Company registration number.. 05284271
Charity registration number.. 1106768
The Barristers, Benevolent Association
(A company limited by guarantee)
Annual Report and Financial Statements
for the Year Ended 31 December 2024
ocm
acmole

The Barristers, Benevolent Association
Contents
Reference and Administrative Details
1to2
Chaimian's Statement
Committee Members, Report
4t08
statement of CDmmiltee Members, Responsibilities
Independent Auditors, Report
10t013
Slatemenl of Financial Activities
14to15
Balance Sheet
18
Statement of Cash Flows
17
Notes to the Financial Statements
18to33

The Barrlsters, Benevolent Associatlon
Reference and Admlnlstrative Details
Commlttee Members
Teren￿ Mowschenson KC, Chairman
David Phillips KC, Honorary Treasurer
Raymond Cox KC, Treasurer
Sara Hargreaves, Honorary Secretary
The Rt. Hon. The Lord Saville of Newdigale, Member
Hélen Valley, Member
Jeffrey18rael, Member
Alexander Leamionth KC, Member {r8signed 11 D8cember 2024)
Graeme Halkerston, Member
Angus Mccullough KC, Member
Jonathan Tod, Member (resigned 2 January 2024)
Master Roger Eastman, Member
Daniel Toledano KC, Member
Christopher Stephenson, Member (resigned 11 December 2024)
Shabeena Azhar-mole, Member
Teertha Gupta KC, Member
MarGus Croskell (appointed 16 April 2025)
Company Registratlon Number 05284271
Charlty Registratlon Number
1106768
Reg18tered Offlce
14 Grals Inn Square
London
WC1R 5JP
Chief Executive Officer
Nicky Young
Deputy Chief Execullve Offlcer Annette Bennett
Page 1

The Barristers. Benevolent Assoclation
Reference and Administrative Details (continued)
Independent audltors
A C Mole LLP
Chartered Accountants and Statutory Auditor
stafford House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX
Bankers
National Westminster Bank PLC
PO Box 712
94 Moorgate
London
EC2M 6UR
Solicitors:
Withers LLP
20 Old Bailey
London
EC4M 7AN
Investment Managers
Rathbones incorporating Investec Wealth & Investmenl (UK)
30 Gresham Street
London
EC2V 7QN
Insolvency Practltloners
Griffins LLP
Tavislock House Soulh
Tavislock Square
London
WC1H 9LG
Page 2

The Barrlsters. Benevolent Assoclatlon
Chairman's Statement for the Year Ended 31 December 2024
During th8 past year we received an increase in applications. The numbers of applications were not
substanlially out of line wilh the numbers received in previous years. There does not appear to be any
significant underlying trend. In 2024 th8re were 21 new applications. This is an increase on last year
when there w8re 14 new applications. Of the new applications we were able to help 19 beneficiaries
financially and enabled them to S88k financial advice. Two additional sub-committee meetings wer8
held in 2024. New application refusals are based on applications which fall outside the immediate
BBA remit. If we decline support because we consider the application was made too soon, we
encourage the applicant to re-apply should the applicant's circumstances suffer an adverse change.
In addition to the new cases, there were also 15 renewals, 1 more than in 2023 and 17 reports, 3 less
than in 2023.
In 2024 w8 continued to offer grants to beneficiaries who meel the criteri8 of Gainsford trust reslricled
fund. The total support durSng 2024 from the rèstricted fund was £3,891 which was paid to needy and
deserving applicants.
Our income from donalions is g8nerally in a modest decline and we are trying lo address this issue.
Adminislralive expenditure is well controlled but continued fluctuations in the investment market
continue to affect the value of our reserves and nel income.
We maintain our strict policy of securing all loans wherever posslbl8 and review these annually in
case a beneficiary's circumstances have changed. We are anxious to help as many ben8ficiaries as
possible, bul our resources are limited and where equity exists, we believe securing our loans is in our
beneficiaries, best interests, as the policy assists in ensuring that we hav8 funds for b8neficiaries in
the fulure,
I n 2024 we received legacies totalling £61,166. 1 would like to thank the families of th8 Late Anthony
Richard Boswood, Richard Hartley, Rita Ruben and John Deby for their generous legacy contribulions
to the BBA general fund.
None of this could be achleved without the continued loyal and indispensable support of many
volunteers,. in particular those who seNe on our Board and the Circuit Representatives who visit
applicants and beneficiaries who are unable to travel to London. Also invaluable are the supporters
who make regular donations or who undertake various fundraising activities for us
running
maralhons, playing golf and the like - to whom we are equally graleful, We have a very small team of
Paid slaff whose friendly and helpful contact on the phone or through e-mail is much appreciated by
thos8 who are touch with us and I would like to express lh8 thanks of the Committee to the BBA'S
Chief Executive Nicky Young, and our deputy Chief Executive Annette Bennett, I would also add my
own thanks to those on the Committee who attend our monthly meetings to deal with applications
which we dealt with from our general funds.
The need to maintain our donated income 15 important and one way 18 to encourage everyone to
include us in their Will once family needs hav8 been secured. Your gift will mean someone less
fortunate than you can be assisted at a time of need.
Terence Mowschenson KC, Chairman
Trustee
Page 3

The Barristers. Benevolent Association
Committee Members. Report
The Committee has pleasure in presenting its report and accounts for the year ended 31 December
2024. The financial statements have been prepared in accordance with th6 accounting policies set out
therein and comply with current stalulory requirements. the Memorandum and Articles of Association,
and the Statement of Recommended Practice Accounting and Reporting by Charilies (October 2019)-
Constitution
The Barristers, Benevolent Association was founded Dn 10 January 1873. It is a charilable company
limited by guarante8 incorporated in England and Wales on 11th November 2004, number 05284271.
The company gained charitable status on 15 November 2004, registration number 1106768. The
company was established under a Memorandum of Association which established the objects and
POW8rs of the charitable company and is governed under its Articles of Association. In the event of the
company being wound up, Members are required to contribute an amounl nol exceeding £1.
Objects
The objects of the Association are to provide financial and other assistance and support to needy and
deserving members of the Bai who are or have been in practice in England and Wales and also Iheir
spouses and dependanls. AsSlStan¢e is given without geographical restriction or any need to pay
fees.
Policy
To achieve these objectives, the Committee has followed the following policie5.'
a} To encourage members of the Bar and the judiciary to contribute by way of donations, gift aid., and
b) To create and maintain an adequale capital base generating investment income to augment the
gitted income of the Association.
Management
The Charity is governed by a Committee whose Members are the Trustees for the purposes of Charity
law and the Directors for the purpose of company law. Those who served during the year and up to
the dale of this report are set out on page 1.
The Committe8 meets monthly, reviews applications for assistance and decides what assistance Sf
any should be offered. Urgent applications are considered by individual trustees and so far as
necessary considered for ratification by the committee. The BBA staff administer applications and the
provision of assistance decided by the Commiltee or trustees and may decide how lo provide
assistance within the parameters sets by the Committee or trustees. Insurance against third party
liability is provided for directors of the BBA up lo £1 m.
Recrultment and Appointment of Management Committee
All Members of the Management Commitlee give their time volunlarily and receive no benefits from
the Charity. Traditional business and skills are well represented on the Management Committee. In an
effort to maintain a broad mix of ski1Ss, 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 briefed by the staff on their work and systems. They are provided with a copy of Ihe Memorandum
and Articles of Association, the rules and current back issues of Ihe Annual Review as well as the
Charily Commission leaflet on Charity responsibilities. During the year they receive full background
papers for all potential and actual beneficiaries, the monthly accounts and the annual summaries of
loans. The Chief Executive reports personally to the Members on matters concerning individuals
allocated lo them as case manager and in any other case where they have asked to be kept in louch.
Page 4

The Barristers, Benevolent Associatlon
Committee Members. Report (continued)
Trustee Inductlon and Tralnlng
Most Trustees ar8 already familiar with the practical work of the Charity, being M8mbers of the Bar.
Prospective trustees are invited and encouraged to attend a series of Board meetings as part of their
training to familiarise themselves with the Charity and the context within which il operates. These are
jointly led by the Chair of the Committee, Company Secretary, Chief and Deputy Chief Executive of
the Charity and covers-
The obligations of Management Commillee Members.
The main documents which sel out the op8rational framework for the Charity including the
Memorandum and Articles.
Resourcing and the current financial position as set out in the latest published accounts.
Any Future plans and objectives.
Links to the Charity Commission's website with publications to the Trustees role and
responsibilities.
How our actlvltles deliver publlc benefit
The Charity seeks to reach every pra¢ti8ing Barrister every year to ensure they are aware of the
potential assistance available and to seek their financial support. This Is primarily achieved through
emailing a copy of the Annual Revlew to the Bar Council for distribution via email to all Members of
the Bar and Judiciary. We also attend relevant conferences and seek publicity in professional
magazines. Our websit8 includes information for both donors and potential beneficiaries and has a
downloadable application form. We also have a small team of volunteer Circuil Representatives who
are able to make visits if needed.
Help is tailored to each individual case. Wherever possible we seek to enable the beneficiary to solve
thelr problem and continue in or return to a position where he or sh6 can earn a living bul where this is
impossible, or not to be recommended, we can offer secured or unsecured loans or make grants.
Sometimes help is needed urgently lo tide people through an emergency, other limes the need is
longer-temi. Assistance is given without geographical restriction or any need lo pay fees and with due
regard to public benefit 9uidance published by the Charity Commission,
Achievements and performance
Our work
The BBA general fund costs of £867,200 includes grant giving activities of £308.229 and support
costs lotalling £317,079. Regular beneficiaries including dependanls were awarded monthly and
quarterly grants to meet short falls in living, medical and food costs.
In 2024 there were 21 new applications. This is an increase from 14 on the previous year. Of the new
applications we were able to help 19 beneficiaries financially and provide advice. Two additional
subcommittee meetings was held in 2024. New application refusals are based on applications which
fall outside the immediate BBA remit. If we decline support because we consider the application was
made too soon, we encourage the applicanl to reapply should their situation worsen.
In addilion to the new cases, there were also 15 renewals, 1 more than 2023 and 17 reports, 3 less
than in 2023.
The most common reason for declining financial help at any time {811hough leaving the door open for
subsequent applications) is possession of adequate personal resources which we consider should be
used first since one of our crileria for granting assistance is that the applicant should be 'needl'. In
very rare cases someone may be considered needy but not 'deseNing'.
Page 5

The Barr5sters' Benevolent Association
Committee Members. Report (continued)
Initial enquiries - by phone, email, letter or personally - are handled immediately and th8 aim is to
have our application fomi completed and processed in time for the next available Committee meeting,
allhough this does not rule out more immediate help if this is urgently required.
Every case is reviewed annua15y on the anniversary of its initial presentation to the Committee and
renewals of support have to be accompanied by another completed application form. Outstanding
loans are reviewed annually at the beginning of the year.
Plans for the future
The Association will continue to seek out opportunities to publicise the work of the Charily and to seek
financial support from those in a position to help.
The Trustees will continue to monitor response times for receiving and processing application5, the
prompt and accurate payment of all benefits, and the proper acknowledgement of contributions.
Financlal review
The Association made a deficit for the year of £(78,7461 (2023 surplus of £267,647) before nel
revaluation of the investments of £502,805 (2023 £498,645).
Total incoming resources decreased from £828,097 in 2023 to £593,803 in 2024.
Total resources expended increased from £560,450 in 2023 to £672,549 in 2024.
As at the year ended 31 December 2024, the Association had unrestricled reseNes of £13,236,813
(2023 - £12,833,684) and restricted reserves of £325,045 {2023 - £304,115}.
Investment Powers, Policy and Performance
The Members of the Committee have, as Trustees, the statutory general power of investment
conferred by the Trustee Act 2000, which permits them to make any kind of investment which they
could make if they were absolutely enlilled to the Association's assels. In exercise of their powers
under the Act, the Members of the Committee have delegated their asset management funGlicns lo
the Association's investment managers Ralhbones incorporating Investec Wealth & Investment (UK)
based on an agreement for discretionary portfolio management. The instruclion to the investment
mana9ers is that they seek a balanced return from income and from capital growth of the portfolio,
with no more than a modeiate level of risk. The investment strategy is reviewed during the year with
the investment managers.
The value of the investments as of 31st December 2024 was £9,538,980 12023 £9,112.4481,
resulting in a Capital gain of £426,532. In addilion, dividends tolalling £231,923 were paid away to the
charitls bank account. The overall return achieved by the portfolio was 47.70/0, net of fees, and this
compares with th& CPI +39/0 objective return of +5.5% and the ARC Charities Steady Growth index
return of +8.2010,
Page 6

The Barristers. Benevolent Association
Commlttee Members. Report (contlnued)
The portfolio gains were made against th8 backdrop of another extraordinary year for markets, which
continue(J to b8 dominated by a small cohort of enomious US technology companies, dubbed 'The
Magnificent 7. by market observers, which not only collectively generated the majority of the return of
the US equity market (itself th8 dominant world markell, bul ended the year as the seven largest
companies. All are seeking to monetise the growlh of Artificial Intelligence and ar6 invesling heavily.
The BBA portfolio continues to benefit from this growth by owning several of the Magnificent 7, 88 wall
as other expected beneficiary companies. However, mindful of the increasing concentration risk that
these companies exhibit within Ihe market, a smaller weighting overall than the headline index is held.
for risk diversification reasons. Els8where, interest rates look set to com6 down, but only modestly as
inflation remains higher than central banks would like, particularly in Ihe services s8Ctor.
Looking forward, it is Rathbones, expectation that the profile of returns will broaden out beyond the
Magnificent 7. A portfolio comprising of high-quality global companies with long-term competitive
advantages should help th8 Portfolio to grow to enable th& BBA to continue to support its current and
future generations of baneficiaries. Rathbones believe that economic growth will conlinue to be
modest in calendar 2025, and so an important driver of returns will Continue to be companies with
strong franchises that are still able to sustainably generat8 attractlV8 levels of profit growth despite
this environment. This plays well to the investment philosophy adopted.
The BBA portfolio continues to be managed to a medium risk strategy and the strategic asset
allocalion is 650/¢ equities, 18 /ts bonds, 5C/lo propety, 1 OQ/o allern8tive assets, 20/0 cash.
Fundralslng
The Association solicit donations from members of the profession or the public through our w8bsite or
as advertised in our annual report. The Association does not employ third party fundraisers or employ
the kinds of fundraising tactics that have given rise to public concern. The Association is not
registered with a fundraising regulator and no fundraising compl8ints were received in the 2024 year.
Grant Maklng Policy
The Association invites applications for assistance from needy and deseNing Members of the Bar
who are or have been in practice in England or Wales, their husbands or wives, widows or widowers,
children, and dependants. Assistance may be provided to beneficiaries by way of gr8nt or loan, or a
combination of the ￿0.
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 facililate the return to work of the practitioners who have been in substantial full-time practice
prior to Ihe events occasioning their application.
Restrlcted Fund
In 2022. after consultation with the B8A committee and Withers solicitors, it was agreed that The Inns
of Court Gainsford Trust, a charitable Trust previously administered by Gray's Inn, would transfer their
funds of £314,858 to the BBA. Following the transfer Legal fees were mel by the BBA from this
amount. The fund is to be used to help members of the Bar of England and Wales and their
dependants who either live in Greater London or who have lived in Greater London. Gainsford Trust
will have no further input into the scheme leaving the responsibility lo the BBA. During 2024, £3,891
was paid to needy and d8seNing applicants from the fund.
Resorves Pollcy
The assets of the Association are applicable for ils purposes at the discretion of the Committee
without any distinction between capital and income. The Association has total funds of £13.561,858
(2023 - £13,137.799) ofwhich.-
Page 7

The Barristers. Benevolent Association
Committee Members, Report Icontinued)
£3.697,140 (2023 - £3,529,728) is comprised in designated funds
£193,910 (2023 £200,915) is held in tangible fixed assets, and
£9,213,935 (2023 £8,808,333) of unrestricted and £325,045 of restricted funds {2023
£304,115) are held in investments to continue lo generate income for the Association.
This leaves £131.828 {2023 £294,708) of general free resetves. Whilst under Charity Commission
guidance the Charity's investments represent free reseNes, the Committee considers that these are
held to generate funds lo support its beneficiaries in the future. Consistent with its policy to creat6 and
maintain an adequate capital base, the Commiltee intends to maintain Ihe current level of total
reserves limit at £7,500,OQO although currently al the year*nd there are reserves of £9,345,763 10
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 satisfied Ihat the major and operational risks which the BBA faces
have been identified and confirm thal systems have been established to enable regular reports to be
produced so that the necessary steps can be taken to lessen th8 risks.
The BBA considers that the major risks are loss of or unauthorised access lo dala. and bad publicity
leading to damage to the reputation of the BBA.
The trustees have considered the following major risk that could impact the smooth running of the
business..
Destructlon or damage to premises. As to this, regular backups are made of the compulei
system in the cloud and physical backups taken out of office. Staff have the ability to work from
home.
Loss of staff due to retlremenUr88lgnationllllness. As lo this, slaff are kept under review,
jobs reviewed on the m8t1(et, detailed job descriplions and finance manual are available, and
temporary staff may be employed if necessary.
Computer malfunctionlng and breakdown. As to this, regular backups tak8 place, and the
majority of software is cloud based for 8ccess remotely anywhere.
Inveslment losses through market changes. As to this, regular reviews are undertaken with
the investment managers.
Disclosure of Informatlon to audllor
Each Committee Member has taken steps that they ought to have taken as a Committee Member in
order to make themselves aware of any relevant audit information and lo establish that the Charity's
auditor is awar8 of that information. The Committee Membeis confirm that there is no relevant
information that they know of and of which they know the auditor is unaware.
This report has been prepared in accordance wilh the small companies regime under the Companies
Act 2006.
Approved by order of the Members of the Board of Committee Members on 7 Au9USt 2025 and signed
on ils behalf by..
Terence Mowschenson KC. Chairman
Trustee
Page 8

The Barristers. Benevolent Association
Statement of Committee Members. Responsibilities
The Committee Members (who are also the directors of Th8 Barristers. B8n8volent Association for the
purposes of company law) are responsible for preparing Ihe Committee Memb8rs' Report and the
trustees. report and the financial stat&m8nts in accordance with applicable law and United Kingdom
Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland"
Company law requires the Committ88 Members to prepare financial slatemants for each financial
year which give a true and fair view of the stale of affairs of the charitable company and of the
incoming resources and application of reSoUr￿s, including ils income and expenditure, of the
charitable company for that period. In preparing these financial statements. the Committee Members
are required to..
selecl suitable accounting policies and apply them consistently.
obseNe th8 methods and principles in the Charities SORP.,
make judgements and accounting estimates that are reasonable and prudent.,
state whether applicable accounting standards, comprising FRS 102 hav8 been followed, subject
to any material departures disclosed and explained in the financial statements., and
prepare the financial statements on the going eoncern basis unless it is inappropriate to presume
that the charitable company will continue in business.
Th6 Committee Members are responsible for keeping proper accounting records that can disclose
with reasonable accuracy at any time the financial position of the charitable company and enable
them to ensure that the financial statements comply with the Companies Acl 2006. They are also
responsible for safeguarding the asset5 of the charitable company and hence for taking reasonable
steps for the prevention and detection of fraud and other irregularities.
So far as the trustees are aware:
there is no relevant audit information ol which the Gharilable companys audllors are unaware., and
the trustees have taken all 8leps that they ought to have taken to make themselves aware of any
relevant audit information and to establish that the auditors are aware of that infomiation.
This conf irmation is given and should be interpreted in accordance Wlth the provisions of S418 of the
Companies Act 2006.
The trustees are responsible for th8 maintenance and integrity of the corporate and financial
information included on the charitable company's website. Legislation governing the preparation and
dissemination of financial statements may differ from legislation in other jurisdictions,
Approved by order of the Members of the Committee Board on 7 August 2025 and signed on its
behalf by..
Terence Mowschenson KC, Chairman
Page 9

The Barristers. Benevolent Association
Independent Audltor's Report to the Members of The Barristers, Benevolent
Association
Opinlon
We have audited the financial Statemenls of The Barristers, Benevolent Association (the 'charily') for
the y8ar ended 31 December 2024, which comprise the Statement of Financial Activities, Balance
Sheet, statement of Cash Flows, and Notes to Ihe Financial Statements, including a summary of
significant accounting policies. The financial reporting framework that has been applied in their
preparation 15 United Kingdom Accounting Standards, comprising Charities SQRP FRS 102 'The
Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicabl8 law {United
Kingdom Generally Accepted Accounting 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 2024 and of its
incoming resources and application of resources, including ils income and expenditure, for Ihe
year then 8nded'.
have been properly prepared in accordance with United Kingdom Generally Accepled Accounting
Practice., and
have been prepared in accordance with the requirements of the Companie5 Act 2006.
8asls for opinion
We conducted our audit in accordance with International Standards on Auditing {UK) (ISAS (UK)) and
applicable law. Our responsibilities under those standards are further described in the auditor
responsibilities for the audit of the financial stalements section of our report. We are independent of
the charity in accordance with the ethical requirements that are relevant to our audit of the financial
statements in the UK, including the FRC'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 sufficient and appropriate to provide a basis for our opinion.
Concluslons relating lo golng concern
In 8uditing the financial slalements, we hav8 concluded that the trustees use of the going concern
basis of accounting in the preparation of the financial statements is appropriale.
Based on the work w8 have performed, we have not identified any material uncert8inlies relating lo
events or conditions that, individually or collectively, may cast significant doubt on the charity's ability
lo conlinue as a going concern for a period of at least Iwelve months from when the original financial
slatemenls were authorised for Issue.
Our responsibilities 8nd the responsibilities of Ihe Iruslees with respect to going concern are
described In the relevant seclions of this report.
Other Information
The trustees are responsible for the other information. The other information comprises the
information included in the annual report, other than the financial statements and our auditor's report
thereon. Our opinion on the financial statements does not cover the other information and, except to
the extent otherwise explicitly staled in our report, we do not express any form of assurance
conclusion thereon.
In connection with our audit of the financial statements, our responsibility 15 to read the olheT
information and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained in the audit or othewis6 appears to be materially
misstated. If we identify such material inconsistencies or apparent material misstatements, we are
required to determine whether Ihere is a material misstatement in the financial slatem8nls or a
malerial misslatemenl of the other information. If, based on the work we have performed, we conclude
Ihat there is a material misstatement of this other information, we are required to report that fact.
We hav8 nothing to report in this regard.
Page10

The Barristers. Benevolent Assoclation
Independent Auditor's Report to the Members of The Barristers. Benevolent
Assoclalion (continued)
Oplnion on other malter prescrlbed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit..
the information given in th8 Chaimian's Statement and Committee Members. Report for the
financial year for which the financial statéments are prepared is consistent with the financial
statements,, and
the Chairman's Statement and Committee Members. Report have been prepared in accordance
with applicable legal requirements.
Matters on whlch we are requlred lo report by exceptlon
In the light of our knowledge and understanding of the charity and its environment obtained in the
course of Ihe audil, we have not identified malerial misstatements in the Chairman's Statement and
the Committee Members, Report,
We have nothing to report in respect of the following matters where the Companies Act 2006 requires
us to report lo you if, in our opinion..
adequate accounting records have not be&n kept, or returns adequate for our audit have not been
received from branches nol visited by us., or
th8 financial statements are not in agreement with the aceounling records 8nd returns- or
certain disclosures of trustees remuneration specified by law are not made., or
we have nol received all the information and explanations we require for our audit.
Responsibllltles of trustees
As explained more fully in the Stalemenl of Committee Members, Responsibilities, the trustees are
responsible for the preparation of the financlal stalemenls and for being satisfied that they give a true
and fair view, and for such internal control as the trustees determine is necessary to enable the
preparation of financial statements that are free from material misstalement, whether due to fraud or
error.
In preparing the financial statements, the trustees are responsible for assesslng the charity's abilty to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the trustees either intend to liquidat8 the charity or to cease
operations, or have no realistic altemalive but to do so.
Auditor responsibilltles for the audit of Ihe financlal statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatemenl, whether due to fraud or error, and to issue an auditor's report
that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee
that an audit conducted in accordance with ISAS (UK) will always delect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected lo influence Ihe economic decisions of users
taken on the basis of Ihes8 financial statements.
Irregularities, inoluding fraud, are instan￿5 of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to detect, material misstatements in
respect of irregularilies, including fraud. The extent lo which our procedures are capable of detecting
irregularities, including fraud is detailed below=
Page11

The Barristers. Benevolent Assoclation
Independent Auditors Report to the Members of The Barristers. Benevolent
Association {contlnued)
Identlfylng and assessing polentlal rfsks of materlal mlsstatement due to Irregularities
We considered th8 following when identifying and assessing risks of material misstatement due to
irregularities, including fraud and non-compliance with laws and regulations.
the legal and regulatory framework in which the charity operates
the nature of Ihe sector in which the charity operates
the control environment and controls established lo mitigale such risks
the results of our enquiries of management about their identification and assessment of risks
of irrégularities
discussions with the audit engagement team about where fraud might occur
the incentives for fraud.
Laws and regulation5 which are considered lo be significant to the charity include those relating to the
requirements of financial reporting framework FRS102 and Charilies Sla18ment of Recommended
Praclice, the Charities Act 2011, tax legislation, employment legislation and health and safety. In
addition, we consider other laws and regulation which may not directly impact the financial slalements
but may impact on the operation of Ihe charity.
As a result of these procedures we concluded, in accordance with International Auditing Standards,
thal a risk in relation lo the potential for management override of controls existed.
Audlt responses to risks identified
We undertook audit procedures to respond to the risks identified, and designed our audit testing to
respond to these risks. The additional procedures we undertook included the following..
gaining an understanding of the charity's procedures for ensuring compliance wilh laws and
regulations
testing the appropriateness of journal entries and other adjustments
considering whether accounting estimates were indicative of potential bias
considering whether any transactions arose oulside the normal course of business
making enquiries of management
corroborating our enquiries through review of Board Minutes and correspondence.
We also communicated relevant laws and regulations and potential fraud risks to all engagement
team members and remained alert to any indicators of fraud or non-compliance with laws and
regulalions Ihroughoul th8 audit.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council's webslte at: w￿.fre.0rg.UkjaudItorSresp0n9IbIIi1Ie5. This description
forms part of our auditor's report.
Page 12

The Barristers, Benevolent Association
Independent Audltor's Report to the Members of The Barristers. Benevolent
Assoclation (continued)
Use of our report
This report is made solely to the charitable company's tTUStees, as a body, in accordance with
Chapter 3 of Part 16 of the Compani8s Act 2006, Our audit work has been undertaken so that we
might slate to th8 charity's trustees those malters we are r6quired to state to them in an auditorfs
report and for no other purpos8. To the fullest e*(ent permitted by law, we do not accept or assume
responsibility to anyone other than the charitable company and its trustees as a body, for our audit
work, for this report, or for the opinions we have formed.
Alexandra Shore (Senior Statutory Auditor)
For and on behalf of A C Mole LLP
Chartered Accountants and Statutory Auditor
stafford House
Blackbrook P8rk Avenue
Taunton
Somerset
TA12PX
Date...,....
A C Mole is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment
as auditor of a company under section 1212 of the Companies Act 2006.
Pag8 13

The Barristers, Benevolent Association
Statement of Financial Actlvities for the Year Ended 31 December 2024
Ilncluding Income and Expendlture Account)
Unraslricted
funds
Restrlcted
funds
Tolal
2024
Note
Incom8 from:
Donations and legacies
Investment inccme
Other income
343,323
233,565
7,207
1,870
7,838
345,193
241,403
7,207
Total income
584,095
9,708
593,803
Expondlture on:
Raising funds
Charitable activities
(42,181)
625,019
(1,458)
3,891
{43,839)
628,910
Total expenditure
Gainsllosses on investment assets
1667,200)
486,234
(5,349)
16,571
(672,549)
502,805
Net income
403,129
20,930
424,059
Net movem8nt in funds
403,129
20,930
424,059
Reconclllation of funds
Total funds brought fO￿ard
Total funds carried forward
12,833,684
13.236,813
304.115
13,137,799
13,561,858
19
325,045
The notes on pages 18 to 33 form an inlegral part of these financial slatemenls.
Page14

The Barrlster8' Benevolent Assoclation
Statement of Financial Activities for the Year Ended 31 December 2024 {contlnued)
(Including Income and Expenditure Account)
Total
2023
£{As
rastated)
Unrestrl¢ted
funds
Restricted
funds
Noto
Income from:
Donalions and legacies
Investmenl income
Other income
573.143
239,457
7,200
400
7,897
573,543
247.354
7,200
Total income
819.800
8,297
828,097
Expenditur8 on:
Raising funds
Charitable aclivilies
(39,358)
511,167
(1,398)
8,527
(40,756)
519,694
Total expenditure
Gainsllosses on investment assets
(550,525>
481,541
(9.925)
17,104
(560,450)
498,645
Net income
750,818
15.476
766.292
Net movement in funds
750,816
15,476
766,292
Réconcillallon of funds
Total funds brought fo￿ard
Total funds Carried forward
12,082,888
12,833,684
288,639
12,371,507
13,137,799
19
304,115
All of the charity's activitie8 derive from continuing operations during the above perlods,
The funds breakdown for 2023 is shown In note 19.
The notes on pages 18 to 33 form an integral part of these financial statements.
Page 15

The Barristers, Benevolent Associatlon
(Regi8tratlon number: 06284271)
Balance Sheet as at 31 December 2024
2023
£IAs
restated)
2024
Note
Fixed assets
Tangible assels
Investments
Programme related investments - Concessionary loans
12
13
14
193,910
9,538,980
3,697,140
200,915
9,112,448
3,529,728
12,843,091
13,430.030
Current assets
Debtors
Cash at bank and in hand
90,256
254,360
344,616
123,730
395,792
519.522
Credltors: Amounts falllng duè within one year
Net current assets
16
21,788
33,814
322,828
485,708
Nat assets excluding pension liability
Provisions
13,752,858
191,000)
13,328,799
18
191,000
Net assets
13,561,858
13,137,799
Funds of th8 charity:
Reslricted funds
Unreslricled funds
325,045
13,236,813
13,561.858
304,115
12,833,684
Total fund5
19
13,137,799
The Committee Members acknowledge their responsibilities for ¢omplying with Ihe requirements of
the Companies Act 2006 with respect to the accounting records and preparation of the financial
statements,
The financial stalemenls hav8 been prepared in accordance with the provisions applicable lo entities
subject lo the small companies regime.
The financial statements on pages 14 to 33 were approved by the Iruslees, and aulhorised for issue
on 7 August 2025 and signed on their behalf by:
Terence Mowschenson KC, Chairman
Trustee
The notes on pages 18 to 33 form an integral part of these financial statements.
Page 16

The Barrlsters, Benevolent Association
Statement of Cash Flows for the Year Ended 31 December 2024
2023
£(A8
restated)
2024
Note
Cash flows from operatlng activities
Nel income
424,059
766,292
Adjustments to cash flows from nonvcash Items
Depreciation
Investment income
Interest payable
Revaluation of investments
8,242
(241,4031
43.639
502,805
(268,268)
8,845
(247,354)
40,756
(498,645
69,894
13
Worklng capital adjustments
{In¢rease)Idecrease in programme related investment8
Decreasel(increase) in debtors
{Decrease)lincrease in creditors
Net cash flows from operating activities
14
15
16
(167,412)
33,474
12,028
25,739
(15,714)
3,925
414,232
83,844
Cash f lows from investlng actlvitias
Investment income
Purchase of tangible fixed assets
Purchase of inveslmenls
Sal8 of investments
241,403
11,237)
<1,883,900}
1,960,173
247,354
(1,062)
{6,347,533)
5,871,063
12
13
13
Net cash flows from inv6Sting activities
Cash flows from financlng actlvitles
Interest payable and similar charges
Net decrease in Cash and cash equivalents
Cash and cash equiv81ents at 1 January
Cash and cash equivalents at 31 December
316,439
(230,178)
43,639
40,756
(141,432)
395,792
254,360
1187.090)
582,882
395,792
All of the cash flows are derived from continuing operations during the above periods.
The notes on pages 18 to 33 form an integral part of these financial statements.
Page 17

The Barrlsters. Benevolent Association
Notes to the Financial Statements for the Year Ended 31 December 2024
l General Information
The Charity is a company limited by guarantee and is regist8red with the Charity Commission {Charity
Registered Number 1106768> and Registrar of Companies (Company Registration Number
052842711.
The Member6 of the company are the Committee Members named on page 1. In the event of the
Charity bein9 wound up, the liabilily in respect of the guarantee is limited to £1 per Member of the
Charity.
The address of the registered office is given in the Charity information on page 1 of these financial
statements. The nature of the Charily's operations and principal activities are listed in the Committee
Members, Report.
2 Accounting policies
Basis of preparalion of financlal stalements
The financial statements have been prepared in accordance wilh Ihe Charit188 SORP IFRS 102)
Accounting and Reporting by Charities.. Statement of Recommended practi￿ applicable to charities
preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK
and Republic of Ireland IFRS 102) (issued October 2019), the Financial Reporting Standard
applicable in the UK and Republic of Ireland {FRS 1021 and the Companies Act 2008.
The Barristers, Benevolent Association meets the definition of a public benefit entity under FRS 102,
Assets and liabililies are initially recognised at historical Gosl or transaction value unless othe￿iSe
stated in the relevant accounting policy.
The financial statements are presented in Pounds Sterling which is the functional currency of the
Charity and rounded lo the nearest pound.
Going concern
The Committee Members have assessed the use of going concern and have considered possible
events or conditions that might cast significant doubl on the ability of the Charily lo conlinue as a
going concern. The Committee Members have made this assessment for a period of at leasl one year
from the dale of the approval of these Financial Slalemenls. The Committee Members have
concluded that there are more than adequate resources to continue in operational existence for the
foreseeable future and have no immediate concerns. Therefore the charity continues to adopt the
going concern basis in preparing its financial statements.
Income
All income is recognised once the charity has enlitlement to the income. it is probable that the income
will be received and Ihe amount of the income receivable can be measured reliably.
Page 18

The Barristers, Benevolent Association
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
2 Accountlng policies (continued)
Legacies
The recognition of income from legacies is dependent on establishing entitlement, the probability of
receipt and the ability to estimate wilh sufficient accuracy the amount receivable. Evidence of
enlillemenl to a legacy exists when the Charity has sufficient evidence that a gift has been left to 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. Receipt of a
legacy musl be recognised when it is probable that it will b8 received and the fair value of the amount
receivable. which will generally be the expected cash amount to be dislributed to the Charity, can be
reliably measured,
Donations
For donations to be recognised the Charity will have been notified of the amounts and the settlement
date in writing. If there are conditions attached to the donation and this requires a level of
performance b&fore &nlitlement can be obtained then income is deferred until those conditions are
fully mal or the fulfilment of those conditions is within the control of the Charity and it is probable that
they will be fulfilled.
On receipt, donated professional seNices and facilities are recognis8d on the basis of the value of the
gift to the Charily which is the amount it would have been willing to pay to obtain s8rvic&s or faciliti@s
of equivalent economic benefit on the open market,, a corresponding amount is then re¢ognised in
expenditure in the period of receipt
Income tax recoverable in relation lo donations received under Gift Aid or deeds of covenant is
recognised at the time of the donation.
Income from Investments is recognlsed when it is recelvable.
Income tax recoverable in relation to investment income is recognised at the time the investment
income is receivable.
other income is recognised in the period in which it is receivable and to the extent the goods have
been provided or on completion of the service.
Expenditure
All expenditure Is accounted for on Sn accruals basis and has been classified under headings that
aggregate all costs related to that category. Expenditure is recognised once there is a legal or
constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of
economic benefits will be required in selllement and th& amount of the obligatlon can be measured
reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of
direct costs and shared costs, including support costs involved in undertaking each aclrvily. Direct
costs attributable to 8 single activity are allocated directly to that activity. Shared costs which
contribute to more than one activity and support costs which are not attributable to a single activity are
apportioned be￿een those activities on a basis consistent with the use of resources. Central staff
costs are allocated on Ihe basis of time spent, and depreciation charges allocaled on the portion of
the assel's use.
Expenditure on raising funds includes all expenditure incurred by the Charity to rais8 funds for its
charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Page 19

The Barristers. Benevolent Association
Notes to the Financlal Statements for the Year Ended 31 December 2024 (contlnued)
2 Accounting pollcies (continued)
Expenditure on charitable activities is incurred on directly undertaking the 8Ctivilies which further the
Charity's objects, as well as any associated support costs.
Grant5 payable are charged in the year when the offer is made excepl in th0$8 cases where the offer
is conditional, such grants being recognised as expènditure when the conditions attaching are fulfilled.
Grants offered subject to conditions which have not been met at the year end are noted as a
commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
Taxation
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010
and Iherefore it meets the definition of a charitab18 company for UK corporation tax purposes.
Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains
received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section
256 of tha Taxation of Chargeabl8 Gains Act 1992, to the extent that such income or gains are
applied exclusively lo charitable purposes.
Tanglble fixed assets and depreciation
Tangible fixed assets costing £500 or more are capitalised and recognised when futur8 economic
benefit5 are probable and the cost or value of the asset can be measured reliably.
Tan9ible fixed assets ar8 initially recognised al cost. After recognition, under the cost model, tangible
fixed assets are measured at cost less accumulated depreciation and any accumulated impairment
losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be
included in the measurement of cost.
Depreciation is charged so as to allocale the cost of tangible fixed assets less their residual value
over their eslimated useful lives, using the straight-line method,
Depreciation is provided on the following ba5es'.
Leasehold property
Fixtures and fittings
Computer equipment
20/• Straight line on cost of building
159/0 Straighl line
20 % straight line
Investments
Fixed assel investments are a form of financial instrument and are inilially recognised at their
transaclion cost and subseqvently measured at fair value using the closing quoted market price. All
gains and losses are taken lo the Statement of Financial Activities as they arise.
The Statement of Financial Activities includes the net gains and losses arising on revaluations and
disposals throughout the year.
The fair value of listed investments is determined by reference to the quoted price for idenlical assets
in an active markel at the Balance Sheet dale
Page 20

The Barristers. Benevolent Assoclation
Notes to the Financlal Statements for the Year Ended 31 December 2024 (contlnued)
2 Accounting policies {continued
Concesslonary loans
Conc&ssionary loans include those receivable from third parties which are inlerest free or below
market inter8St rates and are made to advance charitable purposes. Where the loan is repayable in
more than one year, the loan is initially measured at cost, with the carrying amount adjusted in
subsequ8nt years to reflect repayments and adjusted if necessary for any impairment. As the majority
of loans are expected to be repaid in more than one year, Concessionary loans are included within
non-currenl assets.
Debtors
Debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid.
Cash and cagh equlvalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly
liquid investm8nts that ar& readily convertible to a known amount of cash and are subject to an
insignificant risk of change in value.
Llabilitles and provlslon8
Liabilities are rècognised when there is an obligation at the Balan￿ Sheet dale as a result of a past
event, it is probable that a transfer of economic benefit will be required in settlement, and the amount
of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle thé debt or the
amount it has received as advanced payments for the goods or services il must provide,
Financlal Instruments
The Charity éoes not have any complex financial instruments. The Charity only holds basic FinanGial
Inslrumenls. The financial assets and financial liabilities of the Charity are as follows..
Debtors
other debtors (Including accrued income) are basic financial instruments and are debt
instruments measured at amortised cost as delailed in Note 16. Prepayments are not financial
instruments.
Cash at bank- is classified as a basic financial inslrum8nt and is measured al face value.
Liabilities accruals and other creditors will be classified as financial instruments, and are measured
at amortised cost as detailed in Note 16. Taxation and social security are not inGluded in the financial
instruments disclosure. Deferred income is not deemed to be a financial liability, as in the cash
setllement has already taken place and there is simply an obligation to deliver charitable servioes
rather than cash or another financial instrument.
Investments - are measured al fair value.
Page 21

The Barristers, Benevolent Association
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
2 Accounting pollcies (contlnued)
Operatlng leases
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straighl
line basis over the lease term.
Pensions
The charity pays pension benefi15 10 pensioners on an unfunded basis. The benefits arè for a
fixed amount and therefore the scheme is considered to be a defined benefit schem8. The value of
the Scheme's liabilities have been determined in accordance with the requirements of FRS102 by
8Xternal actuaries, Barnett Waddingham, by projecting the expected benefit payments using certain
assumptions and discounting these back lo the latest review date. Further information is included in
Note 18.
Fund accounting
General funds are unreslricled funds which are 8vailabl@ for use at the discretion of the Committee
Members in furtherance of the general objeclive8 of the Charity and which have not been designated
for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Committee Members
for particular purposes. The aim and use of each designated fund is set out in the notes lo 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 purposes. The Costs of raising and
administering such funds are charged against the 8pecifiG fund. The aim and use of each restricled
fund 18 set out in the notes to the financial statements.
Investment income, 9ains and losses are allocated lo the appropriate fund.
Prior period adjustment
Where corrections are required to comparative figures, these are adjusled in the earliest period to
which they relate. Details of prior period adjustments are included in Note 22.
Page 22

The Barrlsters, Benevolent Association
Notes to the Financial Statements for the Year Ended 31 December 2024 (contlnued)
2 Accountlng polic18s (contlnued)
Critlcal accounting Judgements and estimation uncertalnty
The preparation of the financial statements in conformity with FRS 102 requires management to make
judgements, estimates and assumptions that affect the application of policies and reported amounts of
assets and liabilities, incom8, and expenses.
Estimates and judgem8nls are continually evaluated and are based on historical experience and other
factors, including expectations of future events that ar6 believed to be reasonable under the
circumstances.
The charity makes estimates and assumptions concerning the future. The resulting accounling
eslimales will, by definition, seldom equal the related actual results, The Trustees consider Ihal the
following critical accounting estimates and judgements have a significant risk of causing a material
adjuslmenl to the carrying amounts of assets and liabilities within the next financial year..
Penslon scheme liabllitles
The charity has an obligation to pay pension benefits to certain former employees. The cost of
these benefits and the present value of the obligation depend on a number of tactors, including..
life expectancy and the discount rale on corporate bonds. With assistance from external
actuaries, the Committee Memb8rs estimate these factors when determining ih8 pension
liability recognis8d In the balance sheel. There is a risk that actual factors in the future diffei
from these assumptions. In addition, the actuarial valuation as at 31 Dec&mber 2024 has been
used to estimate the prior period liability. There is a rlsk that the actual pension liability as al 31
December 2023 differed to this estimate. Full details of the pension liability are included in Note
18.
Concessionary loan Impalrments
Committee Members make estimates as to the recoverability of concessionary loans, and
impairments are recognised where the ability to recover loans is considered to be in doubt. The
actual loans recovered in future periods could differ from the impairmenls recognised at the
balance sheet date.
Page 23

The Barristers. Benevolent Assoclation
Notes to the Financial Statements for the Year Ended 310ecember 2024 (continued)
3 Income from donatlons and legacies
Unrastricted
funds
Restrlcted
funds
Total
funds
Donations
Legacies
Donations received from specific institutions
Total for 2024
198,406
81,166
83,751
343,323
1,870
200,276
61,166
83,751
1,870
345,193
Donations
Legacies
Donations received from specific institutions
Total for 2023 (As restatgd)
An analysis of donations received from specific institutions is shown in Note 4.
206,458
289,550
77,135
400
206,858
289.550
77,135
573,143
400
573,543
4 Donations received from speclflc institutlons
2024
2023
Honourable Society of Inner Temple
Honourable Sociely of Middle Temple
Honourable Society of Lincoln's Inn
One Crown Office Row
Landmark Chambers
Wilberforce Chambers
Quadrant Chambers
Matrix Chambers
Falcon Chambers
1GC Management Limited
Chancery Bar Association
The Band Trust
Property Bar
Gray's Inn Benchers Ladies Associalion
Jane and James Kessler Family Charitable Trust
2 Kings Bench Walk Chambers
10,000
20,000
32,000
10,000
20,000
32,000
250
500
500
250
300
6,650
500
250
250
5,000
250
3,000
2,000
185
1,500
2,000
455
10,000
3,046
83,751
77,135
Page 24

The Barristers, Benevolent Associatlon
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued
6 Investment Income
Unrestrlcted
funds
R8stricted
funds
Total
funds
Dividends and interest on investments
Bank interest receivable
228,540
5,025
7,838
236.378
5.025
Tolal for 2024
233,565
7.838
241,403
Dividends and interest on investments
Interest on loans
Bank inter681 receivable
224,039
11,486
3,932
7,897
231,936
11,486
3,932
Total for 2023
239,457
7,897
247,354
6 Other Income
Unrestrlcted
funds
Restricted
funds
Total
funds
Rental incom6
7,207
7,207
Total for 2024
7,207
7,207
Rental income
7,200
7,200
Total for 2023
7.200
7,200
7 Analysls of expendlturo on charllable actlvltles
a) Costs of generating donations and legacles
Unrestrlcted
funds
General
Restricted
funds
Total
2024
Investment management costs
42,181
1,458
43,639
Unrostricted
funds
General
Restricted
funds
Total
2023
Investmenl management costs
39,358
1,398
40,756
Page 25

The Barristers. Benevolent Associatlon
Notes to the Flnancial Statements for the Year Ended 31 December 2024 (continued)
7 Analysis of expenditure on charitable acllvlties (contlnued)
Activiti88
undertaken
dlreclly
3,602
Grant funding of
actlvlties
308,229
Support
costs
317,079
Total funds 2024
628,910
Grant giving
Total 2024
3,602
308.229
317,079
628,910
Acllvlties
undertaken
dlrectly
3,450
Grant funding of
activlties
222.948
Support
costs
293,296
Total funds las
restated) 2023
519.694
Granl glving
Total 2023
3,450
222,948
293,296
519,694
In both the current and previous y8ar, all grant funding of activities were lo individuals.
Grants were made lo 5312023 - 501 individual beneficiaries, often in respect of living costs such as
food, medical, rent and council tax. Grants varied in length between the short and long term and were
often distributed monthly or quarterly.
8 Analysis of governancè and support Gosls
Support costs
2023
IAS restated)
2024
Staff costs
Depreciation
Rent and rates
Office cleaning, electricity, insurance, mainlenance and water
Printing, postage, stalionery and appeals
Telephone
Advertising
Computer consultants
Bank charges
Subscriptions
Sundry expenses
Concessionary loans Impairment
Governance costs
122,167
8,242
60,187
8,285
68
2,484
6,000
23,821
1,008
2,933
597
24,415
56.874
117,192
8,845
57,611
7,730
1,653
2,624
6,000
22,398
1,063
2,482
774
4.403
60,521
293,296
317,079
Page 26

The Barristers. Benevolent Assoclatlon
Notes to the Flnanclal Statements for the Year Ended 31 December 2024 (continued)
8 Analysis of governance and support costs (continued)
Governance costs
Total
2024
Total
2023
Legal and professional fees
Auditor's remuneration Audit of th8 financial statements
Auditors, remuneration - Other servic8S
Auditors remuneration - Audit of the financial statement -
predecessor firm
Auditors remuneration - Other services - predecessor firm
Auditors remuneration - Under accrual of prior year- predecessor
firm
37,158
15,218
4,500
35,610
18,600
4,200
2,111
60,521
56,874
9 Staff costs
2024
2023
Wages and salari6S
Social security costs
Pension costs
90,533
5,847
25.787
86,342
5,272
25,578
117,192
122,167
The average number of persons employed by the Charity during the year was as follows,.
2024
No.
2023
No.
Administration
No employee received remuneration amounting to more than £60,000 in either year.
10 Commlttee Members. remuneratlon and expenses
During the year, no Committee Members received any remuneration or other benefits12023- £NIL).
During the year ended 31 December 2024, no Committee Member axpenses have been incurred
{2023 - £NIL).
11 Taxation
The charily is a regislered charity and is therefore exempl from taxation on its income and capital
gains to the extent that such income 15 applied to Charitable purposes.
Page 27

The Barristers, Benevolent Assoclatlon
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
12 Tanglble fixed assets
Fixtures and
fittlngs
Computer
equipment
Propertles
Total
Cost
At 1 January 2024
Additions
304,950
33,838
14,567
1,237
353,355
1.237
At 31 December 2024
304,950
33,838
15,804
354,592
Depreciatlon
At 1 January 2024
Charge for the year
Al 31 December 2024
106,586
6,099
33,838
12,01S
2,143
152,440
8,242
112,685
33.838
14,159
160,682
Net book value
At 31 December 2024
192,265
1,845
193,910
At 31 December 2023
198.364
2,551
200,915
All fixed assets ar8 held for use by the Charily.
The Assoclation has an inleresl in I￿0 properties (one freehold and one leasehold flall where
ownership has been transferred to the Association by beneficiaries of the Charity.
13 Fixed asset Investments
Llsted
Lisled
investments inv•stments
2024
2023
Falr value
At 1 January 2024
Additions
Disposals
Revaluation
9,112,448
8,137,333
1,883,900
6,347,533
{1,960,173) (5,871,063}
502,805
498,645
At 31 December 2024
9,538,980
9,112,448
Page 28

The Barristers. Benevolent Association
Notes to the Financial Statements for the Year Ended 31 December 2024 (contlnued)
14 Programme related investments - Concesslonary loans
2024
2023
Loans at 1 January
Loans granted in Ihe year
Loans repaid in the year
Loan impairment charges
Loans at 31 December
3,529,727
288,397
196,569)
24.415
3,555,467
208,235
{229,571>
4,403
3,697,140
3,529,728
As the majority of loans are expected lo be repaid in more than one year, Concesslonary loans are
included wilhin non-Gurrent assets.
Where possibl8. loans are secured on the beneficiary's property. Interest is charged on secured loans
at a rate of 1 % plus base rate. No interest is charged on unsecur8d loans.
15 Debtors
2024
2023
Prepayments and accrued income
Dividends and interest receivable
Other debtors
21,900
68,318
38
54,836
88,856
38
90,256
123,730
16 Creditor8: amount8 falling due withln one year
2024
2023
Trade creditors
Other credltors
Accruals
1,386
902
19.500
21,788
1,273
9,741
22,800
33,814
17 Operating lease commitmenls
At 31 December 2024 Ihe Charity had commitmenls to make future minimum lease payments under
non-cancellable operating leases as follows..
2024
2023
Within one year
Between one and five years
38,088
133,308
42,088
63,132
171,398
105,220
Page 29

The Barristers, Benevolent Association
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
17 Operatin9 leas8 commitments {contlnued}
The following lease payments have been recognised as an expense in the Statement of Financial
Activities..
2023
(As reslated)
2024
Oparaling lease rentals
58,088
59,148
59.148
58,088
18 Pension commltments
The charily has an obligation to pay pension benefits to certain former employees. The benefits are
paid on an unfunded basis, i.e. there are no funds explicitly set aside and ringfenceé for this purpose.
Th8 pension benefits are for a fixed amount and as such the scheme is a defined benefit scheme.
In accordance with Financial Reporting Standard 102, the present value of future obligations lo make
penslon payments have been recognised as a liability at the balan￿ sheet date.
2024
2023
Presenl value of unfunded obligations
191,000
191,000
Pension liabilitles
191,000
191,000
The Truslees have engaged Barnett Waddingham LLP, registered actuaries, to provide 8 valuation of
the unfunded pension liabilities for the Association's accounts.
The aduaries have provided a valuation as at the balance sheet dale, 31 December 2024, The
Trustees consider that this provides a reasonable eslimatlon of the liability for the prior period, and
therefore their report has also been used lo eslimate the liability for the comparative figures.
Determinirbg the value of the pension liability depends on a number of assumptions, The principal
actuarial assumplions at the balance sheet dale were as follows..
2024
2023
Discount rate
Mortality tables
Future mortality Improvements:
5.2/.
S4NA
5.20/0
S4NA
CMI 2024 projections using a long term improvement rale of 1.500/• pa. Core values are used for other
parameters.
The unfunded pensions are fixed and therefore do not incur annual increases.
Page 30

The Barristers. Benevolent Assoclatlon
Notes to the Flnancial Statements for the Year Ended 31 December 2024 (contlnued)
19 Funds
Balance
Balance at
a11
Other
31
January Incoming Resources
recognised December
2024
resourc8s expended Transfèrs gainsl(lossos) 2024
Unrestrlctod f unds
General
General funds
9,303,956
584,095 (667,200) (167,412> 486,234
9,539,673
Designated
Funds designated
for loans
3,529,728
167,412
3,697,140
Total unr6Strlcted
funds
12,833,684
584.095 {867,200)
486,234 13,236.813
Restricted fundg
Th8 Inns of Court
G8insford Trust
304,115
5.349
16,571
325,045
Total funds
13,137,799
593,803
672,549
502,805 13.561,858
General funds are funds which can be used in accordance with the charitable objects at the discretion
of the Commit168 Board.
Designated funds are set aside by tha Committee Members out of the unrestricted general funds for
specific future purposes.
The fund designated for concessionary loans was set up to recognise the funds committed to loans lo
beneficiaries. The transfer belween the funds is to align the closing balance of the fund with Ihe year
end valuation of the programme related inveslmenls.
The Inns of Court Gainsford Trust, a charitable Trust previously administered by Grays Inn,
transferred their funds to the BBA. Th6 fund is to be used to help members of the Bar of England and
Wales and their dependants who either liv& in Greater London or who have lived in Greater London.
Page 31

The Barristers. Benevolent Association
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
19 Funds (contlnued)
Balance
Balance
at31
at1
December
January
Other
2023
2023(As
Incomlng Resources
recognlsed
(As
restated) resources expend8d Transfers gainsl(lossesl restated)
Unrestrlcted funds
General
General funds
8,457,401
819,800 {550,5251
95,739
481,541 9,303,956
Deslgnated
Funds designed for
loans
3,625,467
95.739
3,529,728
Total unrastrlcted
funds
12,082,868
819,800 {550,525}
481,541 12,833,684
Restrlcted funds
The Inns of Court
Gainsford Trust
288,639
9,925
17,104
304.115
Total funds (As
reslatedl
12,371,507
828,097
560,450
498,645 13,137,799
20 Analysis of net assets between funds
Total funds
at31
Decomber
2024
Unrestricted
funds
General
Restricted
funds
Tangible fixed assets
Fixed asset investments
Programme related inveslmenls
Current assets
Current liabilities
Provisions
193,910
9,213,935
3,697,140
344,616
(21,788}
191.000
193,910
9.538,980
3,697,140
344,616
121,7881
191,000
325,045
Total net assets
13,236,813
325,045
13,561,858
Page 32

The Barristers. Benevolent Association
Notes to the Financlal Statements for the Year Ended 31 December 2024 {continued)
20 Analysls of net assets between funds (contlnued)
Total funds
at31
Dec8mb8r
2023
Unrestricted
funds
General
Restrlcted
funds
As restated
Tangible fixed assets
Fixad asset investments
Programme related investments
Current assets
Current liabilities
Provisions
200,915
8,808,333
3,529.728
519,522
(33,814)
191,000
200,915
9,112,448
3,529.728
519.522
{33,814)
191,000
304,115
Total nel assets
12,833,684
304,115
13,137,799
21 Related party transactions
There were no related party transactions during the year other than Committee Members making
unrestricted donations of £5,120 (2023 - £5,065) to the Charity.
If a Committee Member knows an applicant, then they are not involved in the decision making
process in regards to agreeing loans or gr8nt applications.
22 Prior perlod adjustment5
Penslon scheme obligatlons
During the year it was identified that pension scheme obllgations, which had previously been
disclosed, were required to be included as a liability in the accounts in order to comply with Ihe
requiremenls of Financial Reporting Standard FRS102. As a result, the present value of these
obligations has b8en included as a liability.
Th8 adjustment lo the accounts was to Increase pension scheme liabilities £t 1 January 2023 by
£191,000 and reduce unreslricted reserves by the same arnounl. Further details are included in note
18,
Concesslonary loans
During the year, il was identified that Concessionary loans were more accurately classified as
non-current assets, the prior period comparatives have therefore been updaled to reflect this
classificalion. There is no net effect on reserves.
Rent charge
During the year, il was identified that rent paid for the premises was net of an annual donation from
the landlord. The comparative figures have been adiusled to reflecl the gross rent cost and donation
received. This increases rent payable and donations received by £20,000. There is no net effect on
reserves.
Page 33