,571 1,581,790 153,786 1,732,719 Balance at Capltal Additlon5 Balance at Losses Transfers 310ec 2022 ljan 2022 The Inner Temple Benefactors, Scholarship Fund 873,377 177,092) {49,304) 128,764} {155,1601 (1,6231 {946) 1623) {3,192} 794,662 The PeterTaylor Fund The Woolfe Summerfield Bequest Fund S42,769 492,519 323,996 294,609 1,740,142 1,581,790 Ibl Expendable Endowment Funds Balance at ljan 2023 Capltal Additlons Galns Transfers Balance at 31 Dec 2023 The Pegasus Scholarship Trust Fund 3.440,316 399,550 (30,4011 3,809,465 Balance at Capital lJan 2022 Addltions Losses Transfers Balance at 31 Dec 2022 The Pegasus Scholarship Trust Fund 3,806,768 1336,583} 129,8691 3,440,316 18
The Inner Temple Benefactors, Scholarship Fund Notes to the financial statements for the year ended 31 December 2023 (continued) (c) Re5trlcted Income Funds Balance at ljan 2023 Incoming resources Expenditure Transfers Balance at 31 Dec 2023 The Inner Temple Benefactors, Scholarshlp Fund 57.933 12,220 {17,6971 1,486 53,942 The Peter Taylor Fund 22,209 {23,0221 813 The Woolle Summerfield Bequest Fund 3,888 14,445) 1160,382) 557 The Pegasus ScholarshlpTrust Fund 48,623 124,218 30,401 42,860 106,556 162,535 (205,546) 33,257 96,802 Balance at ljan 2022 Incomlng resources Expendlture Transfers Balance at 31 Dec 2022 The InnerTemple Benefaclors, Scholarshlp Fund 21,547 57,232 122,469) 1,623 57,933 The Peter Taylor Fund 5.912 16,162 123,020) 946 The Woolle Summerfleld Bequest Fund 3,272 13,895) 623 The Pegasus Scholarshlp Trust Fund 61,517 113,863 {156,626) 29,869 48,623 88,976 190,529 1206,0101 33,061 106,556 ii. Analy$15 of net assets Inner Temple Benefactors, Scholarship Fund Woolfe Summerneld Bequesi Fund Pegasus Scholarshlp Trust Fund Peter Taylor Fund Total 2023 Flxed assets: Investments 869,685 540,463 322,571 3,809,465 5,542,184 Current asset5: Debtors 124 15,554 52 25,640 41,370 Cash ot bank and in hand 70,477 6,864 3,989 51,403 132,733 Creditors.. amounts falling due wlthln one year (16.6591 (22.418) 14,041) 134,1831 {77,301) 923.627 540,463 322,571 3,852,325 5,638,986 19
The Inner Temple Benefactors, Scholarship Fund Notes to the financlal statements for the year ended 31 December 2023 (continued) Inner Temple Benefactors. Scholarship Fund Woolfe Summerfield Bequest Fund Pegasus Scholarship Trust Fund Peter Taylor Fund Total 2022 Fixed asset5: Investments 794,662 492,519 294,609 3,440,316 5,022,106 Current assets: Debtors iii 10,673 39 23,288 34.111 Cash at bank and in hand 74,216 11.736 3,452 48,071 137,475 Creditors- amounts falling due wlthln one year (16,3941 122.409) (3,4911 122,736) 165,030) 852,595 492,519 294,609 3,488,939 5,128,662 12. Trustees None of the Trustees received any reimbursement of expenses or remuneratlon for thelr servlces during the year. 13. Audlt fees The Charivs audit fees are paid by the Honourable Society of the Inner Temple. The Society paid £4,280 ex VAT on account of the audlt fees in 2023 {2022 - £4,075 ex VATI. 14. Reconclllatlon of cash Inflow from operatlng activltles 2023 2022 Net Income/ (expenditure} for the reportlng period IGains}/ losses on Investments Dividends Other Income 510,324 (553,335) 167,338) {206) (507,2241 491,743 {53,5251 11081 Operating deficit (110.555) (69,1141 Increase in debtors (4,876) (10,617} Increasel {decreasel in creditors 12,271 {16.5721 Net cash outflow provided by operating activities 1103.1601 {96,3031 20
The Inner Temple Benefactors, Scholarship Fund Notes to the financlal statements for the year ended 310ecember 2023 (continued) 15. {al Analysis of short-term deposlts and cash at bank as shown In the balance Sheet Atljan 2023 At 31 Dec 2023 Cashflow Short-term deposits 15,139 122.336 137.475 14,8721 129 10,267 122,465 132,732 Cash at bank Cash and bank balances (4,7431 Ib) Reconclliation of net cash flow to movement In net cash Decrease In cash and short-term deposits 4,743 Net cash at l January 2023 Net cash at 31 December 2023 137,475 132,732 16. Related party transactlons The Honourable Society of the Inner Temple pald £19,500 towards the PeEasus Trust scholarshlps awarded in 202312022 - £78,000). The Inner Temple also paid the Benefactors, Scholarship Fund'5 audit fee5 of £4,280 exVAT (2022 - £4,075 ex VATI. The Pegasu5 Scholarship Trust paid £40,886 with regards to staff costs admlnlstered by the Inner Temple In 202312022 - £43,410}. In 2023 The Inner Temple Benefactors, Scholarship Fund contributed the followine amounts to the Cost of the Inn's scholarship awards: 2023 2022 Benefactors, Scholarship Fund Woolfe Summerfield 8equest Fund Peter Taylor Fund 15,975 3,778 22,000 20,680 2,891 22,000 The amount of £46,612 in creditors (Note 81 represents the contribution5 due to the Inner Temple as at 31 Decembef 202312022 - £42,9CQ). This balance is unsecured, interest -free and payable on demand. The Inner Temple Scholarship Fund transferred £15,492 to the Inner Temple Benefactors, Scholarship Fund to meet the balance of the cost of the Peter Taylor Scholarship in 202312022 £10,617). The amount of £15.492 in debtors (Note 61 represents the contribution due to the Peter Taylor Fund12022 - £10.617). 21