Cornpany Reglstration Number: 05284271 Charity Re9iStrdllon Nurnber: 1106768 THE BARRISTERS. BENEVOLENT ASSOCIATION (A Company Limited by Guarantee) COMMIThEE MEMBERS. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
THE BARRISTERS. BENEVOLENT ASSOCIATION IA Company Limited by Guarantee) CONTENTS Page Refèrence and Administrnti¥e Details of thg Chaiity. its Commlttee Members and Advise Chaim)an's Statement Commlttee Membe. Report Statement of Commtttèè Mernbers. Respon$ibilitie5 Independent Audttots. Report on the Flnanclal Statements 11-14 Statement of Financial Actfvttles Balance Sheet 16 Statement of Cash Flows 17 Notes to the Flnanclal Statements 18-37
THE BARRISTERS, 8ENEV0LETr ASSOCIATION {A Company Llmited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS COMMIThEE MEMBERS AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020 Commtttee Mernber5 Terence Mowschenson QC. Chaimian David Phillips QC, Honorary Treasu[ Raymond Cox QC, Treasurer S8ra HareaVes. Honorary Secretary The Rt. Hon. The Lord Saville of Newdigate, Member His HonouT Judge John Hillen, Memter exander Le3MnIh OC, Member Graeme Halker5ton, Memter Angus Mccullough QC. Memb Jonathan Tcxl. Member M8s1er RLyJer Eastman. Member Daniel Toledano QC, Member Christopher Stephenson, Memter Shabeena Azh8r-Mole, Member Teertha Gupta QC, Member Company registered number 05284271 Charity registgfed number 11(768 Registered office 14 Gral5 Inn Square London Ihf1R 5JP Company secretsry Mrs Janet South (regned 20 August 20201 Chief Executlve Offlcor Nicky YIng Deputy Chief Executiv• Annette Bennett Officer Independent audltors MHA Maclntyre Hudson Chartered Accountants Statutory Auditor 6th Floor 2 London Wall Pla London EC2Y SAU Page 1
THE BARRISTERS. BENEVOLENT ASSOCIATION {A Company Limited by Guarantse REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. COMMITTEE MEMBERS AND ADVISERS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 8ankers National Westrninster Bank PLC Law Courts Temple Bar Southampkni Customer seICe Centre BnJnsw¢k Gate 23 Brunswick Aa S0152AQ Soll¢ltoYs Wthers LLP 20 Old Baley London EC4M 7AN Investment Managers Investec Weallh a1 InVeStrr Limited 30 Greshan Street London EC2V 7aN Insolvency Practitlonws Griffins LLP Tavislwk House South Ta$t{k Square London WC1H 9LG Page 2
THE BARRISTERS. 8ENEVOLENf AssocrnN IA ¢ompany lirnited by guar•ntsg1 CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2020 The BBA rose to a major challenge FM)S6d by Covky 19 tN"s year. In April 2020. in order to deal wth the IntaSed need amongst memtet5 of Ihe Bar. soffe ofvthorn found themse ¢ornpletety out of work and Iligible for ass1stan from the goverrKn8nL the BBAtoWherwrth the foul Inns of Court launched the Covid 19 Appeal. The appeal raised over£1 2m. indudit¥J £4fM).O(K) donated by the Inns. BBA took responsbility for di5tnbubng the furKJs and dealing with those wtho applied Spe1 was essential. Starting in May 2020. app11cants appld online for grants hdd EeklY cornmrttee meets.ngs to deal wrth them. in a¢co[rjan bwth guidance we develop8d Grants We rne each week. Grants we gererally of a Set amount per rnonth, and rnade for up to 3 months at a time. Many applicants have new8d their grants wulaty In Ihis way in 2020 we S1pOrted 157 indivklual at4)licants plus 94 of their dyndents who Included chikJr8n. will continue to rnak8 the support available throughout 2021, so long as tIre is a ne&Y and appeal lunds allow. Tr BBA WOU like to thank the Four Inns, thè sets of chamtErs whictt contribLrt8d. Bar professn31 sotsets"es. the Circurts. and individud donor5 for their support wthout which this level of assistance woukl not have been rmxsible. I WC1 like to extend a speciJ thank you to those rnnber$ of the comtnrttee who attended weekty rneeliThJs to wew appltIL5 and make sure that all the ¥plicAtions were swifdy dealt wth. During the past year we reiVed slighvy fewer requests for assistan unconnected to COVKI 19 e1t thè numIr of applicati$ was not substantialty out of Ie with nurnbers recewl in prevk)us years We receive(1 14 new applications. a decrease of4 on the Pfevious year and of these we were able io help 12. W8 hekl Iwo SU0)MMrtteÈ meètings. As well as these nthv cases, there were 20 renewals. hvo less than last year Our incorne from ¢JonatK)ns is generalty in a mc¥Jest dedine and we are trwr#J to address this issutr. AdministratNe expenditure is wdl ¢Mtrold but conbnued fluCttsatS in the investtnent matk8t continu8 to affect the value ol our resewves a1 Irrne. We maintain our str1 poIY of setxjring all loans vknewer possible and re these annually in case a beneficiary'sutcurTrstsnce5 have changed are anxious to help 85 many tneLaries as possible but our re5wrces are limit and whwe equity exists. we believe secunng our loans Is In our beNefiar5, best Intets, as trE lGY aSSts In ertsuriTrJ that we have hjnds for beneficiaries in the fUre. Non8 of this could be achEved wrthcwjt thg continu1 byal and Indispensab suppcrt of many volunteers.. in part¢ular those who Serve on our Board arKJ Ihe Circuit Representatives who visit applicants and beficiar1es who are unabk to Iravd to London. Mso Invaluable are ttte supportèts who rnake regUrdOn.0ns orwho utKlertake vanous ftjndraising acbvit5 for us- running m8rathons, aying golf and like- to whom we are equalty grateful. We have a very srnall team of paid staff whose fnendly and helpfvl o)ntact tre phone or throv4Jh e-rnail 15 rnuch appreriated by those who are in touth with u5 and I woukl like toexpress the thanks oftre Commrtieetothe BBA'S Chief Executive Nicky Youn9. and our deputy Chief EXLrtiYe Annette BenTEtL who rose to ts Challenge ofthe Covid 19 Appe81 and dKI a huge amovnt of addibonal wort. I would also add my own thanks to those on the Committee tho attended our monthty tneetiTrJs in a(1d'on to the weekly Covid meets"vJs to deal with applicthons unconnected to Covid 19 which we dea from our gen8ral futvJ5. The need to maintain ourdonate(J in(tsne Lg Imwrtant atwj oneway ist0errAxage everyo to tlUde us In trir Wll orKe family needs have t*en sscutwl. Ywr gift will mean someone less fortunate than you &gn be 25SiSted at a tyrne of need. PJJe 3
THE BARRISTERS. BENEVOLENT ASSOCIATION IA cOMnY limited by guarant•el CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2020 Finalty. I woukj like lo a word of thanks to Janet Slxrth rètired &s dyector of the BBA duriThJ 2020 after giwry the BBA 17 yearn ofvAse adwce 3Th1 unstrntsng 5uprx)rt. She left the BBA much improved systerns and procedure5 cpared to those whith ste found wtEn iThed us and the Committae wish her a long and 8nil)yab fetsetnent. Terence Ilo*sch8nson QC Chairman Page 4
THE BARRISTERS, BENEVOLENT ASSOCIATION IA Company limit¢d by guarante¢l COMMIThEE MEMBERS, REPORT FOR THE YEAR ENDED 31 DECEM8ER 2020 The Commrttee ha5 pleasure In [ènts its reptht and aco)unts fur the year endèd 31 Decembèr 2020. The financial stalements have been prepar&l in accordance Vth the acnting poliaes set out therein and compty with current statutory requirents. Ihe Memorandurn and AThc9 of Associabon, and the Ststement of Roc(nmended Pracb"c8 AcUnts"ng arJ Reporb"ng by Charities ISORP 20151. Constitution The Barristers, Benevoknt ks0cjaty. was IDun(fed on 10 January 1873. It is a tharitable company limited by guarantee Iorporated in EngLgThJ >TrJ Wdles on 11th November 2004, nurnber 5284271. The CpanY gained tharrtatiÈ status on 15 No¥ember 2(MM. registration number 1106768. Tk company was astsblishe(l under a MemorarNlvrn of A8S1tiats"on whith estsblished the objects and power5 of the charitable company and is govemed urKler its Articles of AssocAation. In the ev8nt of I company being wound up, mamters a requir8d to cMtribui8 an amount not exceeding £1. Object8 The oty'ects of the Assoct arè to provide finarrial and other aSSL¥tsn and support to nee0¥ and deserving members of the Bar who are or have been in practi( In EngLqr¥J and Wales. their spous8S and dependant5. A551stan is gwi wthout geraPh21 restiiciion or any need to fees. Policy To achieve these objectives. th8 Cornmrttee ha5 follrftAd fdlowin9 policies.. al To encour2g8 members of the Bar and the judiaary to contributè by way of dCab0n5, gift aid.. arKY bl To create atEd rnanlain an ad8quate captal bas8 g8nerab"ThJ investsllent Iryne to augrnent the giftèd incryne ol the A&Saon. Management The Chanty o govemed by a Comrnrtlee whose members are Ihe TnJste85 for the purSe$ of charty law and the Directors for the purwse tsfcompany law Those who seNed duriThJ Ihe year and up to thè date of this rewrt are set out(w) page 1. RecruOtm•nt and Appolntment of Management Cornmlttee All Mnter$ ol the Managerrent Committee give b.me voluntarily arhy receNe m nefits frcm the Charty Traditional busirTres5 and slIS are wdl tepre5ent&Y on the Management Committee. In an effort to maintsin a broad rnix of skills, new Commrttee memLEt5 are recwited after infotrnal discussions wrth th8 Chaimian aTrJlor oth8r offiiers and they are invrteij to W5rt the offi$ where they are briefed by the staff on their work and systems They are vnth a copy of the MernoraTrYum and Arbcles of Assooa*"on, the rules curnt bad( issues of Annual Revwi as well as th8 Charty Ctynmission leanet on charity resporKsibi1es Ounng the year they receive full bad(grouTrfj papws for all potential and actual banefiuaries. the monthly accwnts and the annual summane5 of loans. The Chief Execuliv8 reports personally to the Members on matters conceming Indivi¢Juals allctated to them &s case manag8r and in any olher case vthere they have asked to be kept in touth. Page S
THE BARRISTERS, BENEVOLENT ASSOCIATION IA company limited by guarante¢l COMMirrEE MEMBERS. REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 Trustee Induction and Training Most Trustees are already farni11 wilh the pract1 of Ihe Charity being tnembers of the Bar. Trustees are invite(l aThY eno)uraged to attend a 5erie5 of Board rneetiryJs as part of Iheir training to familisrise tmSee$ vthh the charty and the context wtthin whith rt operate5. These are joinUy18d by the Chair ofthe Commrtiee, Company Secretary. Chf and Dèputy Chf Exe(yJtive of the Charity and co¥ers.' The obligab.ons ofmanagement Commrttee m•mtr5. The rnain docunEnts whth set out the op8rational framework for the Chaiity incIling the Mernorandum and Article5 Resourong and the current finanoal Pos"0n as set out in Ihe latest r¥J1$hj a(xwnts. Any Future plans and obpctNes. Link5 to Ihe Chatty Commk%sK)ns wet6ts wrth publLions to the Trustees ro and spon5ibilrties How our activitles dellver public benefit The Charity seeks to reach every prathsing Barrister e¥ery year to ensure they are aware of t potential assistan availabÈ and to seek theii financi This prinarily achieved through ernailing a ¢opy of the Annual RevEwto the Bar Counsd distnbuboi via email to all Members of the Bar and JudKiary. also attend rdevant conferenrs and s&k publirity in professional Magazi$. Our website Includes infomats.on foi tmrth donors arKI w)tenbal beneficiar5 and has a duwnloadable applieAtion form. We aLs0 have a small team of volunteer CsroJf( Represent"ves who are able to makè vi8rts rf needed. Help is tailo to eath In¢ivkYual case. ltherevet p0sble we seek to enable the beneficiary to solve their prcrt)lèm and (x)nbnue in or retum to a posth.on where he or She can earn a living bui where this is impossible, or nol to be recommetMle(J. we can offer Secu or unsecured loans or make grants. Somthm85 help is needed urgentty lo b.de people thrrwh an emergency. other tirne5 the need LS longer-temi. giStan gwen vout ger>JraphiLzl fe5triction or any ne1 to pay fees and with due regard to publ bènefft guidance published by the Chaty Commission. Achlev•mtnts an¢J perfornlanc Covid-19 The BBA launched a joint Appal tOge[r wilh the Four Inns in April 2020 to support t1 Increase ln demaThJ lor assistance by member5 of the Barwhose prti$ were advetsdy affected by Covid-19. The Trustees have elled and continue to r8ceNe Comd appli(xtions for grants from the knnd. The total donations rerve¢1 at the end of the year was £1242.568 wth total dOnatiS made to nee applicants of £846,810 157 Beneficianes were supported by the year end together with 94 of their detendents. Applications We typically renewed on thr& ocr35KJns during the course ofthe year The BBA and the Four Inns are anticipating oifering SUF¥)Ort and grants through 2021 and wewill endeavour to sutport new ar eXtrng cases. Mfith tre support of the Four InAS. doftors. sets of chambers. professk)nal assotsats.ons and circurts we are confident we can rneet the demaThJ to support those dY and deserving memters ofthè Bar. Page 6
THE BARRISTERS, BENEVOLENT ASSOCIATION IA Company limited by guarantee) COhlMITTEE MEMBERS. REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 In 2020 trere were 14 new eases uno)nnerled to coJ. a icrease of4 on the PWK)us year. Of these wewere ableto hdp 12aThl 2 couhd not [rted. 2 su1£))Mmtee Meetingswe hdd. Th8 refvsals N4Ere based on apicaln$ whjth fell outSKI8 our Bnm&liate r8rn Where we dedine support ber2use congd8r the application was madè too scM)n. we KOUrage the appltsnt to reappty shDuld their siluation worsen. In addthon lo the new cases. tho¥e We also 20 reFwals. 2 less Ihan in 2019 and 21 pcts. 4 rnorè than in 2019. The most cx)rnrnon reason lor (leclinirwj ffinKyal 1p at any time (although ng the d(xx OP8n frii subseqLEnt applicatn5) is w55e5sth ol adequate petsonal resource5 we consthr should be Used first. since one tsf our rnteria foi wanb"TrJ assistarts 15 that tl)e applThnt be'needy". In Inth"al erNuirEs- by plK)ne. email. tter or peYsonalty- are haN11 inme(fiately and 1he airn is to have our applicats.on fo (X)mpd and priM%swJ in tirne ft)r the next avail&)le Ccmrniitee meets"ng. atthough this dr nol nrfe oul more wnmeiliate help rf thi5 Tr5 urgenty required. Every ¢a8e is reviewed annually on the ami¥er5ary of its initHI mèntation to ihe Comrnittee and r8newals ofswrt havets b8 accornpanY by anothercc¥nrleknl apFAication IrTh. Outstan(ting loans are reviewed annualty at the beginniro ol the year. Se¢ured LoaDs A thorough of all outstantling unsecured k)8n5 has teen (art out the debt is rnany ye3r5 old and despite attempts to ¢(ttthe ijebior the has b8en no gnifiCant repayment the debt h8s b8en written off In our accounts Thts not mean that attEpts to secure repayment have teen abandon8d 8rKI every effort wll conknle to be maje to re(lhe$ tsbts. Pian for the futur The A5sociaiion will Contin lo seek q)p)rttmitie5 to th8 of t Cltarity and to seek finanual support from those in a to h. The D1CtOrS will conb.nue to mcnrtor T¢se tThes for rmrj 8wKI procwsing applThtions. the Pfornpt and accurate paymerrt of ail benefits. aThJ the ¢3ment of o)nlributiLn5. Flnanclal r•Ylew The Assoaatwjn made a surplu5 fw the year of £552.470 {2019 - £141.6921 L*fore net gains on revaluation of the investrnents. Total incorning soUr$ incyea5ed frcffi £569,537 2019 to £1,843.440 In 2020. Total resources expended inu88581l from £427.845 in 2019 to £1.29).970 in 2020. As at the year ended 31 Decemtei 2020. trE AsxKiation had unrestrcted re5w¥es of £12,917,886 12019- £12,OW.3821.
THE BARR15TERS' BENEVOLENT ASSOCIATION IA ¢ompany limit by guaranteol COMMITTEE MEMBERS. REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 Investment Pow•r5. Policy and Perfonnane• The MemLErs ofthe Cll1ee have, as Trustee5. Slatutory geneol powerof investsnent conferred by th8 Trustee Aci 2(Ml). which pertnts them to make any kind of investment which they Uld make if they were absolutely enIrtd to the Assooation's assets. In exercJ of th[ Per$ under the Act. the Members of the Cornmittee have delegatecs thèir 8Sset management funS to the Assl3t10n'S investment managers Inve5tec & Investrnent based on an agreernent for discreb"onary portfolio rnanagement The instruction to the investsnent managers E that they seek a b8lan(d tuM from Income and ff(Yn caprtal growth of the portfolio. wth m rn0 than a mcKlerate Ve1 of risk. The investsrÉnt strategy Is eWed durw the yearwbth the investsn8rrt managers. The value of the Inveslments as at 31st Decerntrw 20 was £8,0(hS.913 12019 - £7.251,1941. The portfol an Inflow of £280.Cm duriNJ year and so the net invease in the valw of t portrolK) Was £755,71912019- £814.3391. An extraordinary recovery in equity markets Irom the h)ws of March ersured that most equity markets ended XJ20 in posthve territory. atthough the UK equity market was a notab 8xrpb"on, droppiry by c. 100k. Large fisixl and mc#)etary slimvlus. ¢(rdinated on a global basis helred, as did positive vaccine news in November. Overseas eoutty rnaets We very strong, l&J by the US, as several technology mpanS such as Arnazori. PayPal and Mm150ft thrive(l. for ex3The. The portfolio had material exposure to these of bL6inesses and therefoie rnade stroNJ gain5. Ov8rall, the portfolio prOdUd a total return Of+6.2%whth QpareS wrth the benchmark tetum of+1.4%. Investec lieve$ that th8 current diVersifd strategy remns a surlable one for the charty to ath(eve its long-temi aim5. Thè benchmark is comprised of fv foll(y•mg indthx." 42% FTSE All Share (UK equities). 25% FTSE brld ex-UKloverseas &]uit>esl. 20% FTA GovernrnentAII Stctks lix)ndsl, 3% IPD Monthly Ipropertyl. 5% Bank of England Base Rate +2% lattemab.ve assets), 5% Ba{ of EnglaThJ Ba58 Rate-0.5% Icashl. Grant Making Policy The Assooation Invrtes apph.catsor for assistance Irom neety and d8seNng mernters ofth8 Barwho a or have been in practic8 in England or Wa. tr husbands w wwes. wpdows or wi(k)wers, chikaren, and dep8ndants. Assistance may trE rrfovidèd to benefioanÈ5 by way of grant or 103n, or a combination of the Bèfore any grant loan is consider&Y tythè Commrttee. applicants 8re wjuired to cOmpte a detailed form setting out their iThYwidual ar0Jmsf3n. Vvhere w55ible. sall0 will aways seek to faolitat8 the return to work of the pracbtsoners who have been In substantial fvlkb.me practice prior to the events occasx)niThJ their ¥plOn. Page 8
THE BARRISTERS. BENEVOLENT Ass(lATIoN IA company limited by guarantso) COIWfryEE IAEM8ERS' REPORT FOR THE YEAR ENDED 31 DECEhlBER 2020 Reserve$ Policy The assets oflhèAsJab( are apptybè ts pur at the ofthe C(mmi wllhout any distinction ttween captlal and inwrne. Thp ASsLKYati ha5 totsl fvnds or £12.917.866 12019 - £12.091.3821 of which £4.299.&5312019- £3,913.5891 in desynated fiJnd5, £226.298 12019- Y235.0981 as tangib e assets army £8.1kn,91312019- £7.251,1941 ts hdd in investmeFts to conlinue to generate Incorne for the AsStn. kavmg 1384,eA)212019- £6),11 of general f reserves Vvhilsi tsnder Charity C¢ynmi5sion gumjae the chanty'5 investments represet free sePs. the Ccthmittee con5ideF5 thatthe5e ate Ij to geneTate fvtmjs to support its tenefiaarie5 in the future. Consistentsy with politry to create aThJ tnaifjtain an adequate Lzpilal base. Ihe CL¥nmittee intends. when opportunity ar. to inupa5e reserve5 through income generaln wth a VEW to maintsining ihe Associati'S total re5eF¥es ave£7.5[).(K> This reSeS is based upon the Committee s Gonsawsness of the ¢JtffKulties an(J Ulrtatie5 whith 5LTrrroufid the futtjre of the profession and the need to promde k)tvterm asSan to a rapKJly grthin9 fftThker of potenbal benefiuarie5 in c¥¢UmStses In whith, year on year. Ihere are regrettably and regLtlar subscfibèrs to the Assouatyon. Risk Management The MerniErs cf the Commrttee are 5atisfEd that rnqor and cpet3tiotwl tisks the BBA fa have been Idèntifi and confirtn that Systems ve been estsbl4shJ to enab regukr rsports to be pread so that Ime necessary steps can be taken to lessen the nsks. Appfoved by order ofthe Memtws ofthe boaffj ofc0mmee MterS on signed on Ihe1r behalf by" ItJFIIi a., TeTrnce Mowschenson QC Chairnian Pae g
THE BARRISTERS. BENEVOLENT AsclAn0N IA Company Limlted by Guarantee) STATEMENT OF COMMIThEE MEMBERS. RESPONSIBILrnES FOR THE YEAR ENDED 31 DECEMBER 2020 The Committee Member5 (W are also the Directors of Charity for the purposes of company lawl are responsible preparing the Commrttee meMr5, Rew)rt and the finanaal stslemenls in accordance wlh applicable law and United lfjngdom Accountr'ng Stsndards Iunrted Kingdom Generally Accepted Accounting Practice). Company law requires the Committee Members to prepare finanu81 statements for each financial year. Under company18W. the Committee Membw5 must not approve the financial statements unless they are satisfied that they give a true and fair view of the stale of affairs of the Charty and of its incoming resources and application of resources, including its Irome and expefftliture. fLY that p1. In preparing these finCIal ststements, the Committee MeMrS are required lo". select suétable aCCntIng Wi¢ies arKI then appty them cC$teny'. observe the methods and wnuples of the chanb.es SORP IFRS 1021., make judgements and accounting estimates that are reasonable and prudent", slate whether appliCae UK Accounts"ng Standards IFRS 1021 have been fdlowed, subje¢X to any material departures disclosed and explained in the finanaal statements", prepare the financjal statements on the going concem basis unless rt 15 inappropriate lo presume that the Charity wll continue in business. The Committee Members are responsible keeping adequate accounting records that are sufficient lo show and explain the Charitys transactions and disclose wih reasonable accuracy at any time the financial Position of the Charity and enable them to ensure that the finawal statements compty the Companies Act 20W. They are also responsible for Safeguarding the assets of the Charity and hen for taking reasonable steps for the prevents.on and detectK)n of fraud and olher irregulanlies. In $0 faf as the Commtttee Members are aware.. therg is no relevant audit inforrnation of wthich the Charity's audrtor is unaware", and the Commrttee Members have taken all steps that they ought lo have tsken lo make themselves aware of any relevant audtt infrxmatson and to establtsh that the auditor is aware of that infomab"on. Approved by order of the M8mbers of the Committee Board and ggned on rls behalf by". Terence Mowschenson QC Chairman Date.. f/plii Page 10
THE BARRISTERS. BENEVOLENT ASSOCIATION IA Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE BARRISTERS. BENEVOLENT ASSOCIATION Oplnlon We have audited the financial statements of The Barristers, Benevolent ASSOa.0n (the 'Charityl the year ended 31 Dernber 2020 which Comprise the Ststement of Finanaal Activities, the Balance Sheet, the Statement of Cash Flow5 and the related notes. induding a summary of significant accounting policies. The financial reporting framewjrk that ha5 been applied in their preparation is applicable law and Unrf(ed Kingdom Accounting StaNards, itIng Financial Reporting Slandard 102 The Finanual Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally Ac¢epted Accounting Practi1. In our opinion the financial statements" give a true and fair view of the state of the Charitl$ affairs as at 3f December 2020 and of rts inMing resour$ an¢J 8pplication of resources. indL¥JirrfJ rts incA)me and exnditure for the year then ended., have been property prepared in aCcOrdae Unitecl Kingdorn GerlY Accepted AccLwnling Practice., and have been wepared in accordance 1h the fequirements ofthe Companies Act 20C6. Basls for oplnion We condLKted our audit in accordance with Intemational Standards on Audfft"ng IUK) IISAS IUKII and applicable law. Oui responsibilib'es under Ih)se standards are fvrther described in the Auditors, responsibilrties for the audit of the financial statements section of our report. We ale independent of the charitsble company in accordance wlh the ethical requirements that are rdevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard. and we have fulfilled our other ethical responsibilib'es in accordance wth these requirements. We believe that the audrt evidence we have obtained is suffiaent and aprpriate to providè a basis for our winion. Conclusions relatlng to going concem In auditing the financial statements, we have concluded that the Committee Members, use of the going cOnM basis of accounb.ng in the PparatIon of the financial statements is appropriate. Based on the work we have perfomied, we have rK)t ldenb.fied any material uncertainties Telatirg to events or conditsons that, individually of colleth"vety. may (ast significant doubt on the charitable compan¥s ability lo nlinue as a gcing concem for a p)d of at least I1ve months from when the finanual ststernents are authorised for issue. Our reswnsibiSilies and the responsibilrties of the Commrttee Members V*h respect lo going concem are described in the relevant sections of this report. Page11
THE 8ARRISTERS' BENEVOLENT ASSOCIATION {A Company Llrnltgd by Guarantsel INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE BARRISTERS, BENEVOLENT ASSOCIATION ICONTINUEDI other infomiation The Committee Members are responsible for the other informion. The other information comprises the information included in the Committee Members. Report, other than the financial ststemenls and our Auditors. Report Ihereon. Our opinion on the financial statements dS not cover the other infotmth.on and. except lo the extent otherwise explicrtly std in our reFixl. do not exyess any fomi of assurance condusion thereon. In connection with our aLKlit of the financial s&eMentS. our responsibilrty is to read the crther information and, in doing so. consider whelhei the other information is materially inconsistent with the financial statements or our knOedge obtained in the audit or otherwse apFears lo be Materially misstated. If we idenb.fy such material incon&stÈnoes or apparent Tnalerial misstatemenls. we a required to determine whether there is a material misstatement in the fina[Kl statements or a material misstatement of the other Informats'on. If, based on the vlork we have performed. we condude that there is a material misslatement of this Other informth'on, we are required to rewrt that facl. We have nothiThJ to report in this regard. Oplnion on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the wcKk undertaken in Ihe course of the audit.. the infomialion given in the Committee Members, Rept foy the finanual year for sthich the financial statements are prepared is ¢onsislent wth the financial stslements. the Committee Members, ReFQrt has been prepared in accordance applicable legal requirements. Mattars on which we are required to rnport by excepllon In the light of our k)vedge and understanding of the ¢harttable company and its environment obtained in the course of the audit. we have rnl idents'fied merial misststement5 in the Committee Mernbers, ReF<)rt. We have nothing to report in respeet of the followng matters in relab.on to vknich Companies Ad 2006 roquires us lo report to you if, in our opinion". adequate acccAJnting reeords have not kept. or Tetums ajequate for our audit have not ien received from brand)es not visrted by us", Ix the finanual statements are not in agreement Ihe a¢counh"ng records and retums", or certain disclosures of Commtttee Members. remuneration speofied by law are not made., or we have not reiVed all the infomialion and expL4nalions we require for our audit". or the Committee Members were Th)l entided lo prepare the financial statements in aOrdanCe with the small companies regime and tske advantage of the small companies, exemptions in preparing the Commitiee Members. Report and from the requirement to prepare a Strategi¢ Report. Page 12
ThE BARRISTERS. BENEVOLEprr ASSOCIATION IA Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO ThE MEMBERS OF THE BARRISTERS. BENEVOLENT ASSOCIATION ICONTINUEDI Responsiblllties of Committeè Members As explained more fully in the Statement of Committee Members, Responsibilities. the Commrttee Members (who are also the Directors of the ¢haritable company for the purposes of Company lawl are resp)nsible for the preparation of the finala1 statements and being satisfied that they give a true and fair view, and for such intemal control as the Committee Members determine is necessary lo enable the prepaiation of financial slalements that are Iree from matenal misstalem8nl. whether due lo fraud c¥ error. In preparing the finarrial statements. the Committee Mernbers are reSponsie for assessing the charitable companls abilty lo continue as a going concem. disck)sing, as ar4)lieable. matters related lo going nCern and using the going concem basis of accounb.ng unless the Commrttee Members erther intend to liquidate the charitable company 01 to cease opwakn"ons. or have no realisb"c altemab.ve bjt to do so. Audltofs. r8sponsibilities for the audit of th¥ flnanclal statsments Our objectFves are lo obtain reasorthle assurance about whather the financial statements as a whole are free from material misstatement, whether due to fraud or error, aThJ to 15sue an Audrtors, Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance wth ISAS IUKI wll detert a material Misstateme en rt exists. Misslalements can arise from fraud CK error and are considered material if. individualty or in the aggregate. they could reasonably be expected lo influence the econtynic deasion5 of users taken on the basis of these financial statements. Irregularf(ies, including fraud, are instances of non-compliance wth laws and regulations. We desgn procedures in line with our responsibilitses. outlined above, to detect material mi55tatemenls in respect of irregularibes, induding fraud. extent to vthich our rOced[es are capable of dete¢tsng irregularrties, including fraud is detsiled below-. Enquiry of management and tIKJse charged vth governar around actual and potential litigation and claims.. Enquiry of entty staff in tax arKI Complian funclions to identify any instances of non-compliance wth laws and regulations.. Performing audit work over the risk of management override of controls. induding testing of joumal entn.es and other adjustments for approwiateness, evaluating the business rationale of significant transactions outside nomal course of business and vIewIng accourth'ng ests"mates for bias," Reviewing minutes ol meetings of those targed wth governan, Reviewing financial statement disck)sures and testing to supF#Nling documentat lo assess compliance th applicable laws and regulattons. Because of the inherent limrtations of an audit, there is a risk that we sMII Th)t detect all irregLJlarilies, including those leading to a material misstatement in the financial statements or nOrcomplIance th regulation. This risk increases the more that compliance I1h a law regulation Is Temoved from the events and transactions reflected in the financial Statements. as we wll tr s5 likely to brne aware of inslances of non-complian. The risk Is also greater regarding IrregulareS occurring due lo fraud rather than error. as fraud involves inlents.onal concealmenL forgery, collusion, omission or miSrepreseatt0n. A further description of our reSPS4b11rt1es for the audit of the financial statements is located on the Financial Reporting Council's websrte at.. www.frc. .uklaudrtorsre5 Audrtors. Report. ibilrties. This description fomis part of our Page 13
THE BARRISTERS. BENEVOLEi¥f ASSOCIATION IA Company Limlted by Guarantee} INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE BARRISTERS. BENEVOLENT ASSOCIATION {CONTINUEDI Use of our report This report is made solely to the Chantys Members, as a tKKly, in accordarKe with Chapter 3 of Part 16 of the Companies 2006. OUT audit Vrk has been undertaken so that we might sLite to the Charitys Members those matters we are required to Stale to them in an AlorS, Report and for no other purpose. To the fullest extent pem)rtted by law. we (tr) not accept or assume reswnsibility lo anyone other than the Charity and its Members. as a body, for our audrt work, for this report, or for the opinions we have fom)ed. £dL Sudhif Singh FCA (Senior Statutory Audltor) for and on behalf of MHA Maclntyre Hudson Chartered Accountants Statutory Athlitor 6th Flcx)r 2 London Wall Place London EC2Y SAU Date.. 19 August 2021 Page 14
THE BARRISTERS. BENEVOLEKf AsSocn0N IA Company Llmlted by Guarantee) STATEMENT OF FINANCIAL AGTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUPffj FOR THE YEAR ENDED 31 DECEMBER 2020 Total funds 2020 Total fvnds 2019 funds 2020 Note Income from: Donations and legaaes Investment incorne Other income 1,546,437 290.367 6.636 1.546.437 290,367 6,636 290,753 271,764 7,020 Total incom• Expendlture on: Raisng lunds Charitable ac*vilies 1.843,440 1.843,440 569,537 36,821 1,254,149 36,821 1,2S4,149 35,231 392,614 Total expenditure 1.290,970 1,290,970 427,845 Nel gains on investments 12 275.014 275.014 849,739 Net movement In funds Reconc511atlon of funds.. Total fvnds brOt forward Net movement in fvnds 827,484 827.484 991,431 12.090,382 827,484 12.090.382 827.484 11.098,951 991,431 Total fund$ carrled fornard 12,917.886 12.917,866 12,090,382 The Stslement of Financial Aclivibes indudes all gains and k)sses recognised in the year. All income and expeThYiture derive from continuing actllIeS. The notes on pages 18 to 37 form part of these finanaal statements. Page 15
THE BARRISTERS, BENEVOLENT ASSttIATION IA Company Lirnited by Guatantgèl REGISTERED NUMBER: 05284271 &4LANCE SHEET AS AT 31 DECEMBER 2020 2020 2020 2019 2019 Flxed asstts Tangible assds Investments 11 226.298 8,006,913 235,Q98 7.251,194 12 6.233.211 7 486,292 Current assets Prograrnme related imfestm8nls- ConcesSiry l(pns Debtors Cash at bank and in harN 13 3,854,095 132.210 716,645 3.913589 14 18 583.885 4.7Q2.950 4618.916 Credffofs". aTnourts fallir¥J due with"n year 15 1182951 114.8261 Net current assets 4.684,655 4.604.09Q Total net assets 12,917,866 12 C130,382 Charity fvnds Lln¥eskncled funds 16 12,917.866 12.090.382 Totsl fvnds 12,917.886 12.OQO.382 The Commrtlee MetHbef5 ackr40wle(Ige thr res1xTrb1t1es frir ccYg wth the rewirernerts of th6 Comparhes A¢1201 restect to 0ntIng rNS arxj pYeparat¢on ol an3{ slatements. The financia ststements h3we prepared in accwlarkGe vfjth the promgons appliraDl2 to enttiies subiect to the small companies tegime The finar1 stat8mas kwe appro1 a"¥e for by CixnfflittÈe Members and signed c their behalf by". Terpnce m0chenson QC ChaimaTr Date. 19 17111 The rM3tes on pages 18 to 37 lom part oftlw fiTra statemwts. PagE 16
THE BARRISTERS. BENE¥lOLENT ASSOCIATION {A Cornpany Llmlted by Guardnteel STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020 2020 2019 Note Cash flov4B from Operang actlvrties Net cash used in operating ackn"vities 17 323,098 1322,3961 Cash flo*s frorn 5nv8Stlng activitl8S Income from investments Purchase of tangible fixed assets PrOert$ from sae of investments Purchase of investments 290.367 271.764 {10,5601 2,147.331 1,030,402 {2.628,0361 11,162,034) 12 12 Net cash (used in)Iprovlded by invesllng activities 1190.3381 129,572 Change in cash and cash equivalents Sn the yèar Cash and cash equivalents at the beginnirrfJ of the yeai 132.760 1192.8241 776,709 583.885 Cash and cash equivalents at the end of the year 18 716.645 583,885 notes on pages 18 10 37 form part ofthese financial stslements. Page 17
THE BARRISTERS. BENEVOLEKf ASSOCIAnoN IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Accounting poll¢les 1.1 Genoral infomiatlon The Charty is a Company limited by guarantee and is registered the Charty Commission (Charity Regislere(J Number 11(K7681 and Registrar of Companies Icompany Registration Number 052842711 The Members of the company are the Commrttee Members named on page 1 In the event of the Chanty being wound up. the liabilty in respect of the guarantee is lim(ted to £1 per Member of the Charity. The a(Idress of the registered off is given in the Charty inf(Kmation C page 1 of these financial slalemenls. The nature of the Chanvs operations and priwpal activrties are listed in the Committee Members, Report. 1.2 Basis of preparntion of flnanc(al statements The financial statements have en prepared in accordance wth the Charib'es SORP IFRS 102} - Accounting and Reporh"ng by Charitie5. Statement of Recommended Price applicable to charities preparing their acnts in aIxordan wth the Finanaal Reporting Standard applicable in the UK and Republic of Ireland {FRS 102). the Financial Rewting Standard applicable in the UK and Republic of Ire1ar IFRS 1021 and ts Companies Act 20(. The Barristers. Benev(Aent Association meets the deffinttion of a public benefit entity Lmder FRS 102. Assets and liabilities are inthally recognised at historic cost or transaction value unless otherwse 51ated in the relevant accounb.ng pMJlicy. The finanaal statements are presented in sterfing is the fijnclional cUrreY of the Charty and rOure to the nearest pound. 1.3 Going concern The Committee Members have assessed the use of going concern and have considered possible events or conditths that might cast Significant (kTrubt on the ability of the Charity to conts.nue as a ing conrn including the impact of COVID-19. The Committee Members have made this assessment for a per of at least one year from the date of the approval of these Financial Statements. The Committee Members have conduded that there is a reasonable èxpectation that the Charity ha5 adequate resources to continue in operational existence for the foreseeable future. The Chanty therefore continues to ad¢Jpt the going concem basis in preparing its Fin8n¢i81 Statements. P4e 18
ThE BARRISTERS. BENEVOLENT ASSOCIATION IA Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Accourrting policies Iconllnued) 1.4 Incon All irrome is recr*Jnised On the Charity has entruement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. The recognrtion of income from legacies is deperKlent on estal$hing enlTUemenl. the probability of receipt and the ability to estimate suffitrAenl accuracy the amount receivable. Evidence of entidement lo a legacy exists when the Charity has SLtffiaent eviden that a grft has been left to them Ithrcxjgh krvjvledge of the existence of a valid wll and the death of the benefactor) and the executor is satisfied that the propety in question wll not be rUl[ed to satisfy claims in the estate. Receipt of a legacy must be recognised %then it is probable that il wll be received and the fair value of the amount receivable. which wll generally trk the expected cash amount to be distributed lo the Charity, can be raliably measured. Grants are included in the Statement of Financial Activibes on a rg¢eivaLle basis. The balance of ncome received for specific purposes but n(rt expeThYed during the period is shown in the relevant funds on the Balance Sheet Where irorne is received in advan of entiuement of receipt, ils recognition is deferred and included in creditors as deferred income. Where enlillemenl occurs befo in¢ome is reived. the income is accrued. For donations to be recogni5ed the Chty will have been notified of the amounts and the settlement date in writing. If there are conditions attached lo the donats'on and this requires a level of performance before enlrtlement can be obtained then income is deferred until Ih05e conditions are fully mel or the fuifillment of those condrtions is wthin the control of the Charity and it 15 probable that they will te fulfilled. On receipt. donated professional services arKI facilth'es are recogn15ed on the basis of the value of the grft to the Charty vknich is Ihe amounl it would have been wlling to pay lo obtsin services or facilits"e5 of equivalent economic tenefrt on the open market.. a corresponding amount is then reco9nised in expenditure in the period of receipt. In¢ome lax recoverable in lab"On to donations rewve(l undw Gift or deeds of covenant is recognised at the lime of the th)nab"on. Income tsx re¢over8L4e in relatbon to irwestmenl income is r8cognised at the time the investment income is rl¥able. Other income is recognised in the pemd in lch it is reCVatIe and to the extent the goods have been prowded or on cOMets0n ofthe servi. Page 19
THE BARRISTERS. BENEVOLENT ASSOCIATION IA Company Limitsd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Accounting policles Icontlnued} 1.5 Expenditure All expenditure is accounted on an accruals basis and has classffied under headings that aggregate all Costs related lo that category. ExpeTrJrture is re¢(yJnised On there is a legal or constructive obligation to transfer economic benefit lo a third party. rt Is probable that a transfer of economic beneff(s will be required in settlement and the amount of the obligation can be measured reliably. Expendrture is dassffieil by actsvity. The costs of each acbvity are made up of the total of direct costs shared costs. including SLtpport Costs Involved in undertaking each activity. Direct costs attributable to a single &tMty are allocated directty to that a¢tiwty. Shared costs which contribute to more than one a¢tivrty ar¥J suptort costs which are not attnbutable to a single aclivty are apportied between those actNrties on a basis consistent wth the use of resources. Central staff costs are all(Kated on the basis of time spent, and depreciation charges allocated on the pO"on ofthe asset's use. Expenditure on raising ftJnd5 includes all exFEnditure incurre(J by the Charrty to raise ftjnds for ils charitable purposes and indude5 Costs of all fUraISng activrties events and non-chaTltable trading. Expenditure on charitsble activrties is iUrred on directy undertaking the activrties which further the Chartys oty'ectives, as well as any a$)Liated support costs. Grants payable are charged in the year when the offer is maje except in tISe rAses where the offer is conditional. such grants teing recognised as expenditure when the concitlDns attathing a fulfilled. Grants offered subjecl to conditicms vthsch have t been met at the year end ar8 noted as a Commitment, but not ac(nJed as exFenditure. All exFndrture is inclusive of irrecoverable VAT. 1.6 Forelgn currencies Foreign ¢urrency transacti$ are inrtialty reccgnised by apFlying to the foreign currency amount the spot exchange rale betyen the fUb"Onal 0JrrerY and the foreign currency at the Balance Sheet date of the trans8¢b"on. Monetary assets and liabilrties denominated in foreign currencies are translated into steding al rates of exchange ruling al the Balan Sheet date. Exchange gains and losses a rec(MJnised in the Statement of Finanaal Activities. 1.7 Taxation The Charity is conshdered to pass the tests set ¢yJt in Paragraph 1 SGhedule 6 of the Finance Act 2010 and thefOre rt meets the definrtion of a charrtable ccmnpany for UK corporats.on tax purposes. Accordingly, the Charity is tK>tenlialty exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the CorporalK)n Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to the extent that such income or gains are applied exclusvety to charitable purposes. Page 20
THE BARRISTERS. BENEVOLENT ASSOCIATION IA Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMEPffiS FOR THE YEAR ENDED 31 DECEMBER 2020 Ac¢ounting pollclas l¢ontInu) 1.8 Tanglble flxed assets and deprectation Tangible fixed assets costing £500 or more are prtali$ed recognised when tUre economic benefits are probable aThJ the cost or value of the asset be measured reliably. Tangle fixed assets are inrtialty recognised at cost. After rocrN3nilN)n, uThler the cost model. tangible fixed assets are measured at cost le$5 accumulated depreciation and any accumulated impairment losses. All ¢osls inGLFrred to bring a tangie fixed assel into its intended working condrtion should be included in measurement of cost. Depwation 13 charged so as to 8lbcate the cost of tangible fixed assets less their residual value over their estimated usefvl INes, using the straight-11 method. Depreaalion is provided the foliowng bases.. Leasehold propety Fixtures and fittings Computer equipment 2% straight line on cost of building 15% straight14ne 20% straight line 1.9 Investments Fixed asset investments are a forn) of financ1 instrument aThJ are In'allY recognised al their tranSb.on Cost and subsequenrfy measured al tsir value usirKJ the closirKJ quoted market price. All gains and losses are tsken to the Slalement of Financial Actiw"ties as they arise_ The Ststement of Finanual A¢tivtbes Fndudes the net gains and losses arising on revaluath)ns and disposals throughout the year. As investments are revalued lo f•r value continually. realised gains or105ses arise. The fair value of listed investments 15 delemiined by reference to the qwted price for identical assets in an acts've market at the Balants Sheet date. Soual investments include programme rdated investments wknirh are those held to further our thantthe purposes. Programme related investrnents indude concesOnary loans to third partiès. 1.10 Concesslonary loans coresSIOnary loans indude those receivable to Ihird parties vthith are interest free or below market interest rates and are madè to advan charitable purposes. Where the loan is repayable on demand bmthin one year. the knan is measured at cosl, less Impaimient. Where the loan is repayable more than one year, the loan is initially measured al fair value and subsequently measured at amorb.sed cost using the effec*ve interest rale methcKJ. less impaitment. 1.11 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepaymenls are valLd at the amount prepaid net of any trade discounts due. Page21
THE BARRISTERS. BENEVOLENT ASSOCIATION IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 A¢¢ountlng policies f¢ontlnued) 1.12 Liabilities and provisions Liatslth'es are recognised when Ihere is an obligation at the Balance Sheet dale as a result of a past event, it is probat4e that a transfer of economic benefft will be required in settlement, and the amount of the settlement can te estimated lIablY. Lialilth'es are recognised at t1 am(yJnl that Chanty antiapates it wll pay to selue the debt or the amount rt has received as advanced payments for the g(KMJs or services it must provide. Provisic>ns are measured at the st estimate of the amounts required lo settle the obligation. lthere the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted al the pr&lax discount rate th ects the risks specific lo the liabilrty. The unTrMnding of the (Jiscounl is recognised in the Statement of Finanaal Activities as a finan cost. 1.13 Financlal Instruments The Charty does not have a material holding in m[leX finanaal instruments. The Charity only holds basic Financral Instruments. The finamal assets and finarrial liabil"eS of the Charity ara as follows." Debtors - trade and other debtors lirKluding accrued irthmel are basic financial instruments and are debt instruments measured at aMsed cost as detailed in Note 14. Prepayments are not finanal instruments. Cash at bank- is ciassrfied as a bas¢c ffinanu81 instwment and is measured at faee value. Liatylrties - trade Creditors, accruals and other creditors Vill be classffied as financial Instruments, and are measured at aM0.sed cost a5 detailed in Note 15. Taxation and 50oal securty are not ineluded in the finanaal instruments disclosure. Deferred inc(Mne Is not deemed to be a financial liabilty. as in the cash settlement has already taken place and there is simpty an obligation to deliver charitable Services rather than cash or arKJlhef financial instrument. 1.14 Operatlng leases Rentals paid under operab.ng leases are ctrBrged lo the Statement of Financial Activities on a slraighl line basis over the lease term. 1.15 Penslons The Charty is committed to promding pensions to ffmer members of staff at an agreed rale on reliiemenl of the employee. The cost of woviding these pension5 is included in the Statement of Finanaal Activrties as it is Inled_ Page 22
THE BARRISTERS. BENEVOLENT ASSOCIATION IA Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 A¢countSng polkies (continued} 1.16 Fund accounting General funds are unrestn.cted furvjs vthich are available for use at the discretion of the Committee Members in furthefance of the general 04'ecb"ves of the Charity and vthich have not been designated for other purposes. Designated funds comprise unresthcted funds that have been set aside by the Committee Members for particular purposes. The aim and use of each de"gnated fund is set in the notes to the rinancial statements. Investment income, gains and105ses are alloc2ted to the appropriate fvnd. 1.17 Judgements and key sources of ostlm•tion uncertainty The followng judgements {apart from those involving estimatesl have been made in the process of applying the atK)ve a¢¢(wnling policies that have had the most significant effect on amounts recognised in the finala1 ststements.. Basis of valuth.on of finanoal instruments loGalion ol support costs The useful economic lrfe of tangible fixed assets and the depreciatN)n rates applied Impairnient of prffjramme related investments l u)ncesonary loans. Page 23
THE BARRISTERS, BENEVOLENT ASSOCIATION IA Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Income from donatlons and legacies Unrestricted funds 2020 Total fvnds 2020 Donat"ons- general Legacies Donat'ons received from speryfic insb"tUtnS 640,149 640,149 906,288 906,288 Total 2020 1,546,437 1,546,437 An analyws of donab.ons received ¥*csfic instrtuts.ons is shown in Note 3. Unrestricted hjnds 2019 Total lunds 2019 Donations- general Legacies Donations receNed from sp&ffic institulions 203,218 21Q 87,325 203.218 210 87,325 Tolal 2019 290,753 290.753 Page 24
THE BARRISTERS. BENEVOLENT ASSOCIATION {A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Donatlons rtteived from specific institutlons 2020 2019 Honourable Soaety of Inner TeMe (Covid Appeal £100,000) HonoLJrable Society of Middle Temple (Covid Appeal £100,() HonoLJrable Society of LinccAn's Inn (Covid ApFeal £100,000) Honourable Society of Gray's Inn (Covid Appeal £100,000) 9 Gough Square 2 Bedford Square Westem Circuit Lodge Icovid Aal} One Crown offi Row SA Brunlon Solev Co Ltd (Covid Appeal) Landmark Chaml%r5 Wilberforce Chamkrs Quadrant Chambers Matrix Chamb$ Falcon Chambers Essex Court Chambers {cod AppEall Cloth Fair Chambers {Covid Appeal) Old squa Chambers Icovid Apall Bar Goll S¢xiety 5RB (Covid Appeal) 1 GC Management Limited 3VB Services Limited Chancery Bar Assooats"on (Covid Appeal) MidlaThJ Chancèry Bar A55ociab'on (Covid Appeal) Commerical Bar Association (Covid Appeal) Personal Injuries Bar A550cralion Icovid Appeal) Queens Council Appotnlments Icovid Appeal) In Memory of WThlliam Jame5 Clover In Memory of Patrick Perkins The Yves Guihannec Foundab"on {Covid Appea) Bar Mutual Fund ICOVHJ Appe) Paypal Giving Fund The Band Trust G and K Boyes Charrtalje Trust ICOVKI AFveal) Bar Counal 110.000 120,250 132,0(10 120.IX)O 10,250 20,250 32,000 382 500 4,305 750 20 250 250 250 250 3,OCKI 20.IXNJ 10.000 1,524 250 16 30.000 2.000 30,000 6,500 100,000 130 10.000 10,000 100.000 272 2.000 100.000 1.714 906.288 87,325 Page 25
THE BARRISTERS, BENEVOLENT ASSOCIATION (A Company Umlted by Guarantee) NOTES TO THE FINANCIAL STATEMEpirs FOR THE YEAR ENDED 31 DECEMBER 2020 Income Irom investments Unrestricted funds 2020 Total funds 2020 Dividends interest on invesknents Interest on loans Bank Inte$t receivable 169,049 120,798 520 169,049 120,798 520 Totsl 2020 290,367 290,367 Unrestricted funds 2019 Total funds 2019 Dividends inlerest on investments InleTest on loans Bank interest receivable 265,417 5,725 622 265,417 5,725 622 Total 2019 271,764 271,764 Other incomè Unrestrkted funds 2020 Total funds 2020 Rentsl income 6.636 6.636 Unrestrtcled ftjnds 2019 Total funds 2019 Rentd income 7,020 7,020 Page 26
THE BARRISTERS. BENEVOLENT ASSOCIATION (A Company Llmited by Guarnntee) NOTES TO THE FINAhlCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Expendlture on raislng funds Unrestricted funds 2020 Total funds 2020 Investment management costs 36,821 36.821 unrestn.cted funds 2019 Total fvnds 2019 Investmènt management costs 35.231 35,231 Page 27
THE BARRISTERS, BENEVOLENT ASSOCIAnoN {A Company Limited by Guarantee) NOTES TO THE FINA14CIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Anaty$ls of expenditure on Charltsble activiti8S Activltles undÈrtaken dlrectty 2020 Grant funding of activities 2020 Support costs 2020 Totsl lunds 2020 Grant giving 5.100 996.545 252,504 1,254,149 Activities undertaken direcdy 2019 Grant fvntling of activrties 2019 Support costs 2019 Total funds 2019 Grant gwing 18,400 149.007 225,207 392,614 In both the Current arKI previous year. all gr funding of activit5 We to irhyividuals. Page 28
THE BARRISTERS. BENEVOLEPU ASSOCIATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Analysis of expenditurg on chafltable actlvltles Icontlnuedl Analysis of support costs Total funds 2020 Total nds 2019 Staff costs Depreciation Rent and rates Offi cjeaning, electriiity. insurance. mntenan and water Pn.r.ng, postage, stationery and appeas Telephone Advert15ing Computer consultants Bank charges Consultancy costs Subscnption5 Sundry expenses cOnSSiOnary loans impaimient Govemance ¢05ts Staff IrainiThJ 112.967 8.800 40,674 6,104 2,006 2.927 5.890 23.115 1,375 4,400 1,200 728 111,233 7,116 2,321 13,007 3,264 3,283 6,701 24,226 1,110 6.861 1.944 98 6,638 36,978 427 42.318 252,504 225,207 Governance costs 2020 2019 Leg81 and professional fee5 Auditors, remuneration - Audit of the financial statements Auditors, remuneration - Other services Auditors, remuneration - Under accnJal of rrrior yeai fees 30.078 7,600 23,528 7,60Q 2.10Q 3.75Q 42,318 36,978 Page 29
THE BARRISTERS. BENEVOLEKf AssocNnoN IA Company Llmtted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Staff costs 2020 2019 Wages and salaries Social se(JJrity costs Pension costs 81.856 5.799 25.312 80,485 6,049 24,699 112.967 111,233 The average number of rSOnS &nployed by the ChaTrty during the year was as fc4bws'. 2020 No. 2019 No. Adminislralion No employee received remuneration am(yJnling lo more than £60.CW in either year. 10. Cofflmitt88 Momber5' remuneratlon and expenses During the year. no Commrttee Members. who are consKlewed to be the Key Management Personnel of the Charity. received any remunerakn.on LK other t*nefits12019- £NILI. During the year ended 31 Decemttr 2020, no Cc4nmrttee Member expenses have b8en iUrred(20lg - £NIL} Page 30
THE BARRISTERS. BENEVOLENT ASSOCIATION IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 11. Tangible fixed assets FIxrns and fittings Computer equipment Total Cost or valuation At 1 January 2020 304.950 33,838 13.505 352,293 At 31 December 2020 304,950 33.838 13.505 3S2.293 DepreclaUon Al 1 January 2020 Charge for the year 82,190 6.099 33.838 1,167 2,701 117.195 8.800 At 31 December 2020 88.289 33.838 3.868 125,995 Net book value At 31 December 2020 216,661 9.637 226,298 At 31 December 2019 222,760 12.338 235,098 l fixed asse15 are held for use by the Charsty. The Assochgtion has an interest in properties lone freelKTrld and ore le8sehold fiatl ¥there ownership has been transferred to the Assoa'aticm by beneriaarS ofthe Charty. 12. Flxed asset investments Li$ted inv8stmÈnts Valuatlon Al 1 January 2020 Addrtions 81 cost Disposals #l carying value Rev8lualions 7.251.194 2.628.036 12.147.331) 275.014 At 31 Decemr 2020 8.006.913 Page 31
THE BARRISTERS. BENEVOLENT ASSOCIATION {A Company Limited ty Guarant891 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 13. Programme related investments - Concessionary loans 2020 2019 Loans lo benefiuaries 3,854,095 3,913,589 2020 2019 Loans at 1 January Loans granted in the year Loans repaid in the year Loan impaimient tharges 3.913.589 132,673 1192,1671 3.799,767 309,837 1189,3771 16,6381 Loans at 31 Decemb•r 3.854,095 3,913,589 The above balances include an element of loans rep8yat4e in MO than ce year. this is agreed on an annual bags and is therefore rK)t quanbfiable al this time_ Where possible, loans a secured on the benefiaarys property. Interest is charged on secured loans al a rate of 1% plus base rate. No intefest is charged on unse¢ured loans. 14. Debtors 2020 2019 Due wlthln one year Other debtors Prepayments and accrued income Dividends and interest reeeivable 3,688 74804 53.818 3,404 53,484 64,554 132,210 121,442 Page 32
THE BARRISTERS, BENEVOLEpif ASSOCIATION IA Company Llmlted by Guaranleel NOTES TO THE FINANCIAL STATEmE1s FOR THE YEAR ENDED 31 DECEMBER 2020 15. Creditor5: Amounts falling due wlthln ¢)ne year 2020 2019 Trade (*editor5 Other creditors A¢cruals 733 1,106 280 13,440 708 16.854 18.295 14,826 Pe 33
THE BARRISTERS. BENEVOLENT ASSOCIATION IA Company LimÈted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 16. Statement of funds Statement of funds- Cufrent year Balan¢¢ at 31 Gainsl DKember (Losses) 2020 Balance at 1 January 2020 Transfers inlout Income Expendlture Deslgnated funds Funds designated for loans COVID fijnd 3.913.589 159.4941 so,000 3,854096 445,758 1.242,568 1846.8101 3.913,589 1.242,568 1846.8101 (9A941 4,299,8S3 General funds General funds 8.176,793 600,872 1444.1601 275.014 8,618,013 Totsl Unrestricted funds 12.090,382 1.843,440 11.290.970) 275.014 12,917,886 G8neral furKls are hjnds which Can be used in aCCdan V7th tho charitable objects at the discretion of the Committee Board. Designated fuThJs are sel a5Kle by the Commrtt Memters t of the unrestricted gera1 funds for specific future purposes. The fund designated for concessionary loans vras set up to recognise the fvnds committed to loans lo beneficiaries. The transfer bets¥een fund5 represents the net movernent durirKJ year befven loans granted in Ihe year less amounts repaid and Impaired during the year on the loans to beneficiarie5. The COVID fund rdates lo fvNls set ashde by the Committee Members in connection wth appeals made for member5 of the Bar and their dependanls have contracted the coronavirus and are unable lo support theMseeS and their families as well as those members, parb"culady bul not exdusively, do publidy funded work. who find themselves in difficulty. Page 34
THE BARRISTERS. BENEVOLE1 ASSOCIATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 16. Staternent of funds Icontinuedl Statement of funds - prior year Balance at 31 December 2019 Balance at 1 January 2019 Transfers inlout Gainsl (Losses) Income Expendrture Designated funds Funds designate(I for loans 3.799.767 113,822 3,913,589 General funds General furKIs 7.299.184 569.537 1427.8451 1113,8221 849,739 8,176.793 Total Unrestricted funds 11,098,951 569.537 1427.8451 849.739 12,090,382 Page 35
THE BARRISTERS. BENEVOLE1 AssocNnoN {A Company Limited by Guardnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 17. Reconclllatlon of net movgment In funds to net cash flow from operating activltl 2020 2019 Net income fo¥ the period la$ Stslement of Finanual Activiti'es) 827,484 991,431 Adjustments for. Depreciation charges Net gains on investmerrts Income from investments Decreasellincreasel in programme lated investments Increase in debtors Increaselldecreasel In creditors 8,800 {275,0141 {290,3671 59,494 {10,7681 3,469 7.116 1849.739} 1271.7641 1113,8221 173,7311 111,8871 12 13 14 15 Net cash pro¥lded byl{used In) operating actlvltl8s 323,098 1322.3961 18. Analys1$ of cash and cash gqulvalents 2020 2019 Cash in hand 716,64S 583,885 Totsl cash and cash equlvalents 716,645 583.885 19. Analysls of changes in net debt At1 January 2020 Cash flows At31 December 2020 Cash at bank and in hand 583.885 132.760 716,645 Page 36
THE BARRISTERS. BENEVOLENT ASSOCIATION IA Company Limlted by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 20. Pension commltments The Chanty is ComMed to paw.ng penOnS to former staff. totaling £1,77512019 - È1.7751 per month, for which no prowsion has been made in the finarrial statement5. The amount recognised as an expense in the year was £25.312 (2019 - £24,6991. There were no contributions payable lo the fund at the Balan Sheet dale {2019 - £NIL}. 21. Operatlng lease commltments Al 31 December 2020 the Charty had commitsnerts to make future minimum lease payinenls under non- cancellable operating leases 85 follows.. 2020 2019 Not later than 1 year Later than 1 year and not laler than 5 years 36.208 $4,312 90,520 The fdlowng lease payrnents have Ixen recognise(l as an expense in the Staternenl of Finala1 Activits"es.' 2020 2019 Operab'ng lease rentals 18.788 22. Related party tran5ac*ions There Ire no rdated party transactions durTrng thè year other than Committee Members making unrestrFCted donalK)ns of £13.41012019 - £7.135} to the Charrty. If a Committee Member knthys an ap1¢an1, then they are not invthed in the decision making process in regards to agreeing loans or grant applicatkMS. Page 37