Company Registration Number.. 05284271 Charity Registration Number- 1106768 THE BARRISTERS. BENEVOLENT ASSOCIATION {A Company Limited by Guarantee) COMMirrEE MEMBERS. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 THE BARRISTERS. BENEVOLENT ASSOCIATION IA Company Limited by Guarantse) CONTENTS Page Refar•nco and Admlnlgtratlve D9tai15 of tho Charlty, Its Committeg Membors and Advlser$ Chalrman's Statement Committee Members. Report 5-10 Ststement of CommlttÈe Memb9rs' Rèsponslbllities Independent Audltors. Report on the Flnancial Statsm¢nt$ 12-15 Ststement of Flnancial Activltle$ 16 Balanee Sheet Statement of Cash Fl¢)ws 18 Notes to thg Financial Staternants 19-38 THE BARRISTERS. BENEVOLENT ASSOCIATION IA Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS COMMITTEE MEMBERS AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022 Committeg Members Teren￿ Mowschenson KC, Chairman David Phillips KC, Honorary Treasurer Raymond Cox KC, Treasurer S8ra Hargreaves, Honorary Secretary The Rl. Hon. The Lord Saville of Newdigate, Member Helen Valley, Member Jeffrey Israel, Member Alexander Learmonlh KC, Member Graetne Halkerslon, Member Angus Mccullough KC, Member Jonathan Tod, Member Master Roger Eastman, Member Daniel Toledano KC, Member Christopher Stephenson, Member Shabeena Azhar-mole. Member Teertha Gupta KC, Member Company registered number 05284271 Charlty re9lstered number 1106768 Rggistsrod office 14 Grèws Inn Square London WC1R 5JP Chlof Executive Officer Nicky Young Deputy Chief Executlve Annette Bennett Officer Indèpendant audltors MHA Statutory Auditor 6th Floor 2 London Wall Pjace London, United Kingdom EC2Y SAU Page 1 THE BARRISTERS. BENEVOLENT ASSOCIATION {A Company Limited by Guarant90} REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS COMMirrEE MEMBERS AND ADVISERS ICONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2022 Bankers National Weslrninster 6ank PLC Law Courts. Temple Bar Southampton Customèr Service Centre Brunswick Gale 23 Brunswick Place S015 2AQ Solicitors Withers LLP 20 Old Bailey London EC4M 7AN Inv•stmont Managers Inveslec Wealth & Investment Limited 30 Gresham Street London EC2V 7QN Insolvoncy Practitloners Grmns LLP Tavistock House South Tavislock Square London WC1H 9LG Page 2 THE BARRISTERS, BENEVOLENT ASSOCIATION (A company limited by guarant&•l CHAIRMAN'S STATEMENT FOR THE Y&4R ENDED 31 DECEMBER 2022 The BBA rose lo a major cha119nge posed by COVID-19 over the last Iwo years and 8 months. In April 2020, in older to deal with the increased need amongst members of the Bar, some of whom found themselves completely out of work and ineligible for assistance from the government, the BBA together with the four Inns of Court launched the COVID-19 Appeal. By the end of 2022, the appeal had raised over £1.5 million, including £600,000 donated by the Inns. The BBA took rgsponsibility for distributing the funds and dealing with those who applied. Speed was essential. Starting in May 2020, applicants applied online for grants. We held weekly committee meetings to deal wtth them, in aGcordance with guidance we developed. Grants were made each week. Grants were generally of a sel amount per month and made for up to 3 months at a time. Many applicants had their grants renewed on a regular basis. We continued lo make the support available until the fund closed in December 2022 by which lime we had supported 190 applicants and 121 of their dependants. The BBA would likè lo thank the Four Inns, sets Df chambers, Bar professional societies. the Circuits, and individual donors for their support without whiGh this level of assistance would not have been possible. In 2022 il was agreed th81 The Inns of Court Gainsford Trust, a charilaP)le Trust previously administered by Gray's Inn. would transfer Iheirfunds of£314,858 to the BBA. The fijnd is to be used to help members of the Bar of England and Wales and their dependants who either live in Greater London or who have lived in Greater London. Gainsford Trust will have no further input into the scheme leaving the responsibility to the B8A. During 2022, £16,000 was paid to needy and deservlng applicants from the fund. I would like to exlgnd a special thank you lo Members of the Committee who attended weekly meetings to review applications and make sure that all the applications were swiftly dealt with. During the past year we had increased requests for assistan￿ unconnected to COVID-19. Wa received 36 new applicalions. an increase of 27 on the previous year and of these we wer8 able to help 21. As well as these new cases, there were 18 renewals, two more than last year. Our incon)e from donations is generally in a modest derline and we are trying to address this issue. Administrative expènditure is well Controlled but continued fluctuations in the investment market continue lo affect the value of our reserves and income. We maintain our strict policy of securing all loans wherever possible and review these annually in case a beneficiary's circumstances have chansed. We are anxi(>us lo help as many beneficiaries as possible, bul our resources are limited and where equity exists, we believe securing our loans is In our benefiGiarie5' best inter¢st$, as the policy assists in ensuring that we have funds for beneficiaries in the future. None of this could be achieved wrthout the Continued loyal and indispensable support of many volunteers., in particular those who serve on our Board and the Circuit Representalives who visit applicants and beneficiaries who are unable to travel lo London. Also invaluable are the supporters who make regular donations or who unrtertake various fundraising activities for us- running marathons, playing golf and the like - to whom we are equally grateftjl. We have a very small team of paid staff whose friendly and helpful contact on the phone or through e-mail is much appreciated by those who are touch with us and I would like lo express the thanks of the Cornmittee lo the BBA'S Chief Executive Nicky Young, and our deputy Chief Executive Annerte Bennell, who rose to the challenge of the COVID-19 Appeal and the 2022 strike and did a huge amount of additional work. I would a150 add my own thanks to those on the Commitiee who allended our monthly meeting lin addition lo the weekly COVID meetings} to deal with applications unconnected to Cov1￿19 which we deavt with from our general funds. The need to mainl8in our donated income is important and one way is to encourage everyone lo include us in their Vvill on¢e family needs h8ve been secured. Your gift will mean someone less fortunate than you can be assisted al a lime of need. Page 3 ThE BARRISTERS. BENEVOLENT ASSOCIATION (A Company limiied by gLtarant••l CHAIRIAAN'S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022 Tw•nco Mm¢h?nwn KC Chairman Page 4 THE BARRISTERS, BENEVOLENT ASSOCIATION IA company Ilmlted by guarantee) COmMf￿EE MEMBERS, REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The Committee has pleasure in presenting its report and accounts ft)r the year ended 31 December 2022. The financial ststements have been prepared in a￿ordanCe with the accounting policies set out therein 8nd comply with current ststutory requirements, the Memorandum and Articles of Assoclation. and the Slalemenl of Recommended Pracli¢e Accounting and Reporting by Charities ISORP 20151. Constitution The Barristers. Benevolent Association was founded on 10 January 1873. 11 is a charitsble company limitéd by guarantee incorporated in England and Wales on 11th November 2004, number 5284271. The company gained charitsble status on 15 November 2004, registration number 1106768. The company was established under a Memorandum of Associstion which established the objects and powers of the charitable company and is governed under ils Articles of Association. In the 6venl of the company being wound up, Members are required to ¢onlribute an amount not exceeding £1. Obl•cts The objects of the Associallon are to provide financial and other assistance and support to needy and deserving members of the Bar who are or have been in practice in England and Wales and also their spouses and dependants. Assistance is given without geographical iestricb'on or any need lo pay fees. Policy To achieve these object'ves, the Committee has followed the folbwing policies.. al To encourage members of the Bar and the judiciary to contribute by way of donations, grft aid,. and bl To ¢reale and maintain an gdequate capital base generating investment income to augment the grfted incotne of the Association. Management The Charity is governed by a Committee whose Members are the Trustees for the purposes of Charity law and the Directors for the purpose of company law. Those who served during the year and up lo the date of this report are set out on pagé 1. The Committee meets monthly, reviews applications for assistance and decides what assistance if 8ny should be offered. Urgent applications are considered by individual trustees and so far as necessary considered for ratification by the committe& The 8BA &taff admlnister appli¢ations and th¢ provision of assistance decided by the Committee or tiuslees and may decide how to provide assistsnce within the parameters sets by the Committee or Iruslees. Insurance against third party liability is provided for directors of the BBA up lo £1m. Recrultment and Appointment of Management Committeo All Members of the Management Committee give their time voluntarily and re￿1ve no benefits from the Charity. Traditional business and skills are well represented on the Management Committee. In an effort lo maintain a broad mix of skills, new Committee Members are recruited after informal discussions wtth the Chairman andlor other officers and they are invited to visit the offices where they are briefed by the staff on their work and systerns. They are provided with a copy of the Memorandum and Articles of Association, the rules and current back issues of the Annual Review as well as the Charity Commission leaflet on Charity iesponsibililies. During the year they receive full background papers foT all potenllal and actijal beneficiaries, the monthly accounts and the annual summaries of loans. The Chief Executive reports personally to the Mernbers on matters concerning Individua￿$ allocated lo them as case mana9er and in any other case where they have asked to be kept in touch. Page 5 THE BARRISTERS, BENEVOLENT ASSOCIATION IA company limited by guarantee) COMMrrrEE MEMBERS, REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 Trustoo Induction and Trainlng Most Trustees are already familiar with the practical work of the Charity being Members of the Bar. Prospgclive trustees are invited and encouraged lo attend a series of Board meetings as part of their training lo familiarise Ihemxlves with the Charity and the context within which it operates. These are jointly led by the Chalr of the Committee, Company Se¢retary. Chief and Deputy Chief ExecLJlive of the Charity and covers.. The obligations of Management Committee Members. The main documents which set out the operational framework for the Charity including the Memorandum and Articles. Resourcing and the current financial position as set out in the lalesl published accounts. Any Future plans and objectives. Links to the Charty Commission's websfte with publications lo the Trustees role and responsibilili¢s. How our activities dollver public benefit The Charity seeks lo reach every practising Barrister every year lo ensure they are aware of the FM)tential assistsnce available and to seek their financial support. This is primarily achieved through emailing a copy of the Annual Review to the Bar Council for distribution via email to all Members of the Bar and Judiciary. We also attend relevant conferences and seek publicity in professional magazines. Our website includes information for both donors and potential beneficiaries and has a downloadable application form. We also have a small team of volunteer Cir¢uil Representatives who are able lo make V￿sIt5 rf needed. Help is tBilored lo each individual case. Wherevw possible we seek to enable the beneficiary to solve their problem and continLJe in or return to a position whère he or she can earn a living but whèrè this is impossible, or not lo be recommended, we can offer secured or unsecured loans or make grants. Sometimes help is needed urgenlty lo tide people through an emergency, other times the need is longer-lem. Assistan￿ is given without geographical reslri¢lion or any need to pay fees and with due regard to public benefit guidance published by the Charity Commission. Achievèments and pertormance COVID-19 The BBA launched a joint Appeal together with the Four Inns in Apnl 2020 to support the demand for assistsnGe by Members of the Bar whose pracli¢es were adversely affected by COVID-19. During 2022 we have continued lo receive COVID applicatK)ns for grants from the fund. The total of grants made to appllcanls in the year ended December 2022 was £120,662 (2021 £492,681). The total donations re￿iVed during the year was £50,000 (2021 - £429,476). There have been a lolal 01190 benefiaaries and 121 dependanls since the start of the appeal. Applications were typlcally renewed every 3 months. With the support of the Four Inns, donors, sets of chambers, professional associations, and circuits we were able to meèt the demand to support those ne￿Y and deserving Members of the Bar who were affected by the pandemic. The Covid fund closed on 31 ¥1 D8cembei 2022. Page 6 THE BARRISTERS, BENEVOLENT ASSOCIATION (A Company limltèd by guarantepl COMMirrEE PIIEMBERS, REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 other work The BBA general fund costs of £555.310 includes grant giving activities of £207,841 and support costs totalling £313,741 regular beneficiaries Including dependants were awarded monthly and quarter grants lo meet short falls in living, medical and food costs. In 2022 there were 36 new cases unconnected to Covitl. An increase on the 2021 figure of 27, partly due to additional applications caused by the criminal bar strikes. Of these we were able lo help 21 rinancially and advice. No sub-committee meetings were held. The refusals were based on applications which fell outside our remit. Where we decline support because we consider the application was made loo soon, we encourage the applicant to reapply should their siluatlon worsen. In addition to the new cases, there were also 18 renewals, 2 more than in 2021 and 24 reports, 1 more than in 2021. The most common reason for declining financial help al any lime lalthough leaving the door open for subsèquent applications) is possession of adequate personal resources which we consider should be used first, since oné of OUT criteria for granting assistance is that the applicant should be "needy". In very rarè cases someone may be considered needy but not'deserving,. Initial enqLJiriès- by phona. @mail, letter or pèrsonally- are h9nd￿d immedk7tely and the aim is to have our application form ¢ornpleled and processed in time for the next available Committee meeting, although this does not rule out more immediate help if this is urgently required. Every case is ￿vieWed annually on the anniversary ol its initial presentation to the Cornrnittee and renewals of support have to be accornpanièd by another completed application form. Outstanding loans are reviewed annually at the beginning of the year. Secured Loan$ A thorough review of all outstsnding unsecured loans has been carried out. Where the debt is many years old and despite attempts lo contact the debtor there has been no significant repayment. the debt has been written off in our accounts. This does not mean that attempts to secure repayment have been abandoned and every effort will continue to be made lo recover these d&bts. Plan for the futuro The Association will continue to seek out opportunities lo publicise the work of the Charity and lo seek financial supp()rt from those in a position to help. The Directors will continue to monitor response times for re¢eivlng and processing applications, the prompt and a¢¢urale payment of all benefits, and the proper acknowledgement of contributions. Financial revlew The Association made a surplus for the year of £284.132 {2021- deficit of £306,048) before nel losses on revaluation of the investments of £1.148,077. Total incoming resources increased from £669,024 in 2021 to £986,248 in 2022. Total resour￿$ expended decreased from £975,072 in 202110 £702,114 in 2022. As al the year ended 31 December 2022, the Association had unrestricted reserves of £12,273,868 (2021 13,426,452) and restricted reserves of £288,639 (2021- £NIL). Page 7 THE BARRISTERS, BENEVOLENT ASSOCIATION IA comparky Ilmlted by guaranteel COMMirrEE MEMBERS, REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 Invostment Powers, Pollcy and Perfomiance The Members of the Committee have, as Trusle&s. the slalutory general power of investment COnfer￿d by the Trustee AGI 2000, which permits them to make any kind of investment which they could make if they were 8bsolu(ely enb.lled to the Association's assels. In exercise of their powers under the Act. the Members of the Committee have delegated thèir asset management functions to the AssocF21ion's investmenl managers Investec Wealth & Investment based on an agre8ment for discretionary Portfolio management. The instruction to the investment managers is that they seek a b8lanced ￿tUrn from income and from capital grDWth of the portfolio, with no more than a moderate level of risk. The investment stiategy is reviewed during the year with the investment managers. The value of the investments as at 31st December 2022 was £8.137,333 (2021 £8, 787,936). The portfolio received an Inflow of £600,000 during the year In which £300,00 was received as restricted fvnding and 30 the net decrease in the value of the portfolio was £650,603 (2027 - £781,023). 2022 was a very difficult year for equity and bond markets alike. Sharply highbr inflation, initiated by supply-sidÈ disruption sparked by COVID-19 and exacerbated by Russia's invasion of Ukraine, led lo a dramatic change in central bank policy globally, whereby Inleresl rale expectations Tose significantly. This negatively impacted the bond market most obviously, as piices dropped to accommodate higher yields, and equities were also neg8tively impacted as fears gr8w that profitability would L)e reduced L)y higher interest rates and lower econornic output. The UK Government Gill Index returned -23.8% a the US equity market IS&P 5001 relurn&d-19.40k in local currency. This was reduced to-7% in steding as the dollar was very strong gener311y. The UK èquty market performed comparatively well due lo the different composition of ils index whereby it has a high wejghting in oil (which was the only major sector lo witness a gain globally in 20221 and a nègligible weighting in technology which, amongst other growth sectors. suffered a sharp de-raling in the face of higher bond yields. Although the low weighting in bonds in the portfolio and focus on very short-dated issues helped 10 8void the majorty of talls witnessed in the bond market the emphasis on long-lemi growth. which has seNed the portfolio well for many years, and low weighting in oil, meant that performance came in below the benchmaik. The portfolio relum was -10.7Yo and the benchmark return -7.6¥o. The Trustees agree that the eurrent diversified strategy remains a suitable one for the BBA to achieve ils long lemi objecttves. The benchmark is comprised of the following indices.. 32QA FTSE All Share IUK equiliesl, 350A FTSE World ex-UK (overseas equiliesl, 20Wo FTA GovernmenlAII Stocks Ibondsl. 30/0 IPD Monthly Ipropertyl, 50k Bank of England Base Rate +2% lallemative assets}, S /0 Bank of England Base Rale-0.5Y. Icashl. Grant Maklng Pollcy The Association invites applications for assistance from needy and desèrving Members of the Bar who are or have been in practice in England or Wale5, their husbands or wives. widows or widowers, hildren, and dependants. Assistance may be provided lo beneficiaries by way of grant or loan, or a combination of the two. Before any grant or loan is considered by th$ Committee, applicants are required to complete 2 detailed form selling out their Individual Gircumslances. Where possible, the Association will always seek to facilitate the return to work of the praclilioners who have be8n in substantial full-lime practice prior lo the events occasioning their application. Page 8 THE BARRISTERS, BENEVOLENT ASSOCIATION IA company limlted by guarantee) cOMMI￿EE MEMBERS, REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 Rgstricted Fund In 2022, after consultation with the BBA committee and Withers solicitors, it Was agreed that The Inns of Court Gainsford Trust, a Gharitable Trust previously administered by Gray'5 Inn, would transfer thgir funds of £314,858 to the BBA. Following the transfer Legal fees were mel by the BBA from this amount. The fund is lo be used lo help members of the BaT of Engl8nd and Wales and their dependants who ther live in Greater London or who have lived in Greater London. Gainsford Trust will have no further input into the scheme leaving the responsibility to the BBA. During 2022, £16,000 was paid lo needy and deserving applicants from the fund. Reserves Policy The assets of the AssDciation are applicable for ils purposes al the discretion of the Committee without any distinction bett￿een capital 8nd income. The Association has lolal funds of £12,562,507 (2021 £13.426,452J of which £3,825,467 (2021 £3,802,935) is comprised in designated funds, £208,698 (2027 £217,498) as tangible fixed assets and £7,848,694 {2C121 £8. 787,936) of unrestiicted and £288,639 of reslricled fund (202Y £NIL) is held in investments to continue to generate income for the Association, leaving £620,898 {2021 £618,083) of general free reserves. Whilst under Charity Commission guidance the Charity's investments represent free reserves, the Committee considers that these are held lo generate funds to support its beneficiaries in the future. Consistent with ils policy to ¢reale and maintain an adequate capital base, the Committee intends to maintain the current level of total reserves limit al £7,500,000 although currently al the year-ènd there are reseNes of £8,648,401 lo allow for the current uncertainties within the market that eould be impacted by an increase in demand from benefioaries. Risk Management The Members of the Committee are satisfied that the major and operational risks which the BBA faces h8ve been identified and confirm that systems have been established to enable regular reports lo be pro(Juoed so that thè necessary steps ¢an be taken to lessen the risks. The BBA wnsiders that the major risks are loss of or unaulhorised access lo data, and bad publicity leading to damage lo the reputatK)n of the BBA. The trustaés have considered the following major risk that could impact the smooth running of tha business. Dostructlon or damage to prèml$ès- regular backups are made of the computer system in the Gloud and physical baGkups taken out of office. Staff ability to work from home. Loss of staff due to r8tlremenvresignatlonlillness - Staff under review, jobs reviewed on the market, detail job desoriplion available and finance manual available, employ temporary staff rf necessary. Computer malfunctlonlng and bTeakdown- regular ￿kUP8 take place, majority of software is Cloud based for acc@ss remotely anywhere. Inveslmant losses through market changa$- regijlar reviews and updates with investment managers. Page 9 THE BARRISTERS. BENErfOLENT ASSOCIATION {A company limited by guaranteg) COMMFrrEE MEMBERS, REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 Approv8d by order of the MembeTS of the Board of Commrttee m￿berS and signed on their beha￿ by: Twoncg Mowsch•n8on KC Chalrman Date.. Pagè10 THE BARRISTERS. BENEVOLENT AssoeiATION (A Company Limited by Guarant8al STATEMENT OF COMMITfEE MEMBERS. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2022 The Committ88 Members (who are also the Dir8Ctors of the Chartty for the purposes of company lawl are resp)nslble for préparfng the Committee Members, Report and the fin8n¢ial statsments in accordance wth applicable law and United Kingdom Accountlng Standards m fraud is higher than for one resulting from error, as fraud may involve collusK)n, forgery, intentional omissions, misreprèsenlalions, or thè tsverride of internal control. Obtain an understanding Df intarnal control relevant lo the audit in order lo design audit procedures that are appropriate in the circumstances. bul not for the purpose of expressing an opinion on the effectiveness of the Charity's internal control. Evaluate the apprOPr￿tenesS of a¢¢ounting policies used and the reasonableness of accounting estémales and related disclosures made by the Committee Mernbers. ConclLJde on the approprialenes5 of the Comrniltee Members use of the going concern basis of accounting and, based on the audit evidence obtained, whèthér a material uncertainty 8XlSts related to events or conditions that may cast significant doubt on the Charills ability to continlie as a g(Nng concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to thè related disclosures in the financial statements or, if such disdosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up lo the dale of our auditor's rèport. However. future events or conditions may ¢ause the Chaiity to cease to continue as a going concern. Evaluate the overall pres@nlatson, structtjre and content ol the financial statements, including the disclosures, and whether the financial statements represent the underfyng transactions and events in a mann81 that achieves fair presentation lie. gives a true and fair view). Bee8use of the inherent limitslions of an audyc. there is a risk that we wll not detect all irregulgrY(Ses, including those leading to a material misslatemenl in the financial statements tsr non-compliance with regulation. This risk ncreases the more that compliance with a law or regulation is removed from tha events and transactions ieflected in the financlal stslerllents, as we will be less likely to bècofne aware of instances of non-compliance. The risk Is also greater regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional concealment, forgery, collusion, tsmission or misrepresentation. Page 14 THE BARRISTERS. BENEVOLENT ASSOCIATION IA Company Llmited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE BARRISTERS. BENEVOLENT ASSOCIATION ICONTINUEDI A further descrtption of our responsibilities for Ihe audit of the financial statements is located on the Financi81 Reporting Council's website al.. wwi.fr¢.or audilorsres Auditors, Report. onsibilities. This description forms part of our Use of our report This report is made solaly lo the Charitls Members, as a body. in accordance wlh Chaplei 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the Charity's Merllbers those malters we are required lo state lo them in an Auditors, Report and for no other purpose. To the fullest extent permitted by law. we do not accept or Sssume responsibility to anyone other than the Charity and ils Members, as a body, for our audit work, for this report, or for thÈ opinions wé have formèd. Sudhir Singh FCA IS8nlor Statutory Auditor} for and on behalf of MHA Slalulory Audllor London, United Kingdom Date: 10 September 2023 MHA is the trading narne of Maclntyre Hudson LLP. J limited liability partnership in England and W8198 liegistered number OC3123131. Page 15 THE BARRISTERS. BENEVOLENT ASSOCIATION {A Company Limlted by Guarante0} STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2022 Unrestricted funds 2022 Restrlctèd funds 2022 Totsl funds 2022 Total funds 2021 Note Income from: Donations and legacies Investment ineome Other income 404.032 256.712 7.200 314.909 3,393 718,941 260,105 7.200 463,418 197,691 7,915 Total Incomè 667,944 318,302 986,246 669,024 Expenditure on.. Investment management costs Charitable activities 39,755 636,217 727 40,482 661,632 40.131 934,941 25.415 Total expenditurg 675,972 26.142 702.114 975,072 Net {expendlturell income bofore net gains on Investments Nel Ilossesygains on invèstments {8.0281 {1.144.5561 292,160 284,132 13,5211 11,148.Q771 1306,0481 814,634 12 Not movgment In funds 11,152,$841 2BB,639 1863,9451 508,586 Reconclllation of funds: Total funds brought forward Nel movement in funds 13,426,452 11,152,584} 13,426.462 1863,9451 12,917.866 508,586 288,639 Total funds carried forward 12,273,868 288,639 12,562,507 13,426,452 The Statement of Financial Activities includes all gains and losses recognised in tho year. In the previous year all income and 8xpendlture was allo¢aled to I from unrestri¢ted funds. Al income and expendiluTe derive from continuing aclivslies. The notes on pages 19 10 38 form part of these financial stalemenls. Page 16 THE BARRISTERS. BENEVOLENT ASSOCIATION IA Company Limitod by Guarant•o1 REGISTERED NUMBER: 05284271 BALANCE SHEET AS AT 31 OECEMBER 2022 2022 2022 2021 2021 Tangible assets Investments 208.698 8,137,333 217.498 8,787,936 12 8,346,031 9,005.434 Currwrt assets Programme related investrnents- Concesslonary bans Dgbtors.. Amounts falwng du¢ vAthln one y6ar Cash at bank and in hand 13 14 19 3,555,467 108,016 582.882 3.640.473 66.283 734,086 4,246.365 4.440,842 Cretlitors.. ArTh)unts falling due within one year 15 (29.889) 119,8241 Not curr•nt as8•ts 4.216,476 4.421,018 T¢)tsl not •s$ots 12,562,507 13,426,452 Charfty fund¥ Restricted funds Unre9tricted funds 16 16 288.639 12,273,868 13,428.452 Total fund8 12,562,607 13,426,452 Thtr Commlttee M&mb&rg a¢knovrtpdge thefir responsibilitses for complyng wlh Ihe requirements of the Companies Act 2008 with rgsp8Ct to accounting r￿rdS and preparation of financial statsments. The financial statements havg been prepared in ac¢ordanrK wlth the Fwvk8ions applKablo to entitles sublect to the small companies regime. The financial statements were apF￿vert and authorfsad for issue by the Commrttee Members and s&ned on their behalf by= Torgncg Mowschonson KC Chairman D8t8'. The notes on poges 19 to 38 form part of theso finanaal statements. Page 17 THE BARRISTERS. BENEVOLENT ASSOCIATION IA Company Llmlted by Guarantae) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022 2022 2021 Note Cash flows from operating actlvltiè$ Net cash used in gperaling activities 18 86,165 1213.881) Cash flow$ from Investing actlvlties Income from investments Proceeds from sale of investments Purchase of investments 260,IOS 197,691 2,839,458 1,174,707 13,336,932) 11,141,096) 12 12 Net cash (used Inllprovided by Investing a¢tlvltle$ {237,3691 231,302 Change in cash and cash equivalents In thg year Cash and cash ￿U1valentS at the beginning of the yeai 1151.2041 734.086 17,441 716,645 Cash and ¢ash equlvalgnts at the end of the year 19 $82,882 734,086 The notes on pages 19 10 38 fomi part of these financial slalements. Page 18 THE BARRISTERS. BENEVOLENT ASSOCIATION {A Company Llmited by Guarante0} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 General irrfomiation The Charity is a company limited by guarantee and is registered with the Charity Commission Icharfty Registered Number 11067681 and Registrar of Companies Icompany Regislrakn"on Number 052842711. The Members of the company are the Committee Members named on page 1. In the event of the Charity being wound up, the liability in respect of the guarantse is limited lo £1 per Member of the Charity. The address of the registeréd office is given in the Charity informal'on on page 1 of these financial slalements. The nature of the Charity's operations and principal a¢tNilies are list8d in the Committee Members, Report. Accounting pollcies 2.1 Basis of prèparation of flnancial statements The financial slalements have been prepared in acGordance with the Charities SORP IFRS 102} Accounllng and Reporting by Charities.. Statement of Recommended Practice applicable to chariti8$ preparing their accounts in accordance with the Financial RetK)rting Standard applicable in the UK and RepubliG of Ireland IFRS 1021, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The Barristers, Benevolent Assgciats'on meets the definition of a public benefrt entity under FRS 102. Assets and liabilities are initially iecognised at historical cost or transaction valua unl8$¥ otherwise slated in the relevant accounting policy. The financial statements are presentad in Pounds Sterling which is the functional curren¢y of the Gharity and rounded to the nearest pound. 2.2 Going Concgrn The Committee Members have assessed the use of going concem and have consldered possible events or conditions that might cast significant doubt on the ability of the Charity to continue as 8 going concern. The Cornmittee Members have made this assessment for a period of at least one year from the date of the approval of these Financial Stslements. The Committee Members have concluded that there is a more than adequate resources lo continue in operafjonal existence for the foreseeable future and has no immediate concems and expects the charity to therefore to continue to 8dopt thÈ going concern basis in preparing ils financial statement. Page 19 THE BARRISTERS. BENEVOLENT ASSOCIATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting policlo$ lconllnuedl 2.3 Income All income is recognised On￿ the Charity has entitlement to the income, rt is probable that the In￿Me will be received and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on establishing entillemenl. th¢ probabS1ily of receipt and the ability to estimate with sufficient a￿￿Ta¢Y the amount receivable. Evidence of entillemenl lo a legacy exists when the Charity has sufficient evidence that a gift has been left to Ihern Ithrough knowledge of the exlslence of a valid will and the death of the benefactor) and the executot is satisfied that the property in question will not be required lo satisfy claims in the estate. Receipt of a legacy musl be recognised when it is probable that It will be received and the lair value of the amount receivable, which wll generally be tha expected cash amount to be distributed lo the Charity, can be reliably measured. Grants are included in the Slalement of Financial Activities on a receivable basis. The balan￿ of income re￿IVed for specific purposes bul not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement o¢¢urs before inoome is received. the income is accrued. For don8tions to be recognised the Charity will have been notified of the amoLJnts and the setNement date in writing. If there are conditions attached to the donation and this requires a level of performance bèfore entitlement can be obtainèd thèn income is deterred until those conditions are fully met or the fulfillmenl of those Conditions is within the control of the Charity and it is probable that they will be fulfilled. On re¢gipt, donated profession81 servicgs and facilities are recognised on the basis of the value of Ihe gift lo the Charity which is the amount il would have been willing lo pay lo obtain seNices or facilities of equivalent economic benefit on the open market- a ¢orresponding amount is then re¢ognised in expenditure in the period of receipt. Income tax recoverable in relation to donatlons recelved under Gfft Aid or deeds of covenant is recognt5ed al the time of the donation. Income tax recoverable in relation to investment income is recognised at the time the investment income is recfrivable. Other income is recognised in the pellod in which it is receivable and lo the extent the goods have been provided Or on completion of the service. Page 20 THE BARRISTERS. BENEVOLENT ASSOCIATION IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting poli¢igs Icontlnuod) 2.4 EX￿nditUre All expenditure is a¢¢ounled for on an accruals basis and has been classified under headings that aggregate 811 costs related lo that category. Expenditure is recognised once there is a legal or constructive obligation to transfer eGonomic benefit lo a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured rèliably. Expenditure is cl8ssifigd by activity. The costs of each aclivlty are made up of the totsl of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs whid) Gontribute to more than one aGtivily and support costs which are not attiibutable to a singlè activity are apportioned between those activities on a basis consislenl with the use of resoLJrces. Central staff costs are allocated on the basis of time spent, arbd depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and nonkncharitable trading. Expenditure on charitable activities is incurred on diredy undertakSng the activities which further the Chariws objectnies. as well as any assoGialed support costs. Grants payable ale charged in the year when the offer is Thade except in those cases where the offe¥ is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met al the year end are noted 8$ commitment, bul not accrued as expenditure. All expenditure is inclusive of irrecoverablè VAT. 2.5 Forglgn currgnclgs Foreign currency transactions are initially recognised by applying 19 the foreign Currency amount the spot exchange rate beh￿een the functional Gurrency and the lorei9n currency al the Balance Sheet date of the transaction. Monetary assets and liabilities denominated in foreign ¢urren¢ies are translated into sterling al rates of exchange ruling al the Balance Shè81 date. Exchange gains and losses are recognised In the Statement of Financial Activities. 2.6 Taxation The Charity is considered lo pass the lesls sel out in Paragraph 1 Schedule 6 of the Finance Act 2D10 and therefore it meets the definition of a charitable company for UK corporation lax purposes. Accordingly, the Charity 1$ potentially exempl from taxation in respe¢l of income or capital gains received within ¢alegories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusivtrly lo charitable purposes. Page 21 THE BARRISTERS, BENEVOLENT ASSOCIATION A Company Limit¢d by GuarantO91 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 A¢¢ountlng policlos l¢ontlnu6d) 2.7 Tangible fixed ass•ts and dopreciation Tangible fixed assets costing £5QO or more are capit8lisèd and recognisèd when future economic benefits are piobable and the cost or vaSue of the asset Can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition. under the cost model, tangible fixed assets are measured al cost less aGcumulaled depre¢ialion and any accumulated impairment losses. Al costs incurred to bring a tsngible fixed asset into ils intended working condition should be included in the rneasuremenl of cost. Depreciation is Gharged so as to allocate the cost of tangible fixed assets ￿sS their resldual value over their estimat@d useful lives, using the slraighl-line method. Dgprecialion is provided on the following bases: Leasehold property Fixtures and fittings Computer equipment 20h slraighl line on cost of building 150A slraighl line 20% slraighl line 2.8 Investments Fixed asset investments are a foim of financial instrument and are inf(ially re¢ognised at their transaction cost and subsequently measured al fair value using thè Closing quoted market price. All gains and losses are taken to the Statement of Financial Activities as they arise. The Statement of Financial Activities includes the net gains and losses arising on revaluats'ons and disposals throughout the year. As inveslmenls are revalued to fair value continually. no realised gains or losses arise. The fair value of listed investments is determined by reference to the quoted prlce for identical assets in an active market at the Balance Sheet dale. Social investments include programme related investments which are those held to further our charitable purposes. Programme related investments include concessionary loans to third parties. 2.9 Concgsslonary loans Concessionary loans include those receivable lo third parties whlch are interest free or below market interest rates and are made lo advance charitable purposes. Where the loan is repayable on demand within one year, the loan is measured al c051, less impairment. Where the loan is repayable more than one year, the loan is initially measured at fair value and subsequenly measured al amortised cost using the effective interest rate method. less impairment. 2.10 Debtors Tr8de and other debtors a￿ ￿cOgniSed at the settlement amount after any trade discount off8Ted. Prepayments are valued at the amount prepaid nel of any trade discounts due. Page 22 THE BARRISTERS. BENEVOLENT ASSOCIATION IA C¢mpany Limited by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Aecountlng policies Iconlinu•dl 2.11 Uabilitias and provisions Liablllies are recognised when there 1$ an obligation al the Balance Sheet date as a resLJII of a past evenL il is probable that a transfer of economic benefit will be required in settlement, and the amount of the seltlemenl can be estimated reliably. Liabilities are recognised al the amount that the Cha¥ily anlicipales it will pay to settle the debt or the amount it has received as advanced paymenÈ for the goods or setw1￿$ it musl provid8. Provisions are measured al the best esumale of the amounts required to setue the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted al the pre-tax discount Fate that reflects the risks speclfic lo the Siability. The unwinding of the discount is recognised in the Stat8m8nt of Financial Activities as a finance eosl. 2.12 Flnanclal Instrufflgnts The Charity does not have a malarial holding In complex financial instruments. The Charity only holds basic Financial Instruments. The financial assets and financial liabilities of th$ Charity are as follows.. Debtors- trade and other debtors lincluding accrued income) are basic financial instrurllenls and are debt instruments measured Bt amorhs¢d cost as detailed in Note 14. Prepayment5 are not financial instruments. Cash at bank- is classified as a basic financial instrument and 1$ measured al face value. Liabilttles - trade creditors. accruals and other creditors will be ¢lassified as financial instruments, and are measured al amortised ¢osl as detailed in Note 15. Taxation and social security are not induded in the (inancial Instruments disclosure. Deferred income is not deemed to be a financial liability, as in the cash settlement has already taken place and there is simply an obligation lo deliver charitable services rather than cash or another financial instrument. Investments arè measured at fair value with the exception of the social investments which are slated at cost or amortised cost deiailed in Notes 2.8 and 2.9. 2.13 Operating leases Rentals paid under operating leases are charged to the Statement of Financial Activitses on a straight line basis over the lease term. 2.14 Pgnsions The Charity is committed to providing pensions lo former members of stsff al an agreed rate on retirement of the employee. The cost of providing these pensions is included in the Statement of Financial Activities as it Is incurred. Page 23 THE BARRISTERS. BENEVOLENT ASSOCIATION {A Company Limitod by Guarantool NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accountlng pollcles Icontinuadl 2.15 Fund accountlng General funds are unrestricted funds which are available for use at the discretion of the Committee Members in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Designated funds comprise unreslricled funds that have been set aside by the Commbttee Members for partscular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Reslricled funds are funds which are to be used in accordance with specifi¢ reslriclions imFX)sed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering SLJch funds are Gharged against the specific fund. The aim and use of each reslricled fund is set out in the notes to the financial st3tam8nts. Investment incorne, gains and losses are allo¢aled to the appropllate fund. 2.16 Judgoments and koy SOU￿0$ of estlmatlon uncertainty The following judgements (apart from those involving estimates) have been made in the process of applwng the above accounting policies that have had the most signrfieant effect on amounts recognised in the fin8nci41 slalements.. Basis of valuation of financial Inslrumenls., Allocation of supwrt costs-, The useful economie life of tsngible fixed assets and the deprecialion rates applied- Impairment of progrgmme related investments I con￿$s1Onary loans. Page 24 THE BARRISTERS, BENEVOLENT ASSOCIATION IA Company Limited by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 I￿oMe from donations and lggacles Unrestrictgd Restrlct9d funds funds 2022 2022 Total funds 2022 Donab'ons - general Legacies Oonations received from specific institutions 228,228 43,501 132,303 314.909 543,137 43,501 132,303 Total 2022 404.032 314,909 718.941 An analysis of donations rec%ived from speafic institutions is shown in Note 4. Unrestricted funds 2021 Total funds 2021 Oonation$- general Legacies Donations received from spe¢lfic institutions 229,476 10.000 223.942 229,476 10,000 223.942 Total 2021 483,418 483,418 Page 25 THE BARRISTERS, BENEVOLENT ASSOCIATION IA Company Limitod by Guarant¢o1 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Donatlons received from specific institutlons 2022 2021 Honourable Society of Inner Temple Honourable Sctiety of Middle Temple (Cowd Appeal £25.0001 Honourable Society of Lincoln's Inn (Covid Appeal £25,000) Honourable Society of Gray's Inn One Crown Office Row Charter Chambers 10,000 45,000 57,000 60,fX>O 45,000 S7.000 50,392 250 250 768 Landmark Chambers Wilberforce Chambers Quadrant Chambers hAatrix Chambers Falcon Chambers 23 Essex Street Chambers Anonymous Bar Golf Society 1 GC Management Limited Chancery Bar Association Personal Injuries Bar Association Bar Council Bat Mutual Fund Paypal Giving Fund The Band Tr￿$1 Alastair and Rachel Norris Charitable Trust Agencia Consulting Ltd Gray's Inn Benchers Partners Association Lincoln's Inn Benchers Partners Association 250 250 250 500 250 3,000 2SO 2,600 1,000 1,250 250 965 250 5,000 200 6,277 104 158 2,000 2,000 1.250 1,500 981 1S0 132,303 223.942 Page 26 THE BARRISTERS. BENEVOLENT ASSOCIATION IA Company Llmited by Guaranteg) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Ineom8 from invostments Unrestrictgd Restrict8d funds funds 2022 2022 Total funds 2022 Dtvidends and interest on investments Interest on loans Bank interest receivable 187,085 68,896 731 3,393 190,478 68,896 731 Total 2022 256,712 3,393 260,105 Unrestricted funds 2021 Total lunds 2021 Dividends and interest on investments Interest on loans Bank interest receivable 166,821 30.822 48 166,821 30,822 48 Total 2021 197,691 197,691 Other Income Unrestricted funds 2022 Total funds 2022 Rental ineomg 7,200 7,200 Unrèslricted funds 2021 Totsl funds 2021 Rental incomo 7,915 7.915 Page 27 THE BARRISTERS. BENEVOLENT ASSOCIAMON IA Company Llmited by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Analysls of expondllure on charitable a¢tlvltios Actlvlties undgrtaken directty 2022 Grant lundlng of activities 2022 Support costs 2022 Total funds 2022 Grant giving 3,200 344,691 313,741 661,632 Activities undertaken directly 2021 Grant fLJnding of a¢livilies 2021 Support costs 2021 Total funds 2021 Grant giving 1,900 669,846 263,195 934,941 In both the current and previous year, all grant funding of activities were lo individuals. Grants were made to 190 individual beneficiaries, often in respect of living costs such as food, medioal rent and council lax. Grants varied in length between the short and long term and were often distributed monthly or quartedy. Page 28 THE BARRISTERS. BENEVOLeNT ASSOCIATION IA Company Limited by Guarantog} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Analysis of expgnditure on charltsble a¢tlvltles {continued) Analysis of support co$ts Total funds 2022 Total funds 2021 Staff costs Depreei81ion Rent and rates Office cleaning, electricity, insurance, mainlenan¢e and water Printing, postage, slalionery and appeals Telephone Advertising Computer consultants Bank charges Subscriptions Sundry expenses Concessionary loans impairment Governan￿ costs 113,749 8,800 34102 6,222 941 2.289 6.890 24.079 1.158 2.043 624 112,467 8,800 34,102 5,280 2,003 2.632 6,390 22.276 1,241 1,786 673 37,807 27,738 $8,859 S3,985 313,741 263,195 Governance costs 2022 2021 Legal and professional fees Auditor's remuneration - Audit of the financial Statements Auditorfs remuneration - Other services Audilorfs remuneration- Under a¢Grual of prior year fees 31,500 17,400 3,000 2,085 16,052 8.200 2,225 1,261 53,985 27,738 Page 29 THE BARRISTERS, BENEVOLENT ASSOCIATION (A Company Limited by Guaranto01 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Staff Costs 2022 2021 Wages and salaries Social security costs Pension costs 83,013 5.342 25,394 81,445 5,707 25,315 113,749 112,467 The average number of persons employed by the Charity during the year was as follow$'. 2022 No. 2021 No. Administration No employee received rernuneration amounting to more than £60,000 in either yèar. 10. Commlttee Membors. remuneration and eX￿nSeS During the year, no Committee Members, who are considered to b2 the Key Management Personnel of the Charity. recaived any remunerotion or other benefils12021- £NILI. During the year ended 31 December 2022, no Committee Member expenses have been incurred12021 £NILI. Page 30 THE BARRISTERS. BENEVOLENT ASSOCIATION A Company Limited by Guarantoal NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 11. Tan9iblg fixad assets Fixtures and flttlngs Computer oquipment Propertlgs Total Cost or valuation At 1 January 2022 304,950 33,838 13.SOS 3S2,293 Al 31 December 2022 304.950 33.838 13,505 352,293 Dopreclatlon At 1 January 2022 Chalge for the year 94,388 6.099 33.838 8,569 2.701 134,795 8,800 At 31 December 2022 100.487 33,838 9,270 143,595 Not book valu• Al 31 December 2022 204.463 4.235 208,698 At 31 December 2021 210,562 6,936 217,498 Al fixed assets are held for use by the Charity. The Association has an interest in two properties lone freehold and on8 leasehold flatl where ownership has been transferred to the Assocration by beneficiaries of the Charity. Page 31 THE BARRISTERS. BENEVOLENT ASSOCIATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 11 Fixed assèt investments Listed invostmgnts Valuation At l January 2022 Additions al Cost Disposals at carrying value Revaluations 8,787.936 3.336,932 2.839,4581 11.148,0771 At 31 De￿rnber 2022 8,137,333 13. Programme r8latgd Inve$tm8nts - Concassionary loans 2022 2021 Loans to beneficiaries 3,55S,467 3,640,473 2022 2021 Loans al 1 January Loans granted in the year Loans repaid in the year Loan impairment charges 3,640.473 297.110 1323,2581 IS8,8S81 3,854,095 60,294 1236,109} 137,807} Loans at 31 Dacèmber 3,555.467 3,640,473 The above balances include element of loans repayable in more than one year, this is agreed on an annual basis and is therefor& not quanlifi8ble at this time. Where possible, loans are secured on the beneficiatys property. Interest is charged on secured loans al a rale of 1Yo plus base rate. No interest is charged on unsecured loans. Page 32 THE BARRISTERS, BENEVOLENT ASSOCIATION IA Company Limited by Guarant8¢) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 14. Debtors 2022 2Q>21 Due withln one yoar Other debtors Prepayments and accrued incomo Dlvidends and interest receivable 1,888 24,752 39.843 52,029 55,949 108.016 66.283 15. Creditors- knounts falllng duft wlthln one year 2022 2021 Trade creditors Other creditor5 Accruals 3.326 6.163 20,400 2.934 6.465 10,425 29,889 19,824 Page 33 THE BARRISTERS, BENEVOLENT ASSOCIATION IA Company Limit¢d by Guarantoel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 16. Ststemont of funds Statement of funds - eurront year Balance at 31 Galnsl December (Losses) 2022 Balanco at 1 January 2022 Transfers inlout Income Expendlture Dèyignated funds Funrls designated for loans COVID fur 3,640,473 162.462 (15,0061 91.8001 3,62S,467 50.000 1120.6621 3.802,93S so,000 1120,662} {106,806) 3.625,467 General fvnds General funds 9.623.517 617,944 1555,3101 106.806 11,144,5561 8.648,401 Total Unrostrictod funds 13,426,452 667,944 1675,972} {1,144.SS61 12,273,868 Restrictgd fund$ The Inns of Court Gainsford Trust 318,302 {26.1421 13,521) 268,639 Total of funds 13,426.452 986.246 1702,114) 11.148,077} 12,562,507 Page 34 THE BARRISTERS, BENEVOLENT ASSOCIATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 16. Statement of funds Icontinuedl General fU￿S 8re funds which can be used in accordan￿ with the charitable objects al the discretion of the Committee Board. Designated funds are sel aside by the Committee Mèmbers out of the unrestricted general funds for specific future purposes. The fund designated for ¢oncessionary loans was set up lo recognise the funds commilled lo k)ans to beneficiaries. The transfer behveen the tunds represents the net movement during the year between loans grantèd in the year less amounts repaid and impaiied during the year on the loans to benefi'cianÈs. The COVID fund relates lo funds sol aside by the Committee Members in conne¢tion with appeals made for members of the Bar and their dependants who have contracted the coronavirus and are unable lo support themselves and theiT familiès as well as those members, p8rti¢ularty but not exclusively, who do publicly funded work, who find themselves in difficulty. As the Covid Fund had finished al the year end the rernaining balance was transferred back into unr&stri¢ted funds. The Inns of Court Gainsford Trust, a charitable Trust previously administered by Grays Inn, transferred their funds to the BBA. The fund is lo be used lo help members of the Bar of Eroland and Walès and their dependants who either live in Giealer London or who have lived in Greater London. Statomont of funds - prior year Balance at 31 De¢ember 2021 Balance at 1 January 2021 Transfers inlout Gainsl (Losses) Income Expenditure Deslgnated funds Funds designated for loans COVID fund 3,854,095 445.758 1213,6221 50,000 3.640,473 162.462 159,385 {492.681) 4,299,853 159,385 1492,6811 1163,6221 3,802,935 General funds General funds 8,618,013 5Q9.639 1482.3911 163,622 814,834 9,623,517 Total Unrostrlcted funds 12.917,866 669.024 {975,0721 814,634 13.426.452 Page 35 THE BARRISTERS. BENEVOLENT ASSOCIATION A Company Limltgd by Guaranteol NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 17. Analysis of not ass•ts batsveen fvnds Analysis of net a$$ets bgtweon funds - currgnt year Unrestrlcted Restrlcted funds funds 2022 2022 Total funds 2022 Tangible fixed assets Fixed asset inveslmersts Current assets Creditors due within one year 208,698 7,848,694 4,246,365 {29.8891 208,698 8,137,333 4,246,365 129,889} 288.639 Total 12,273,868 288,639 12.562,507 Analysls of net a$sèts botween funds - prior year Unrèstricted funds 2021 Tot81 fLJnds 2021 Tangible fixed assets Flxed asset investments Current assets Crediltsrs due within one 217,498 8,787.936 4,440,842 119,8241 217.498 8,787,93 4,440,842 119,8241 Total 13,426,452 13,426.452 Page 36 THE BARRISTERS. BENEVOLENT ASSOCIATION IA Company Llmited by Guarantgel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 18. Reconciliation of net movomgnt In funds to net cash flow from opérating activitle$ 2022 2021 Nel incomelexpendilure for the year las per Statemgnl of Financial Activities) (863,945} 508,586 Adjustments for- Depreciation charges Net lossllgainsl on investments Income from investments Decrease in programme related investments Iln¢reaselldecrease in debtors Increase in creditors 8,800 1,148,077 1260.1051 85,006 141,7331 10,065 8,800 1814,6341 1197,6911 213,622 65,927 1,529 12 13 14 Net cash provided byllused inl operating actlvlti88 86.165 1213,861) 19. Analysis of cash and cash èquivalents 2022 2021 Cash in hand 582,882 734,086 Total cash and cash gqulvalonts 582,882 734.086 20. Analysis of changes in nat debt Atl January 2022 Ca$h flows At31 Docember 2022 Cash at bank and in hand 734,086 1151,2041 582,882 Page 37 THE BARRISTERS. BENEVOLENT ASSOCIATION IA Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 21. Pension commitments The Charty Is committed to paying pensions to former staff. totalling £1,775 {2021- £7, 775) per month. To quantify the value of this commitment as al 31 December 2021 the Trustees instructed a firm of nsutting actuaries to formally esb'male this liability In ihe prior year for the purpose of ils stalulory financial slatemenls. This valuation was prepared under Technical A¢luariBI Slandarrt 100." Principles for Techni¢81 Actuarial Work, as issued by the FinanGial Reporting Council. Based on this the TrLJStees considèi that this liability is not material lo the financial position of the charity and hence no provision has been made in the financial slalements for this liability. The amount rgcognised as an expense in the year was £21,295 [2021 £21.295). Thore were no contributions payable to the fund al the Balance Sheet dale (2021- £NIL). 22. Opgratlng lease commttments At 31 December 2022 the Charity had eommitmènls to make futurè minimum lease payments under non- cancellable operating leases as follows.. 2022 2021 Nol18ler than 1 year LateT than 1 year and not later than 5 years 18.104 36,208 18,104 18,104 54.312 The following lease payments have been recognised as an expense in the Statement of Financial Activities- 2022 2021 Operatlng lease rentsls 36,208 36,2Q8 23. R91ated party transactlons There were no related party transactions during the year other than Committee Members making unrgslricled donations of £10,825 (2021- £5, 765) to the Charity. If a Committee Member knows an applicant. then they are not involved in the decision making piocess in regards to agreeing loans or grant applications. Page 38