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 Mom￿r$
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 JanL￿ry 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
111￿768
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 r￿1Ved 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 appI￿an1'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 CoM￿lttee 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 CoMM￿ee 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 conferen￿5 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 aCknO￿edgeMent of contributions.
Flnanclal revlew
The Association made a Surplus for the year of £267,847 (2022 - SU￿luS 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
re￿rn 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 f￿xIbIlity 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$so¢ialion are applicable f¢x ils purposes at the discretion of the Committe8 without
any distinction beiween capitsl and income. The Association has total funds of £13,328,799 12022 -
£12,562,507) of which..
£3,529,727 (2022- £3,625,467) is comprised in designated funds
£200,915 f2022- r208,698) is held in tangible fixed assets, and
£8,808,333 (2022 - £7,848,694) of unrestricted and £304,115 of restri￿ad funds (2022
£288.639) are held in investments to contlnue lo genefale Income for the Association.
This leaves £485,709 (2022 - £620,898) of general free reserves. Whilst under Charf(y Commission
guidance the Charity's investments represent free iesetves, the Committee considers that these are
held lo generate fvnds to 5UPPOrt Ils beneficiaries in the future. Consistent with its policy to create and
maintsin an adequate capital base, the Committee intends to maintain the current level of total reserves
limit at £7,500,000 although currently at the year-end there are reserves of £9,294,042 to allow for the
current uncertainties within the market that could be impacted by an increase in demand from
beneficiaries.
Risk Management
The Members of the Committee are sab'sfied that the major and operational risks which the B8A faces
have been identified and confirm that systems have been established to enable regular reports to be
produced so that the necessary steps ¢an be taken to lessen the risks.
The BBA Considers that the major risks are loss of or unauthorisÈd accèss lo data. and bad publicty
leading to damage to the reputation of the BBA.
The trustees have con￿dered the following major risk that could Impact the smooth running of the
business.
Destruction or damago to prnml$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 corn￿1ttee 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 appI￿allOn 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..
ObSe￿e 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 b￿n followed, subj&Gt to any material
depailures disclosed ar)d explained in the financial state￿nts.,
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 themse￿￿8 aware of
any re￿vant 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 InteMa￿OnaI 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
sUffic￿nI 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 cOn￿M
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 othen￿lSe 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 kno￿edge
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 0￿u[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 EXPEND￿uRE 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 con￿rn 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 re￿gnitIOn 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 re￿iVable.
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 re￿1vable 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 follo￿n9 judgements (apart from those involving eslimatesl have b88n made in ihe process of
applying the abtsve accounting policies that have had the mosl s￿nIfICant effect on amounts
re￿nised 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 cha￿be[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 ￿M￿neratIon - Audit of the flnan¢ial statements
Auditor's romuneralion - Other setvices
Auditor's remuneration - Under ac¢rual of p￿or 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 De￿mber 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 De￿mber 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 Inte￿St 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 ¥th￿h can be used in a￿OrdanCe 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 al￿n 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
De￿mber
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 0￿rating 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.
0￿ratIng 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