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 prO￿sS 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 resour￿5 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 seN1￿5 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 Charl￿5 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