Company Registration Number.. 05284271 Charity Registratlon Number.. 1106768 THE BARRISTERS. BENEVOLENT ASSOCIATION {A Company Limited by Guarantee) COMMirrEE MEMBERS. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE BARRISTERS. BENEVOLENT ASSOCIATION IA Company Limited by Guarantee) CONTENTS P8ge Reference and Admlnlstrative Detalls of the Charlty, ils Commlttee Members and Advisers Chalrman's Staloment Committee Members. Report Statement of Commlttee Membgrs. Responslblllties 10 Independent Audltors. Rèport on the Financial Statements 11- 14 Statamant of Flnanclal Activitlos 15 Balance Sheet 16 Statomant of Cash Flows 17 Notes to the Financlal Ststements 18-37
THE BARRISTERS. BENEVOLENT ASSOCIATION {A Company Limlted by Guarant80) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS COMMITTEE MEMBERS AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Commlttge Momr$ Terence Mowschonson KC, Chairman David Phillips KC, Honorary Treasurer Raymond Cox KC, Treasurer Sara Hargreaves. Honorary SeGrelary The Rl. Hon. The Lord Saville of Newdigale. Member Helen Valley, Member Jeffrèy Israel, Member Alexander Learmonlh KC, Member Graeme Halkerston, Member Angus Mccullough KC, Member Jonathan Tod, Member Iresigned 2 JanLry 2024} Master Roger Eastman. Member Daniel Toledano KC, Member Christopher Stephenson. Member Shabeena A2har-Mole, Member Teertha Gupta KC, Member Company registered number 05284271 Charity rgglstorgd number 111768 Règi$tored offlce 14 Gray's Inn Square London WC1R5JP Chief Executlvo Officèr Nicky YoLJng Deputy Chlef Executivo Annette Bennètt Offi¢or Independent audltors MHA Statutory Auditor 6th Fl¢)or 2 London Wall Place London, United Kingdom EC2Y SAU Page 1
THE BARRISTERS. BENEVOLENT ASSOCIATION IA Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS COMMITTEE MEMBERS AND ADVISERS ICONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Bankers National Westminster Bank PLC Chancery Lane and Holborn PO Box 159 332 High HolbDm Holbo London WC1V 7PA Solicltors Vvilhers LLP 20 Old Bailey London EC4M 7AN Investmant Managers Ralhbones incotporaling Inveslec Wealth & Investment IUKI 30 Gresharn Street London EC2V 7QN Insolvency Practitiongrs Griffins LLP Tavistock House South Tavistock Square London WC1H 9LG Pagè 2
THE BARRISTERS, BENEVOLENT ASSOCIATION A company limlted by guarantee) CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023 During the past year we r1Ved slightly fewer requests lor assistance. Thè numbers of 8pplications were not substantially out of line with the numbèrs received In previous years prior to Covid 19. Th8[8 does not appear to be any significant underfying trend. In 2023 there were 14 new applications. This 18 a decrease trom 22 in Ihe previous year. Of the new applications we wer8 able to help 12 beneficiaries financialty and enabled them to seek financial advic8. One additiornal sutF¢ommittee meeting was held in 2023. New application refusals are based on applications which fall outside the immediate BBA rernit. If we declinè support because we consider the application was made too swn. we encourage th8 applicant lo reapply should the appIan1'S circumstances suller an adverse Change. In addition to the new cases, there were also 14 renewals, 4 less than in 2022 and 20 reporls. 4 less than in 2022. In 2023 we continued to offer grants to beneficiaries who meel the criteria of Gsinsford Irust restricted fund. Thè total sUPPOrt durillg 2023 from th8 restricted fund was £8,527 which was paid to needy and desèrving applicants. Our Inwrne from donations is generally in a modesl deGI"ne and we ale trying to address this issue. Administrative èxpenditure 18 well controlled but continued fluctuations in the investment rmarkel continue to 8ffecl the value of our reserves and income. We tnaintain our strict policy of socuring all loans wherever p055ible and review these annually in case a benefiaary's circumstances have change(J. We are anxious to help as many beTreliciaries as possible. bul our resources are limited and where equity exists. we believe securing our 108ns is in our beneficiaries. best interests, as the policy assis15 in ensuring thal we have funds for beneficiarie5 in the future. In 2023 we recewed 2 generous legacy from The Eslale of thtr late Richard Hartley who died on 17 of December 2022 The BBA received £286,000 from his estate. Our gratitude tothe Late Richard Hartley and his family for making this invaluable contribution. None of this could be achieved without the continued loyal and indispensab5e 5UPPOrt of many volunteers.. in partlGular those who serve on our Boaid the Clrcuil Representatives who visrt applicants and beneficiaries who are unable to travel to London. Also invaluable are the supporters who make regular donation5 or who Ljndertake varlous fundraising activities for us- running marathons. playing golf and the lik8 to whom we are equally grateful. We have a very small team of paid staff whose friendly and helpful contact on the phone or through e-tnail is much appreciated by those who are touch with us and I would like lo express the thanks of the Committee to the BBA'S Chief Executs've Nicky Young. and our deputy Chief Executive Annette 8ennett. I would also add my own thanks to those tsn the Committee who attends our monthly meetings to deal with applications which we dealt with from our general funds. The need lo maintain our donated income is Itnportant and one way is to encourage everyone to include us in their Will once family needs have been secured. Your gift will mean someone less lortunate than you Can be assisted at a tlme of need. Tgrence Mowschenson KC Chairman Page 3
THE BARRISTERS, BENEVOLENT ASSOCIATION {A company limited by guaranteo) COMMITTEE MEMBERS, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Committee has pleasure in presenting ils report and accounts for the year ended 31 December 2023. Thè financial slalements have been prepared in ac¢ordan¢e with the accounting policies set out therein and comply with current statutory requirements, the Memorandum and Articles of Association, and the Ststement of Recommended Practice Accounting and Reporting by Charities {SORP 20151. Constltutlon The Barristers, Benevolent Association was founded on 10 January 1873. 11 Is a ¢harilabl6 company limited by guarantee incorporated in England and Wales on 11th November 2004, number 05284271. The Gompany gained charitable ststus on 15 November 2004, registration number 1106768. The company was eslabllshed under a Memorandum of Association which established the obj¢¢ts and powers of the ¢harrtable company and is governed under its Articles of Association. In the event of the company being wound up, Members are required lo contribute an amount not exceeding £1. Objects The objects of the Association are to provide financial and other assistance and support to needy and deseNing members of the Bar who are or have been in practice in England and Wales and also their spouses and d6pendanls. Assistsnce Is given without geogiaphical restriction or any need to pay fees. Pollcy To achieve these objectives, the Commitlee has followed the following policies.. al To enwurage members of the Bar and the judiciary lo contribute by way of donations. gtft aid., and bl To create and maintain an adequate capital base generalir¥J investment income lo augment the gifted in¢ome c>f the Association. Management The Charity is govemed by a CoMlttee whose Members are the Trustees for the purposes of Charity law and the Directors for the purpose of company law. Those who seryed during the year and up to the dale of this report are sel out on page 1. The Cornmittee meets monthly, reviews applications for assistance 8nd decides what assistance if any should be offered. Urgent applications are considered by individual trustees and so far as necessary eonsider8d for ratification by the committee. The BBA staff administer applications and tha prtsvision of assistance decided by the Committee or trustees and may decide how to provide assistance within the parameters sets by the Committee or trustees. Insurance against third party liability is provided for directors of Ihg BBA up lo £1m. Recruitment and Appointment of Managament Committ•a All Members of the Management CoMMee give their time voluntsrily and receive no benefits from the Charity. Tradf(ional business and skills are well represented on the Management Committee. In an effort to maintain a broad mix of skills, new Committee Members are recruited after informal discussions with the Chairman andlor other officers and they are invited to visit the offices where they are brieted by the staff on their work and systems. 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 responsibilities. During the year they receive full background papers for all potential and actual bèneficiaries, the monthly accounts and the annual summaries of loans. The Chief Executive reports personally lo Ihe Members on mallers ¢on¢erning individuals allocated lo them as case manager and in any other case where they have asked lo be kept In touch. Page 4
THE BARRISTERS, BENEVOLENT ASSOCIATION IA company limited by guaranteel COMMirrEE MEMBERS, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Trusteo Inductlon and Tralnlng Mogt Tnjstees are already familiar with the praell¢al work of the Charity. being Members of the Bar. Prospective trustees are invited and encouraged to attend a series of Board meetings as part ¢>f their training to familiarise themselves with the Charity and the context within which il operates. These are jointly led by the Chair of the Cornmittèè, Company SecTetary, Chief and Deputy Chief Execub'vè of the Charity and covers.. The obligations of Management Commrttee Mernbers. The main documents which set out the operational framework for the Charty including the Memorandum and Articles. Resour¢Sng and the current financial position as sel out in the lalesl published accounts. Any Future plans and objectives. Links to the Charity Commission's webslte wllh publl¢atlons to the Trustees role and responsibilit$. How our activitles dellver publlc benefit The Charity seeks lo reach every praclising Barrister every year lo ensure they are aware of the potential assistance available and to seek their finaneial support. This is primarily achieved through emailing a copy of the Annual Review to the Bar Council for distribution via email to all Members gf the Bar and Judiciary. We also attend relevant conferen5 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 learn of volunteer Circurt Representatives who are able to make visits if needed. Help is tailored lo each individual case. Wherever possible we seek lo enable the beneficiary lo solve their problem and continue in Dr return to a position where he or she can earn a living but where this is impossible, or not lo be r&commended, we can offer secured or unsecured loans or make grants. Sometimes help is needed urgently to tide people through an emergen¢y, other limes the need is IDnger-term. Assistance is given wilhoul geographical reslriclion or any need lo pay fees and with due regard lo public benefit guidance published by the Charity Commission. Achtevements and performanco Our work The BBA general fund costs of £530,525 includes grant giving activities of £222,948 and support costs tolalling £273.296. Regular benefiGiaries including dependanls were awarded monthly and quarterly grants lo meet short falls in living. medical and food costs. In 2023 there were 14 new applications. This is a decrease of 22 on the previous year. Of the new applications we were able lo help 12 bènefici8nes fin8ncially and provide advice. One additional su committe8 meeting was held in 2023. New application refusals are based on applications which lall outside the immedi918 B8A remit. If we decline support because we consider the application was made too soon, we encourage the applicant to reapply should their situation worsen. In addillon lo the new ¢ases, there were also 14 renewals, 4 less than In 2022 and 20 reports, 4 less than In 2022. Page 5
THE BARRISTERS, BENEVOLENT ASSOCIATION {A company limited by guaranteo) COMMIThEE MEMBERS, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The most common reason for declining financial help al any time (although leaving the dotsr open for subsequent applications) is possession of adequate personal resources which we consider should be Used first since one of our criteria for granting assistanGe is that the appliGant should be'needy.. In very rare ¢ases someone may be considered needy but not'deserving,. Initial enquiri88- by phone. email, letter OT personally- are handled immediately and the aim is to have our application foim completed and processed in time for the next available ComTnittee meeting, allhough thls doe8 not rule out more immediate help if this is urgently required. Every case is reviewed annually on the anniversary of hs inrtial pre5enlalion lo the Committee and renewals ofsupport have lo be accompanied by another completed application form. Outstanding loans are reviewed annually at the beginning of the year. Seeured Loans A thorough review of all outstanding unsecured loans has been carri oul. Where Ihg debt is many yèars old and dèspitè 3ttempts lo Gonlacl the debtor there has been no significant repayment, the debt has been wrillen off in our accounts. This does not mean that attempts to secure repayment have been abandoned and every effort will continue to be made to recover these debts. Plan for tho future The Association will continue to seek out opportunities to publicisè the work of the Charity and to seek financial 8UPPOrt from those in a posiiion to help. The Directors will continLJe to monitor response limes for re¢eiving and processing appli¢ations, the prompt and a¢¢urale payment of all benefits, and the proper aCknOedgeMent of contributions. Flnanclal revlew The Association made a Surplus for the year of £267,847 (2022 - SUluS of £284. 132) before nel revaluation of the investments of £498,645. Total incoming resour$ decreased from £986,246 in 2022 10 £808,097 in 2023. Total resources expended decr¢as&d from £702,114 in 2022 10 £540.450 in 2023. As at the year ended 31 December 2023, tho Association had unreslri¢ted reserves of £13,024,684 (2022- 12,273,868) and rastn'cttd ro$erves of £304,115 (2022- £288,639). Invostmont Powors. Policy and Perforniance The Membèrs of tho Comtnittee have, as Trustees, the statutory general power of investment conferred by the Trustee Act 2000, which permits them to make any kind Df investment which they could make if they were absolutely entitled to the Asso¢ialion's assets. In exerGise of their powers under the Act, the Members of the Committee have delegated their asset management functions lo the Association's investment managers Rathbones incorporating Investe¢ Wealth & Investrnenl IUKI based on an agreement for discretionary portfolio management. The instruction lo the investment managers Is that they seek a balanced relum from income and from capital growth of the portlolio, with no more than a moderate level of risk. The investment strategy is reviewed during the year with the investment managers. Page 6
THE BARRISTERS, BENEVOLENT ASSOCIATION IA company Ilmlted by guaranteol COMMIThEE MEMBERS, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The value of the investments as of 31É1 December 2023 was £9,112,448 (2022- £8, 137,333). £200,000 of cash was added to the portfolio towards the end of the year so the market gain was +£464.660. Dividends totalling £230,241 were generated and paid away to the charity's bank account. The overall rern achieved by the portfolio was +8.5°h, net of fees, and this compares with the CPI +3% objective return of +7.OOh and the ARC Charities Steady Growth peei group index return of +7.5%. The benchmark retum for the year was +10.9Wo. Tha portfolio made positiv8 ground during a y88r when the workl 8quty mark8t W38 driven higher by astonishingly high returns from a highly concentrated. small nUTnber of very large technology firms, perceived lo be the ultimate winners of the growth of generative artificial Intelligence. The BBA portfolio has benefitted from some of this market growth, but Is invested in a more diversified way, for iisk control purposes. Interest rates remain high, but commentary from central banks, more recently, has forecast that interest rates will start to be reduced during the second half of the year, now that the rate of infiation has fallen significantly. This prornpted buying of bonds in the portfolio in Q2 and Q3, which proved quite timely. locking in higher rates. Looking forward, the BBA portfolio has now fomally adopted a global approach to equity investing which is believed will provide greater fxIbIlity to generate attractive long-lerm returns for the charity. Investec do not believe that the concentration of returns in jusl a handful of stocks will be repeated in 2024 and the market will become more disceming. Investec beli8ve that headline economic growth will be lacklustre in calendai 2024 and so an important drivel of returns will be cotnpanie5 with strong franchises that are still able to sustainably generate allractive levels of profil growth despite this environment. This plays well to their investment philosophy. The benchmark changed in September 2023 to reflect the move to a global equity approach. The new benchmark is comprised of the following indices.. 65°/0 MSCI All Country Worfd (world equities), 18 /0 Bank of America Merrill Lynch Broad Market Ibondsl, 5Yo IPD Monthly Ipropertyl, 10,10 Inveslec Wealth & Investment Allernalives Index larternab've assets), 2% Bank ol England Base Rate-0.5Q/o Icashl. Fundralsing The Charity $oli¢it donations from members of the professlon or the publi¢ through our website or a5 advertised in our annual report. The Charity does not employ third party fundraisers or empk)y the kinds of fundraising tactics that have given rise to public concern. The Charity is not registered wilh a fundraising regulator and nts fundraising complaints were received in the 2023 year. Grant Making Policy The Association invites applications for assistance from needy and deserving Members of the Bar who are or have been in practice in England or Wales, their husbands or wives, widows or widowers, children, and dependanls. Assistan may be provided to benefic48ri¢s by way of grant or loan, or a combination of the two. Before any grant or loan is considered by the Committee, applicants are required to complete a detailed form setting out their individual circumstances. Where possible, the Association will always seek lo facilitste the return to work of the praclilioners who have been in substantial fulktime practice prior lo tho ovenls o¢casioning their application. Page 7
THE BARRISTERS. BENEVOLENT ASSOCIATION IA company Ilmlied by guarantee) COMMITTEE MEMBERS, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Restrlcted Fund In 2022, after consultation with thè BBA Committee and Withers solicitors, il was agreed that The Inns of Court Gainsford Trust, a charitable Trust previously administered by Gray's Inn. would transfer their funds of £314,8581o the BBA. Following th8 transfgr Legal fees weie rnel by the BBA frorn this amount. The fund is to be used Its help members of the Bar of England and Wales and their dependants who either live in Greater London or who have lived in Greater London. Gainsford Trust will have no further input Into the scheme leaving the responsibility to the BBA. During 2023, £8,527 was paid to needy and deserving applicants fiom the fund. Reserves Policy The assets of the A$so¢ialion are applicable f¢x ils purposes at the discretion of the Committe8 without any distinction beiween capitsl and income. The Association has total funds of £13,328,799 12022 - £12,562,507) of which.. £3,529,727 (2022- £3,625,467) is comprised in designated funds £200,915 f2022- r208,698) is held in tangible fixed assets, and £8,808,333 (2022 - £7,848,694) of unrestricted and £304,115 of restriad funds (2022 £288.639) are held in investments to contlnue lo genefale Income for the Association. This leaves £485,709 (2022 - £620,898) of general free reserves. Whilst under Charf(y Commission guidance the Charity's investments represent free iesetves, the Committee considers that these are held lo generate fvnds to 5UPPOrt Ils beneficiaries in the future. Consistent with its policy to create and maintsin an adequate capital base, the Committee intends to maintain the current level of total reserves limit at £7,500,000 although currently at the year-end there are reserves of £9,294,042 to allow for the current uncertainties within the market that could be impacted by an increase in demand from beneficiaries. Risk Management The Members of the Committee are sab'sfied that the major and operational risks which the B8A faces have been identified and confirm that systems have been established to enable regular reports to be produced so that the necessary steps ¢an be taken to lessen the risks. The BBA Considers that the major risks are loss of or unauthorisÈd accèss lo data. and bad publicty leading to damage to the reputation of the BBA. The trustees have condered the following major risk that could Impact the smooth running of the business. Destruction or damago to prnml$e$. As lo this, regular backups are made of the computer system in the cloud and physical backups taken out of office. Stsff have the ability to work from home. Loss of staff due to ratlromantlr8slgnationfillne$s. As to this, staff are kept under review, jobs reviewed on the market, detailed job descriptions and finance manual are available. and temporary staff may be employed rf necessary. Computgr malfunctlonlng and breakdown. As lo this, regular backups take place, and the majority of software is cloud based for access MotelY anywhere. Investment losses through markèt ¢hang0s. As to this, regular reviows are undertaken with Ihe investment managers. Page 8
THE BARRISTERS, BENEVOLENT ASSOCIATION IA company limlted by guarantee) COMMITTEE MEMBERS, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 This reporl has been prepared having taken advantage of the small ¢¢)mpani88' exemption in the Companies Act 2006. Apwoved by order ol the MembeTS of the Board ol Committee Members and signed on their behalf by.. Tèrencg Mowsthgnson KC Chairman Date.. L% I Pa9e 9
THE BARRISTERS. BENEVOLENT ASSOCIATION IA Company Limited by Guarantee) STATEMENT OF COMMITTEE MEMBERS. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The corn1ttee Members (who are also the Directors of Ihe Charity for Ihe purposes of cr)mpany law} are responsible lor preparing Ihe Comrnittee Members, Report and the financial statements in accordance wth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice}. Company law requires the Committee Members lo prepare financial statements for each financial year. Under company law. the Committee Members must not approve the financial statements unless they are satisfied thal they give a true and fair view of the statè of affairs ol the Charity and of ils incoming resourcè5 and appIallOn of resoLJrces. Including rts income and expenditure. lor that period. In preparing these financial statements, the Gommittee Members are required to. select suitable accounting policies an¢J then apply them consistgnlly.. ObSee the methods and principle5 of the Charit16s SORP IFRS 1021. make judgements and accounb'ng estitnales Ihat are i@asonable and prudent., state whether applicable UK Accounting Standards IFRS 1021 have bn followed, subj&Gt to any material depailures disclosed ar)d explained in the financial statents., prepare the financial statements on the golng concom basis unless il is inappropriate lo presume that the Charity will continue in business. The Cowmittee Artembers are responsible for keeping adequate accounting records that are sufficient to show and explain the Charitls tran$actions and disclose with reasonable accuracy at any lin)e Ihe financial FQSition of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets ol the Charity and hence for laking reasonable steps for the prevenlion and detection of fraud and other irregularities. In 80 far as the Committee Members are aware. there is no relevent audit infornialion ol whKh the Charity's auditor is unawar8'. and the Cornmitlee Members have taken all Steps that they ought to have taken to make themse8 aware of any revant audit inforrnalion and to establish that the audilor is aware of that infomiation. Approved by order of the Members of the Commlttee Board 8nd gned on its behalf by- Tergnce Mowschenson KC Chai¥man Date". Iq Page 10
THE BARRISTERS. BENEVOLENT ASSOCtATION IA Company Umited by Guarantee) INDEPENDENT AUDITORS. REPORTTO THE MEMBERS OF THE BARRISTERS. BENEVOLENT ASSOCIATION Oplnlon We have audited th9 financial statements of The Barristers. Benevolent Association Ithe 'Charityl for the year ended 31 December 2023 which comprisè th8 Statement of Financial Activities. the Balance Sheet, th& Slalemenl of Cash Flows and the related notes,. including a summary of significant acwunling policies. The financial reporting framewoTk that has been applied in their preparation Is applicable law and United Kingdom Accounting Standards, including Finan¢ial Reporting Standard 102 'The Financial Reporting Standard appli¢8ble in the UK and R&public of Ireland. Iunited Kingdom Generally k¢epled A¢counling Practice). In our opinion the financial statements-. give a true and fair view of the state of the Charity's affairs as at 31 December 2023 and of ils incoming resources and application of resources, including ils Income and expenditure for the year then ended,. have been property prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been Prepared in accordance with the requirements of the Companies Act 2006. Basi$ for opinion We conducted our audit in accordance with InteMaOnaI Sl8ndards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those siandards are furthei desGribed in the Auditors. responsibilities for the audit of the financial ststemenls section of our report. We are independent of the charitable company in accordan wth the ethical requirements that are relevant 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 responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sUfficnI and appropriate to provida 8 basis foT our opinion. Conclusions relating to going concorn In auditing the financial ststemenl8, we have concluded that the Committee Members. use of the going cOnM basis of accounting in the preparation of the financial statements Is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or ¢ondEtions that, individually or collectively, may cast significant doubt on the charitable companls ability to continue as a goin9 concern for a period of 81 least Iwelve months from when the financial stslements are aulhorised for issue. Our responsibilities and the responsibilities of the Cornm"rttee Members with respect to going concern are described in the relevant sections of this report. Pag¢ 11
THE BARRISTERS. BENEVOLENT ASSOCIATION IA Company Limitèd by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE BARRISTERS, BENEVOLENT ASSOCIATION ICONTINUEDI Othor Informatlon The other information comprises the information included in the Committee Members, Report other than the financial statements and our Auditors. Report therÈon. Thé Committee Mernbers ara responsible for the other information contained within the Committee Members. Report. Our opinion on the finan¢ial statements does not cover the other information and, except lo the extent othenlSe explicitly ststed in our report, we do not express any form of assurance ¢on¢lusion Ihereon. Our responsibility is lo read the other information and. In doing so, consider whether the other information is materially inconsistent with the financial slalemenls or our knoedge obtained in the course of the audit, or otherwise appears lo be materially misstated. If we identify such material inconsistencies or 3pp8rent material misstatements, we are required to determine whether this gSves rise to a material misstalemenl in the financial statements themselves. If, based on the work we have perforrlled, we conclude that there Ss a material misstatement of this other infomialion, we are required to report that fact. We have nothing to report in this regard. Opinion on other matters prescrlbod by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the informatson given in the Committee Members. Report for the financial year for whlch the financial statements are prepared is consislenl wtth the financial statements. the Committee Members. Report has been prepared in accordance with applicable leg81 requirements. Matter$ on which we are required to roport by excèptlon In the light of our kr)owledge and understanding of the charitable company and its environment obtsined in the course of the audit, we have not identified malerial misstatements in the Committee Members. Report. We have nothing to report in respe¢t of the following matters in relation to which Companies A¢t 2006 requires us to report to you if. in our opinion.. adequate accounting reeords have not been kept. or rgturns adequate for our aud51 have not been received from bran¢htss not vlslted by us,. or the financial statements are not in agreement with the accounting records and returns". or certain disdosures of Committee Members. remuneration specified by law are not made", or we have not received all the information and explanations we require for our audit., or the Committee Members were not enlilled lo prepare the financial statements in accordance with the small Companies regime and take advantage of the small ¢ornpanies' exemptions in preparing the Committee Members, Report and from the requirement to prepare a Strategic Report. Responsibilities of Committee Mombors As explained more fully in the Statement of Committee Members, Responsibilities, the Committee Members (who are also the Directors of the charitable company lor Ihe purposes of company lawl ara responsible for the preparation of the financial slalements ar)d for being satisfied that they give a true and fair view, and for such internal control as the Committee Members determine is necessary to enable the preparation of financial slalements that are free from material misstatement, whether due to fraud or error. Page 12
THE BARRISTERS, BENEVOLENT ASSOCIATION IA Company Limited by Guarantse) INDEPENDENT AUDITORS. REPORT TOTHE MEMBERS OF THE BARRISTERS, BENEVOLENT ASSOCIATION ICONTINUEDI In preparing the fin4nck71 stalemenls, the Committee Membgts are responsible for assessing the charitable company's ability to continue as a goin9 concern, disclosing, as applicable, mattérs related lo going concern and using the going concern basis of accounting unless the Committee Mernbers either intend to liquidats the charitable company or to Cease operations, or have no realistic alternative bul lo do so. Audltors. rÈspon$ibllltles tor the audit of the financial statemants Our objectives are lo obtain reas(>nable assurance about whether the financial stslements as a whole are free from materi81 misstatement, whether due to fraud or error, and lo issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in acGordance with ISAS (UK} will always detect a material misstatement when it exists. MisstatemenÈ can arise Irom fraLSd or error and are considered material rf, individually or In the aggregate. they could reasonably be expected lo influence the economic decisions of users taken on the basis of these finan¢ial statements. Irregularitiès. including fraud, ara instances of non-compliancè with laws and regulations. We design procedures in line wth our respDnsibilib'ès, outlined abDve. to dele¢l material misststements in respe¢t of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Identify and assess the risks of material misslaternenl of the financtal statements. whether due to fraud or error, design and perform audit procedures reswnsive to those risks, and obtain audit evidence that is sufficient and appropriate lo provide a basis for our opinion. The risk of not det8cting a material misstatement resulting from fraud is higher than for one resulting from arror. as fraud may involve collusion, forgery. intent4.onal omissions, misreprèsenlalions, or the override of internal control. OL>lain an understanding of internal control relevant to the audit in order lo design audlt 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 appropriateness of accounting policies used and the reasonableness of accountbng estimates and related disclosures made by the Comrnillee Members. Conclude on the appropriateness of the Committee Members use of the going concern basis of accounting and, based on th8 audit evidence obtained, wheth8r a material uncertainty exisÉs ielated to ev8nt8 or conditlons that may cast significant doubl on the Charitys ability to continue as a going Concern. If we conclude that a material uncertainty exists. we are required lo draw attention in our auditor's report lo the related disclosures in the financial statements or, if such di5cIosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the dale of our auditor's report. However. future events or conditions may cause the Charity to cease to conb'nue as a going concem. Evaluate the overall presentats"on, structure and content of the financial Slalements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation lie. gives a true and fair viewl. Because of the inherent limitations of an audit, there is a risk that we will not dele¢l all Srregularilies, including those leading lo a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transa¢tions reflected in the financial stalemenls, as we will be less likely lo become aware of instances of non-complianG$. The risk Is also greater regarding irregularities 0u[rIng due lo fraud rath than error. as fraud involves intentional concealment. forgery. collusion, omission or misrepresenlalion. Page 13
THE BARRISTERS. BENEVOLENT ASSOCIATION IA Company Llmlted by Guarantso) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE BARRISTERS. BENEVOLENT ASSOCIATION {CONTINUED} A further description of our responsibilities for the audit of the financial statements is located on the Firk2ncial Rèponing Council's website at". www.frc.or .ukJauditorsres onsibilities. This description forms part of our Auditors, Report. U$9 of our report Thls report Ss rnade solely to the Charitys Members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit woik has been undertaken so that we might stale lo the Chariws Members those matters wè are required to slate lo them in an Auditors, Report and for no other purpose. To the fullest ext8nt permitted by law, we do not accept or assume responsibility to anyone other than the Charity and its Members, as a body, for our audit work. for this reporL or f()r the opinions we have fomied. Sudhlr Slngh FCA Isenlor Statutory Audltor) for and on behalf of MHA StalLJlory Auditor London, United Kingdom MHA is thè trading name of Maclntyre Hudson LLP, a limited liabilty Partnèrship in England and Wales Iregistered number OC3123131. Page 14
THE BARRISTERS. BENEVOLENT ASSOCIATION IA Company Limited by Guarante0} STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDuRE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrlcted funds 2023 Rg$tricted funds 2023 Total funds 2023 Total funds 2022 Note Income from: Donations and legacies Investment income Other income 553,143 239,457 7,200 400 553,543 247,354 7,200 718,941 260,105 7,200 7,897 Total income 799,800 8,297 808,097 986,246 Expanditura on= Invoslmenl management costs Charitsble activities 39.368 491.167 1,398 8,527 40,756 499,694 40,482 661,632 Total expendlture 530,525 9,925 540,450 702,114 Net lexpenditurell Income before net galns on Investments Nel gainslllossesl on investments 269,Z75 481,541 11,6281 17,104 267,647 498,645 284.132 11,148,077) 12 Net movement in funds 750,816 15,476 766,292 1863,945} Reconclliation of funds: Total funds brought lorward Nel movement in fvnds 12,273,868 750,816 288,839 15,476 12,562,507 766,292 13,426,452 1863,9451 Total funds carried forward 13.024,684 304,115 13,328,799 12,562,507 The Ststement ot Financial Activities includes all gains and h)sses recognised in the year. In the previous year all income and expenditure was allocated to I from unrestricted funds. Al income and expenditure derive from continuing a¢tivities. The notes on pages 18 tr) 37 form part of Ihese financial ststements. Page 15
THE BARRISTERS. BENEVOLENT ASSOCIATION IA Company Limited by Guarantee) REGISTERED NUMBER.. 05284271 BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2023 2022 2022 Note Fixed assgts Tangible assets Investments 200.915 9,112,448 208,698 8.137,333 12 9,313,363 8,346.031 Curr•nt atssets Prografflme related investments. Conces5ionary loans Debtors." Amounts falling due witrin one yea Cash at bank and in hand 13 15 20 3,S29,728 123,730 395,792 3,555,467 108.016 582,882 4,049,250 4.246.365 Creditors.. Amounts falling due wihin one year 16 {33,814} 129,8891 Net current asset$ 4015,436 4.216,476 Totsl net ass&ts 13.328,799 12,S62.507 Charity funds Restiicled funds Unreslricted funds 17 304.115 13.024,684 288,639 12,273,868 17 Total funds 13,328,799 12,562.507 The Committee Members acknowledge their responsibilities for complying wlh the oquirements ol the Companies Act 2006 wilh iespect to accounting r8cords and Preparati of financial statement8. The finanei81 statements have been prepared in aGcordance wlth the provisions applicable to entities subject lo the small compan18s regim8. The financial slalèments were approved and aulhotised for sue by the Committee Member5 and signed on their behalf by.. Tgrencg Mowschgn$on KC Chairman Dale: The notes on pages 18 10 37 form part of these financlal slatemenis. Page 16
THE BARRISTERS, BENEVOLENT ASSOCIATION {A Company Limited by Guarant991 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Noto Cash flow8 from operating activities Nel cash used in operating a¢tivitiey 19 43,088 86,165 Cash flows from investing activities Income from investments Purchase of tangible fixed assets Proceeds from sale of investments Purch8se ot investmènts 247,354 {1,0621 5,871,063 2,839,458 {6.347.5331 13.336,9321 260.105 12 12 Net cash used in invgsting actlvitl¢$ 1230,1781 1237,3691 Change In cash and cash •qulvalents in the year Cash arKI Gash equivalents at the beginning of the year 1187.090} 1151,2041 582,882 734,086 Cash and cash èqulvalents at the end of the year 20 395,792 582,882 The notes on pages 18 to 37 form part of these financial statements. Page 17
THE BARRISTERS. BENEVOLENT ASSOCIATION {A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 General Inlormatlon The Charity is a company limited by guarantee and is registered with the Charity Commission (Charity Registered Numbei 11067681 and Registrar of Comp3niÈs (Company Registration Number 052842711. The Members of the ¢x)mpany are the Committee Members narned on page 1. In the event of the Charity being wound up, the liability in respect of the guarantee is limited lo £1 per Member of the Charity. The address of the registered office is given in the Charty information on page 1 of these financ¢al stalfymenls. The nature of the Charitls operations and principal activities are listed in the Committee Members, Report. A¢¢ountlng poli¢igs 2.1 Basls of preparatlon of financlal statements The financial statements have been prepared in accordance with the Charities SORP IFRS 102} Ac¢ounting and Reporting by Charities." Slalemenl of Recommended Practice applicable to charities preparing their accounts in a¢cordance with the Financial Reporting Standard appliGable in the UK and RepLJblic of Ireland IFRS 1021, the Financial Reporting Standard applicable in th? UK and Republic of Ireland IFRS 10218nd the Companies Ad 2006. The Barristers, Benevolent Association meets the definition of a publi¢ benefit gnlity under FRS 102. Assets and liabililies are initially recognised at historical cost or transaction value unless othemse ststed in the relevant accounting policy. The financkql statements are presented in Pounds Sterllng whlch Is the fun¢tlonal currency of the Charity and rounded lo the nearest pound. 2.2 Going concern The Committee Members have assessed the use of going concem and have considered possible 8v6nts or conditions that might cast significant doubt on the ability of the Charity to eontinue as a going concern. The Committee Members have made this assessment for a period of al least one year from the date of the approval of these Financial Ststements. The Committee Members have concluded that there is a more than adequate resoLJrces to continue in operational existence for the foreseeable future and has no immediate concerns and expects the charrty to therefore to continue to adopt the going conrn basis in preparing its finan¢ial statement. Page 18
THE BARRISTERS. BENEVOLENT ASSOCIATION IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting poli¢i•s l¢ontinuèd} 13 Income All income is recognised once the Charty has entitlement lo the income, il is probable that the income will be received and the amount of income re¢oivable ¢an b8 measured reliably. The regnitIOn of income from legacies is dependent on establishing entillemenl, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left lo them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Recelpl of a legacy must be rewnised when il is probable that il will be received and the fair value of the amount receivable, which wlll generally be the expected cash amount to be distributed to the Charity, can be reliably measured. Grants are included in the Statement of Fin3nci31 Aetivitl8s on a re¢eivable basis. The balance of income received for specific purposes but not èxpended during the period is shown in the relevant funds on the Balance Sheet. Where in¢ome is received in advance of entilement of receipt, its recognillon is deferred and induded in ¢redilors as defetred income. Where ents'fjement occurs before income is received, the income is accrued. For donations to be recognised the Charity will have been notified of the amounts and the settlement date in writing. If there are Gondilions attached lo the donation and this requÉres a level of performance before entitlement ¢an be obtained then income is deferred until those wndilions are fully mel or the fulfillmenl of those conditions is within the control of the Charity and il is probable that Ihgy will be fulfilled. On receipt, donated professional setvices and facililios are recognised on the basis of the value of the grft lo the Charity which is the amount il would have been willing lo pay to obtain senrices or facilities of equivalent economic benefit on the open market,. a corresponding amount is then recognised in expendilLJre in ihe period of receipt. In(x)me tax recoverable in relation to donats'ons received under Gift Aid or deÈd5 of covenarrt is recognisgd at the ts.me of the donation. Income tax recoverable in relation to investment income is recognised at the time the investment income is reiVable. other income is recognised In the period in which it is receivable and lo the extent the goods have been provided or on completion of the service. Paga 19
THE BARRISTERS. BENEVOLENT ASSOCIATION A Company Limited by Guarantsèl NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng policias l¢ontinuedl 2.4 Expgnditurg AJI expenditure is accounted for on an accruals basis and has been classified Ljndèr headings that aggregate all costs related lo that category. Expenditure is recognised once there is a legal or conslruclive obligation to transfer economic benefit lo a third party, it is probable that a transfer of economic benefits will be required in selllemenl and the amount of the obligation can be measured reliably. Expenditure is classif1ed by activity. The costs of each actiwty are made up of the total of direct costs and shared costs. including support Gosts involved in undertaking each act'vity. Direct costs attributable lo a single activity are alk)caled direcuy to that a¢livity. Shared costs which contribute to More than one activity and support costs which are not attributable lo a single activity are apportioned between those activities on a basis consislenl with the use of i&sources. Central staff costs are allocated on the basis of lime spent, and 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 Ils ¢haritsble purposes and in¢ludes costs of all fundraisin9 adNities events and non-charitable trading. ExpenditLJre on charitable activities is incurred on directly undertaking the activities which further the Charitls objectives, as well as any as$o¢iatad support costs. Grants payable are charged in the year when the offer is made ex¢epl in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subje¢l to conditions which have not been met al the year end are noted as a comrnitment, but not a¢crued as expenditure. l expenditure is indusivg of irrtscoverab VAT. 2.5 Foreign curran¢lgS Foreun currency transactions are Inlllally recognised by applying to th$ foreign currency amount the spot exchange rate beiween the functional currency and thè foreign Currency al the Balance Sh8èt date of the tiansaction. Monetary assets and liabilities denominated in foreign currencies are translal¢d into sterfing al rates of exchange ruling at the Balance Sheet date. Exchange gains and losses are recognised in tr)e Statement of Financial Actimts'es. 2.6 Taxatlon The Charity is considered lo pass the lesls set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. A¢¢ordingly, the Charity is potentially exempl from taxation in respect of income or capitsl gains received withln categories 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 exclusively to charitable purposes. Page 20
THE BARRISTERS. BENEVOLENT ASSOCIATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 A¢¢ountlng pollcles Icontinued} 2.7 Tanglblg fixed assets and dgpreclatlon Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are Inltially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less a¢cumulaled depreciation and any accumulated impairment 105ses. wsls incurred lo bring a tangible fixed asset into its intended working condition should be inclLKled in the measurement Of cost. Depreciation is charged so as lo allocate the cost of tsngible fixed assets less their residual value over their estimated useful lives. using the straight-line method. DepT@ciation is provided on the following bases: Leasehold propety Fixtuies and fittings Computer equipment 2Qk straight line on cost of building 150k straight line 20Q/o Straight line 2.8 Investments Fixed assèt investments are a fomi of financial instrument and are initially recognised at their trangaetion cost and subsequently measured 8t fair valLJè Ljging the closing quoted market price. All gains and losses are taken to the Statèment of Financlal Acllvilles as they arise. Thè Slalemenl of Financial Activiti8s includès the nel gains and losses arising on revaluations and diswsals throughout the year. As investrnenls are revalued lo fair value continually. no realised gains or losses arise. The fair value of listed investments is determined by reference to the quoted pri foi identical assets in an aGlive market at the Balance Sheet date. Social investments in¢Sude programme related investments which aTe those held lo further our charitable purposes. Programme related investments include concessionary loans lo third parties. 2.9 Concesslonary loans Concessionary loans include those re1vable from third parties which are interest free or below market interest rates are made to advance charitable purposes. Where the loan is repayable on demand within one year, the loan is measured at cost, less impairrnent. Vlthere the loan is repayable in more than one year, the loan is initially measured al cost. with the carrying amount adjusted in subsequent years lo reflect repayments and any accrued interest and adjusted if necessary for any impairment. 2.10 Debtors Trade and other debtors are recognised at the settlement amount after any trade dbscount offered. PTepaymenls are valued at the amount prepaid net of any trade discounts due. Page21
THE BARRISTERS, BENEVOLENT ASSOCIATION IA Company Limitad by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng poll¢ies (continued) 2.11 Liabilitie5 and provlslons Liabilibes are recognised when there is an obligation at the Balance Sheet date as a result of a past event, il is probable that a transfer of economic benef(( wll be required in setuement. and the amount of the settlement can be estimated reliably. Liabilities are recognised al the amount that the Charity anticipates il will pay lo settle the debt or the amount il has re¢gived as advanced payments for the goods or services il must provide. Provisions are measured al the best estimate of the amounts roquired to settte the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of thos& amounts, discounted at the pre-tsx discount rale that reflects the risks specific lo the liability. The nwinding of the discount is recognised in the Statement of Financial A¢livilies as a finance cost. 2.12 Financial instruments The Charity does not have a material holding in complex financi81 inslrumenls. The Charty only holds basic Financial Instruments. The financial assets and financial liabilrties of the Charity are as follows: DebtOTS- trade and other debtors (including accrued income) are basic financial instruments and are debt instruments measured al amortised cost as detailed In Note 15. Prepayments are not financial instruments. Cash at bank- is classified as a basic financial instrument and is rneasured al face value. trade creditors, accruals and olhgl creditors will be classified as financial instruments, and are measured at aM0.sed cost as detailed in Note 16. Taxation and social $8curity ar8 not included Sn the financial instruments disclosure. Dèfèrrèd ineome Is not deemed to be a financial liability, as In the cash sfyttlerrient has already taken place and there is simply an obligation to deliver charitable services rather than cash or another financial instrument. Investments are measured al fair value with the exception of the social investments whi¢h are stated al cost or amortised ¢osl detailed in Notes 2.8 and 2.9. 2.13 Operating leasès Rentals paid under operdting leases are charged to the Stslement of Financial Activities on a straight line basis over the lease term. 2.14 Ponslons The Charity is committed to providing pBnsions to former merllbers of staff al an agreed rate on retirement of the employee. The cost of prov¢ding these pensions is included in the Slalemenl of Financial Activities as it is incurred. Page 22
THE BARRISTERS, BENEVOLENT ASSOCIATION IA Company Limited by Guarant89) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policios l¢¢ntinugdl 2.15 Fund aceounting General funds are unrestricted funds which are available for use at the discretion of the Commrttee Members in furth8rance of the general objectives of the Charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been s81 aside by the Committee Members for particular purpDses. The aim and usè of ea¢h designated fund is set out in lh$ notès to the financial statements. Reslricled funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular puiposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted lund is set out in the notes to the financial ststemenls. Investmant incorne, gains and losses are allocated to the appropriate fund. 2.16 Judgemènts and key Sources of estimatlon uncertalnty The follon9 judgements (apart from those involving eslimatesl have b88n made in ihe process of applying the abtsve accounting policies that have had the mosl snIfICant effect on amounts renised in the financial statements.. Basis of valuat10n of financial instruments., Allocation of support costs.. The useful economic life of tangible fixed assets and the depreciation rates applied- Impairment of programme rdated investments I concessionary loans. Page 23
THE BARRISTERS. BENEVOLENT ASSOCIATION IA Company Limited by Guarant991 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income from donatlons and legacles Unrestrlctgd Restrlcted funds funds 2023 2023 Total funds 2023 Donations - general Legacies Donations recelved from specific institutions 186.458 289,550 77,135 400 186,858 289,550 77,135 Total 2023 553,143 400 553,543 An analysis of donations received frorn specific institutions is shown in Note 4. Unrestricted funds 2022 RÈ$lri¢te funds 2022 Total ftjnds 2022 Donations - general Legacies Donations received from specific institutions 228,228 d3,501 132,303 314,909 543,137 43,501 132,303 Total 2022 404,032 314.909 718,941 Page 24
THE BARRISTERS. BENEVOLENT ASSOGIATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Donations received from specific in$lilutions 2023 2022 Honourable Society of Inner Temple Honourable Society of Middle Temple Honourable Society of Lincoln's Inn One Crown Office Row Charter Charnbers Landmark Chambers Wilberforce Chambers Quadrant Chambers Matrix chabe[S Falcon Chambers 23 Essex Street Chambers 10,000 20,000 32,000 260 10,000 45,000 57.000 250 768 250 500 500 250 300 250 6,650 2,500 1,000 1,250 250 5,000 200 6,277 158 2,000 Anonymous Bar Golf Society IGC Management Limited Chancery Bar Association Personal Injuriès Bar Association Bar Council Paypal Giving Fund The Band Trust Property Bar Grays Inn Bènchers Ladies Asso¢iab'on Lincoln's Inn Benchers Partners Assoclatlon 3.000 2,000 185 1.500 150 77.13S 132,303 Page 25
THE BARRISTERS. BENWIOLENT ASSOCIATION A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Inv&stment Ineom Unrestrlcted R85tricted funds funds 2023 2023 Total funds 2023 Dividends and interest on investments Interest on loans Bank interest re¢elvable 224,039 11,486 3,932 7,897 231,936 11,486 3,932 Total 2023 239,457 7,897 247,3S4 Unrestricted funds 2022 Reslricled funds 2022 Total ftjnds 2022 Dividends and interest on investrnenls 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 Other Income Unrestricted funds 2023 Total lunds 2023 Rental income 7,200 7,200 Unrestricted funds 2022 Totsl nds 2022 Rental income 7,200 7,200 Page 26
THE 8ARRISTERS' BENEVOLENT ASSOCIATION IA Company Limltod by Guaranteg) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of èxpenditure on charitabl& activities Actlvltlos undertaken directly 2023 Grant funding of activitlos 2023 Support costs 2023 Total funds 2023 Grant gNing 3,450 222,948 273,296 499,694 Activities undertaken directly 2022 Grant funding of activities 2022 Support costs Totsl funds 2022 2022 Grant gNing 3,200 344,691 313,741 661,632 In both the current and previous year, all grant funding of activities were to individuals. Grants were made to 50 (2022 - 190) individual beneficiaries, often in respect of living costs such as food. medical, rènt and council tax. Grants vailed in length between the short and long term and were often distributed monthly or quarterly. Page 27
THE BARRISTERS. BENEVOLENT ASSOCIATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expgndtture on ¢harltablè aetivltles Icontlnu8dl Analysls of support costs Total funds 2023 Total funds 2022 Staff costs Depreciation Rent and rates Office cleaning, electricty, insurance, maintenance and water Printing, postage, slalionery and appeals 117,192 8,845 37,611 7,730 113,749 8,800 34,102 6,222 trii 1,653 2,624 6.000 22.398 1.063 2,482 774 941 Telephone Advertising Cornpuler consultsnts Bank charges Subscriptions Sundry expenses Concessionary loans impairment Governan costs 2,289 6,890 24.079 1,158 2,043 624 4.403 60.521 58,859 53,985 273,296 313,741 Govgrnance costs 2023 2022 Legal and professional fees Auditor's MneratIon - Audit of the flnan¢ial statements Auditor's romuneralion - Other setvices Auditor's remuneration - Under ac¢rual of por year fees 35,610 18,600 4,200 2,111 31.500 17,400 3,000 2,085 60,521 53.985 Page 28
THE BARRISTERS. BENEVOLENT ASSOCIATION IA Company Llmlted by Guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Staff costs 2023 2022 Wages and salaries Social security costs Pension costs 86.342 5,272 25.678 83,013 5.342 25.394 117,192 113,749 The average number of persons employed by the Charity during the year was as follo= 2023 No. 2022 No. Administration No employee received rernuneration arnountiro lo more than £60.000 In either year. 10. Committee Members. rgmuneratlon and expensgs During the year, no Committee Members, who are considered lo be the Key Management Personnel of the Charity, received any remuneration or other benefits12022- £NIL}. During the year ended 31 Dember 2023, no Committee Member expenses have been incurred12022- £NILI. Page 29
THE BARRISTERS. BENEVOLENT ASSOCIATION IA Company Llmltod by Guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11. Tangible flxed assot$ Flxtures and flttings Cornputer equlpment Propertl•s Total Cost or valuation At 1 January 2023 Addiknns 304.9SO 33,838 13,505 1,062 352.293 1.062 At 31 December 2023 304,950 33,838 14.567 3S3,355 Depreciation At 1 January 2023 Charge for the year 100,487 6,099 33,838 9.270 2.746 143,595 8,846 Al 31 December 2023 106,586 33.838 12.016 152,440 Net bclok valuè Al 31 December 2023 198,364 2,551 200,91S At 31 Dember 2022 204,463 4,235 208,698 I fixed assets are held for use by the Charity. The Association has an interest in properties lone freehold and on8 leasehold Ilatl where ownership has been transferred to the Assoaation by beneficiaries cbf the Charity. Page 30
THE BARRISTERS, 8ENEVOLENT ASSOCIATION A Company Limitod by Guarant) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12. Fixed assot investmonts Listsd investments Valuatlon At 1 January 2023 Additions at Cost Disposals al Carrying value Revaluations 8.137,333 6,347,533 16,871,063) 498,645 At 31 Detsmber 2023 9,112,448 13. Programme rglated Investmgnts - Concessionary loans 2023 2022 Loans lo beneficiaries 3,529,728 3.555.467 2023 2022 Loans at 1 January Loans granted in the year Loans repaid in the year Loan impaimient charges 3.S55.467 3,640,473 208.235 297,110 1229,5711 1323,258) 14,4041 158,858) Loans at 31 D9cembor 3.529,727 3,555,467 The above balances include an element of loans repayable in more than one year, this is agreed on an annual basis and is therèfo not quanliliable at this lime. The loans are appropriately disclosed as due thin one year as the Charity expects immediats repayment if the circumstsnces of the beneficiary changes lo allow them to repay any loans received. Where possible, loans are secured on the beneficiarls property. Interest is charged on secured loans at a rate of 1 % plus base rate. No interest is charged on unsecured loans. 14. Contlngent asset The Charity has an interest in a residual lega¢y. The rosldual interest is in a house which is being marketèd for sale. The interim payments made in the year have been recognised as income in the Statement of Financial Actiwties. Further distributions are expected to be received. However, as il is not tx)ssible to reliably measure the amount of the future distributions that Ihe Charity is due, or the timing of those distributions. no further income h89 been recognised in the Statement of Financial Activities in re12tion to thi$1ogacy. Page31
THE BARRISTERS. BENEVOLENT ASSOCIATION IA Company Limited by Guarantoe} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Dèbtors 2023 2022 Due wlthin one year Other debtors Piepayments and accrued income Dividends and InteSt receivable 38 54,836 68,856 38 52,029 55,949 123,730 108.016 16. Credltors.. Amounts falling due wlthin ong year 2023 2022 Trade creditors Other creditors Accruals 1,273 9,741 22,800 3.326 6,163 20,400 33,814 29.889 Page 32
THE BARRISTERS. BENEVOLENT ASSOCIATION IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Statemgnt of funds statement of funds - ¢urront year Balanee at 31 Gainsl Decembèr ILosso$1 2023 Balance at 1 January 2023 Transfors inlout Income Expendlture Deslgnated funds Funds designated for loans 3,625,467 {95,7401 3.529.727 General funds General hjnds 8,648,401 799,800 {S30.5251 95,740 481,541 9.494.957 Total Unrostrictad funds 12,273,868 799,800 1530.5251 481,541 13.024,684 Restricted fund$ The Inns of Court Gainsford Trust 288.639 8.297 19,9251 17,104 304,11 S Total of funds 12,562,507 808,097 IS40,4501 498,645 13,328,799 General funds are funds ¥thh can be used in aOrdanCe with the charitable objects at the discretion of the Committee Board Designated funds are sel aside by the Committee Members out of the unrestricted general funds for specific future purposes. The fund designated for concessionary loans was set up to rowgnise the funds committed to loans lo beneficiaries. The transfer between the funds is to aln the Glosing balance of the fund with the ytraT end valuation of the programme related investments. The Inns of Court Gainsford Trust, a charitable Trust previously administered by Grays Inn, transferred their funds lo the BBA. The fund is to be used lo help members of the Bar of England and Wales and their dependant5 who either live in Greater London or who have lived in Greater London. Page 33
THE BARRISTERS. BENEVOLENT ASSOCIATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Statement of funds Icontlnuedl Statement of funds - prior year Balan al 31 Dember 2022 Balance at 1 January 2022 Transfers inlout Gainsl (Losses) Income Expènditure Deslgnated funds Funds designated for loans COVID fund 3,640,473 162.462 115,0061 191,8001 3.625,467 50.000 (120,6621 3,802,935 50.000 1120.6621 I106,81) 3.625,467 General funds General ftjnds 9,623,517 617,944 1555,3101 106,S06 {1,144,5561 8,648,401 Total UnrestTiCted funds 13,426,452 667,944 1675.9721 {1,144,5561 12.273,868 RgStrict•d fund$ The Inns of Court Gainsford Trust 318,302 126,1421 {3,5211 288,639 Total of funds 13,426,452 986,246 1702,1141 {1,148,0771 12,562.507 Page 34
THE BARRISTERS. BENEVOLENT ASSOCIATION (A Company Limltad by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 18. Analysls of net a$$et8 between tund$ Analy$l$ of net assots between funds - current year Unrestricted Restrlcted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Fixed asset investrllenls Current assets Creditors duè within one year 200.915 8,808,333 4.Q49,250 133,8141 200,915 9,112,448 4,049,250 {33,814) 304.115 Total 13,024.684 304,115 13,328,799 Analysls of net assets between funds - prior year Unreslricled funds 2022 Restrieted funds 2022 Total funds 2022 Tangible fixed assets FIX asset inveslmenls Current assets Creditors due withln one year 208,698 7,848,694 4,246,365 129,8891 208,698 8,137,333 4,246,365 129,8891 288,639 Total 12,273,868 288,639 12,562,507 Page 35
THE BARRISTERS. BENEVOLENT ASSOCIATION IA Company Limitod by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 19. R•¢onciliatlon of net mov8ment in funds to net cash flow from 0rating actlvltles 2023 2022 Net incomelexpenditure for the year las per Ststemenl of Financial A¢tivitiesl 766,292 1863,9451 Adjustments for- Depreciation ¢harges Net Igainsl11oss on investments Income from investrnenls Decrease in Pfogramme related Investments In¢rease in debtors Increase in creditors 11 8,800 498,64SI 1,148,077 1247.3541 1260.1051 25,739 85.006 115.7141 {41,7331 3,925 10,065 12 13 15 16 Net cash provlded by operallng actlvltles 43,088 86,165 20. Analysis of cash and cash equivalents 2023 2022 Cash in hand 395,792 582,882 Total cash and cash equlvalents 395,792 582,882 21. Analysls of ¢hanges in ngt debt At1 January 2023 Cash flows At31 December 2023 Cash at bank and in hand 582.882 1187,0901 395,792 Page 36
THE BARRISTERS, BENEVOLENT ASSOCIATION IA Company Limited by Guarantse} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Ponsion commitments The Chartty is committed to paying penslons to former staff. totalling £1,775 12022 £1.775) per month. To quantify the value of this commitment as at 31 December 2021 the Trustees instruded a firm of consulting a¢luaritr5 lo formally 8slimate this liability in the prlor year for the purpose of its slalulory financial statements. This valuation was prepared under Technical Actuarial Sl8ndard 100.. Principles for Technical Aduarial Woik, as iSSLJed by the Financial Reporting Council. Based on this the Trustees consider that this liabilty is not material lo the financial position of the charity and hence no provision has been made in the financial statements for thi$ liability. The amount recognised as an expense in the year was £21,295 (2022 - £21,295). There were no ntribullons payable lo the fund al the Balance Sheet date (2022- £NIL). 23. 0ratIng l•a$o ¢ommltmont8 At 31 December 2023 the Charity had commitments to make future minlmurn lease payments under non can¢ellable operating leases as follows.. 2023 2022 Not later than 1 year Later than l year and not later than S years 42,088 63,132 18.104 105,220 18,104 The followrng lease payments have been recognised as an expense in the Statement of Flnancial A¢b"vrties'. 2023 2022 Operating lease rentals 39,148 36,208 24. Related party tran$actlon$ There were no related party Iransa¢lions during the year other than Committee Members making unreslricled donations of £5,065 (2022- £70,825) to the Charity. If a Committee Member knows an applicant. then they are not involved in the decision making process in regards lo agreeing loans or grant applications. Page 37