THf. COUNCIL OF THC INJYS OF COURT {CoJnpaiiy Liiniled by GuaraRilee) REI PORT Af4D FINANCIAL STATEI Mf4 NTS FOR THE YEI AR ENDEI D 31 DECEMBER 2021 Company Niimber". 08804708 Charity Iyiimber.. 1155640
THE COUNCIL ofi THE INNS OF COURT REI FEI RENCE AND ADMINISTRATIVE DETAILS FOR THE YEI AR ENDED 31 DEI CEfvIBfi,R 2021 Status The orgaiiisation is a eliArilable coi)Ipany liiniled by guarantee, ineorpoi?ted 6 Deceiiiber 2013 and iegi5tered as R cliArity on 5 Febriia¥y 2014. The chai'ilable toii)paiiy coiniiieiiced operatioiis 011 l July 2014. Goveriiiiig Docuin¢nt The charity is eollti'olled by its Ineinorandiiin and articles of association, and coiistitutes a liniited conip8ny, liiiiiled by giiarai)lee, as defllied by the Coinpc1nies Act 2006. Conip4ny Nunibei. 08804708 Clipi-ity Niiniber 1155640 Registered Office 9 Gi'8y's Iiin Square Lojidon WCIR5JD Ti-u51ee5 All Trustee5 5erYed throiighout tlie year and thereafter except where slated.. Jallet Bignell QC Desinond Bi'owne QC (until 30 April 2022) Flelen DaviES QC Gregoiy DoiEy CVO Chantal Aunee Doeiries QC Rt 14on Lojd J1151ice Nicliolas Green (froni l May 2022) Anthoiiy Hai'kinLT OBE GILY Perricone (froim 2 May 2022) Anne ShaTP CBE Richai'd Wiiiltill)I QC (fi'oin l Januaiy 2021) Victoria Wallace DL (until 14 April 2022) Btliiliei's Royal Baiik of Scotlaiid 5- 10 Gi'eAt Tower Street London EC3P 3HX Aiidiloi FIaysn)acintyre LLP 10 Queeii ShEel Place London EC4R IAG
THE COUNCILofi THC INNS or COURT TRUSTEI EIS, REIPORT IOR THC Yr.AR CNDE4 D JI DrcfMBf4 R 2021 Tlie Ti'llstees are pleased to present Il)eir aiii)iial Ti'ustees. Report iogether ivilh Ilie fiiiancial stateii)eiits foi. the yeai. ended 31 Dcecjiiber 2021 wliich are also prep2Ted to Inect tlie requiieiiieiits of a direLlors' I'epoi-l and accoiinls for Conipc1nies Act piirpos¢S. The fiiiancial slalemcnts coinply witli tlic Chai'it1¢5 A¢1 2011, the Cojnpaiiies Act 2006, tlie Memorandum and Articles of Associatioii and Accoiiiiliiig aiid Rcporting by Cliai'ilics- Ilic Stateiii¢i?t of Ilecoiiiiiieiidcd l)raclice applicable to cliariiie5 piepai'iiig their accoiiiils ii) acco¥dwicc ivitli tlie Statejncnt of Rccoiniiicndcd Piaeticc foi. Chariiies (SORP 2015} (ScLond Edi(ioii, effeclive l Jaiiiiaiy 2019) and, tlic Pinancial Repoiling Standard applicabl¢ iii tlie UK and Repiiblic of Ireland (rRS 102). CONSTITUTION The Coiincil of the Inns of Coiirl ("COIC") is sel up uiider ils Meinoi'anduin and Articles of Association, I'¢gis¢ei¢d as 8 Coinpany Liiniled by Giiarantee, registration iiiiii)bei' 08804708 and is iegislered witli the Cliarity Coinmission under thc Lhai'itics Act 201 I, Tegisli'ation nuii)ber 1155640. COIC was iiicoi'poyatcd as a charitable coinpany liJMited by giiarantEe on 6 Deceinbei. 2014. Foi. the purposes of the Coinpaiii¢s Act 2006 the Boai'd of Trustees is iegaiéed As Ihe Iloard of Dii'ectoi3 of tlie coinpaiiy. The liability of the Irustees, being ii)einbeis of the charitable compRt)y, is liinited. Every n)ember of the charitable coinpany Iinderlake.5 to conD'ibLile to tlic assct% of thc chRI'itable conipany in the event of the saii)e being woiind lip whilst he is a Ineinber. or within one year afte). lie ¢eas¢s to bc a mcmber, for the payinent of the debis and liabilities of Ilie charitable coii)paiiy contracted before he ceased to be a Ineinbei. and for siich Costs, chaT8es and expei)se5 olthe winduig up, and for tlie adjushnent of the l'ights of th¢ contributiOll5 yinong Iheinselves, sucli 811?ounls as inay be reqiiiyed, not exceeding one pound. OBJEI CTIVEI S AND ACTIVITIES The objtcls of the eouncll are: To advance education in Ihe adniinislration and practice of the law and related disciplines, incliiding by providijig oui'ses, training and educational Inalerials, and by proinoting. undei1aking. aiid piiblishiiig reseairh. To pro10t¢ the sourtd admini$tration of the law, including by.. promoting high standards of advocacy to support th¢ rule of law. aiid overseeing and enforcing professional standards of conduct iti ielation to the provision of adYo¢acy and ielated legal s'ViCes. in each case. anywhei'e in the world aiid for tlie public benefiÉ. Strategic Aims The strategic aiins in puiSlllt of the above cliaritable objects air lo.. Provide excellent Bai. training for the sele¢t¢d ICCA ¢ohoit of Bai. Students. Provide leadership and giiidance in advocacy tralliing. Provide a foriiin in ivl)icli tlie Injis and otlier advocacy haiiieis ran incet and shaiE infonnation on advocacy. Reseai'ch & disseininate iiialerials and best pi'actic¢ in advocacy and advocacy training., Orgaiiise ediicalional tiaining and other eveJit%' Coiiiinuiiicate ivith all ii)tere5ted peisons aiid orgapi5atioiis iEb¥arding advocacy slartdards and training; Liaise and coopei'ale with legal jurisdictions outside of biigland and Wales iii the provisioii of adv0¢8ey Iraining and ti'aining of traiiiers. Pi'uvide a Bai. Iribiiiial hearings service that 15 efficien¢, effective, tijnely, pi'ofcssioDal and transparent and oiie that uses up to date pi'actices an(1 appi'oaches- Fiacililate higli 4iiality decision-liiaking in the piiblic inteiESI- 10. Pjvide indepeiidei)ce aiid cleai. separation of the adjudicalory function froin the i)roseciiting i'olc of Ihc Bar Standtti'ds Board.
THE COUNCIL OF THE INNS oft COURT TRUSTEES, REPORT FOR THE YEAR EINDED 31 DEICEMBEIR 2021 Objective5 A nLiinber of objec¢ivcs weTe set foi. 2021, an)ongst tlie Inost significaiil wei'e lo: Deliver a Part One and Part Two Bar Coui'se lo a highly selective group of diverse students ba5cd oji exc¢ll¢nt pcdagogic pi'in¢iple5' Continiie to build aiid iilipi'ove our IECOI'd of studeiit adniissioiis lo select a cohort which is diveisc and in kceping with oiir policy foi. Fair IIcci'iLltiiieiit ai)d F.&D, based 0111icacli a¢livilies' Conliniic to review aiid develop tlic Criiniiial 'Advocacy aiid the Viilneixble, CouiBe in tel)5 of content and delivery and, haviiig ¢valiiated tlie sii¢c¢5s of the 20 Prii)ciples of Questioning ii) practice, tOlnLiience a i'evieiv. Coi)tiniie to work witli tlie FLBA to prodLl¢e a traiiiing course foi. deliveiy to over 1,000 faniily advocates coinniencing in2021. To create Piipillage F.thics niatei'ials to a55iSt piipils to prepare for the BSB Pupftllage Ethics a5SCSSll)eiit5 FI] April 2022; To iyoi'k willi the ICCA (iovernors to ensure fmancial stability foi. the ICCA Bar CoUlt and niaintaiji sttident Explore TDAP (D¢8i¢c Awardiiig Powers) for the ICCA. Work with tl)e iiew M3Tkctiiig and Coniinunications Professional lo enliance ihe ICCA bixnd and tt)ibed the acadeJt)ie excelleRce of tlie ICCA Bai. Course. Continue to inoiiilor the fees foi. the ICCA Bar Course to eiisure the course is Imarketed fortlie loivest 5UStainable c05t' 10. Develop ail Ajinual Lecliire Series for tlie beiiefit of all Bai. students; I l. Biiild aiid dcvelop relatiojiships iviili SBAS to eslablisli a bui'sary fiind Coi. ICCA Bar stiidents of socio-econon)ieally disadvaiiiaged and BMC backgroui)ds,' 12. Move into and bliild a stroiig and Yibrant Stiideiit Hub for ICCA Bar students. 13. Contijiiie to forge and ni)I'ttirc Irlationsliips witli all the INIS wlio liost Ilie face-to-face ICCA B&r CuiiiEc' 14. Revieiv ai)d iinpiDve n)ateri41s, bascd on 5tudellt feedback and data aiialysis lo ensiiiE coiilinlially high pass rates fo¥ ICCA stiidenls. 15. Eiicouixge the pi'ofessioi) Ihroiigh focussed coiiiinuni¢ations to recognise the valiie and sir1g1hS of tlie ICCA Bar Coui'se., 16. Coi)liiiiie to build 011 relRtioi)ships ivilh tlie profc5sion lo en¢oiii'age Specialist speakers lo exli'a-curricular events for tlie benefit of ICCA students. 7. Develop faLililies and staff c8pabilitlC5 lo host oiiliiie Tribuiial Heai'iiigs ii) the post-pandeiiiic ei'a; 18. Uiideilakiiig illl opeii consiillatioj) on the BTAS Sanctions Cjuidaiice, inhDdu¢e iiew Giiidaiice aiid tt'ain the li'ibiiiial paiiellists. 19. Woi'k ivith Ili¢ newly RPPOll)ted Chair of tlie Audtt aiid Risk Conijniltee to review COIC'S govei?iance slriictiires and strategic plaiis. 20. Suppon the Inns to in)plenient iieiv Di5¢195Uf¢ and Bari'iiig S¢rYi¢e clieck for all being Called iii coiiipliance with BSB requireiiienls. 21. Sui)port Ilie Inns as they develvp tlieii. outreach and equality and diveisity actiyity and as tlie Iniis fll)ancially support the Bai. Coiiiicil to undertakc 5llclJ Rctivity. Publit Bentfit IR delem)iiiing stt'atcgy and activity the I iiistees l)ad Irgard to the Chai'ity coi1111iission's guidance on public benefit. COIC exists to.. Advance ediicktion in the adiniilistixtinn and practicc nf the law, pi'iiicipally throiigh the activities of the Inns of Coiiil C'ollL"L ol. AdwoiaL by providing Icadersliipi giiidaiice aiid co-ordinativii iii ielalion to tlie piir5lljt of acadeinic and pivfessioiial ox¢ellence for tlie bar.
THE COUNCIL OF THE INNS OF C()URT I'RUS'rri fis, REIPORT riOR THE YEAR EINDE4 D 31 DEC£MBE4 R 2021 l)iibllc Bciicfit (Contiiiued) 2. Enforec professioriAI slaiidaixis of coiidiict ainong5t bai'rist¢r$ through the Activities of the Bar Tribunals and Ad-udicalioii S_erviLL, for exaiiiple.. Api)oiniing aiid adiniiiistei'ing Disciplinai'y Ti'ibiiiials for barri5ter5 facing cliarges of professional Iniscondiict. TribiJi)als ai-¥ op¥ii lo ilie public, aiid the ¢liargcs and fiiidiiigs ol Ilie Ti'ibiiiials are published ii) tlie public Appoiiiting and adiiiiiiistering Ii)teriiM Siispcnsioii Panels aiid Fiti)es5 to Pj'actice Pdiicls for b£tri'i5tCTS- iii. Appoiiiting aiid adjninislering Iiins, Condiict Coininittee Hearings to considci. adniis5ioJi and dÉsciplinary Cases brouglit against individiials aspii'ing to be called to tlie bar of Englaiid and Wale5, and so deteiinine whether tliey ar¢ fit and pi'oper to be ptaclising bai'i'islers. and doing so at llo COSt to t]ie piiblic or those involved in tlie Iiearing proces5. ACHIEVEMENTS AND PEI RFORMANCE Oiir two-part Bar course ha& attracted a pleasingly diverse group (Trf students ivith no predofrninaiice of Oxbi'idge or Russell GTOUP enli'ants. Oui. iysults were the higliest ainoiig all BRI. Provideis as evidenced iii ihe BSB'5 Deceiiibci. 21)? l Re ort and 800/0 of oiii. first 81'adiialing coliorl have noiy seciired piipillage. 2. Oui. adiiii85ions pi'ocesses were reviewed and overhaiiled foi. the third I'ound of recriiitsncnt in an effort to ensure Éhat thc cohorts of students we eni'ol are as divei'sc and as able as possible ivitli a view to thcni seciii'it]g pupillage and goiiig on to praclise at tlie Bai. of Ei)gland and Wales. The '20 Principles of Qiic5tioning' have been revieiyed aiid a iiew 3 version published whicl) l)as Iiiet iviili ivide atclaiin. Our 'AdYocacy aiid tli¢ ViilneTablc' rnalei'ials al'e beiiig upgraded aiid Inoyed ODIO our soplii51icaled ¢- learning platforin to iinprove pedagogic content and outcoines. The FLBA'S 'A&V' Course has been successfully coinpleled, Ivith senioi. facilitators i'e¢ruited and trained. Tl)e rolloiil to the general n)eii)bership of tlic rainily Bar lias noiv coinmenced iii earnest., Piipillagc F.Iliics Iiiaterials to asEist i)iipils to PlEpait foi. the BSB Pupillage Etliics asse551nents from April 2022 were created and released on tiiiie and on budget- 6. Work with tlie ICCA Governoi's and ils Fiiiance and Operatiojis Coiniiiittee contiiiues lo be fociissed and prescient to cn5ure the fancial siislaiiiability of thc Bar Course and enable the delivery of CPD project5 and regulatory- di'iven pupillage projecls. This work incliide5 a IEmodellhn8 of budgetary approaches to the predictioii of student niimbEiS and th¢refore, income. 7. TDAP (Degi'ee Awai'ding Powers) for the ICCA lia5 beei) explored and carcfiilly consideied wilh the oiilcome that IV¢ jDt¢iid to iyait d few inoi"e years before Snaking any application. Oiir acadeinic validation relationsliip with Kiiig's Coll¢ge London is successfiil and collaboiative aiid sel'ves U5 well for the tinic beÈng.' 8. Oui. Head of Markelitlg and Coininiinicalions lias beguii to piY)fe5sioiialise our approach to brand awareness and lias specifically concentTated on outreacli and reciiiih)ient onto tlie Ilar Course Woi'k on iiionitoritig tlie fees for the ICCA Bar Coiirse lo eiisui'e the coui'5e is Imarketed for the lowest sustainable cost has beeli coinpleled and thc costs of the course set againsl other AETOS,. th¢ risijig rate of inflation will be considered alongside otlier Inatters in Jiine 2022 when neiy fee lev¢ls are set,. 10. Woi'k on an Ani)ual Lecture Series is ui)derway* and a siiiall iyorking group 15 a55¢SSiTEg iiecd and potential siibject l. Discussioiis are takiiig placo to establish a biii'sary fund, Inade possible with doiiatioiis fi'oin SBAS, lor ICCA Bar students of socio-ecoi)on)i¢ally di5advai)taged and BME backgrouiids, and a sch¢ine of di5tTibution is activcly being developed. 12. Oui. new vibi'ant Stud¢ii¢ Hub for ICCA Bar students is open, and students are regularly ulili5iTrg (he facilities whicli enablo us to liold board Jiieetings. It is also a pleasant, light and open plan worktng enviroiiinent for opei'alioi?al aiid acad¢inic Staff.
I'HE COUNCIL or THF. INNS OF COURT I'IIUSTfi ES, REI PORT riOR THE YEAII C4JYDED 31 DCICFMIIF.R 2021 ACHIEVEMEIYTS AIYD PCI RfiORMANCE (CONTINUED) 13. Oiir relationsliips ivith all the 111115 who host the face-to-face ICCA Bar Coiirse are shDngi collaboi'ative aiid collegiate willi a cleai. Mciiioi'a2idiiiJ of uiider51andiiig in place lo govern the i'esponsibili¢i¢s of eacli party to the husling of the COiiTse. We l)avc worked closely witli the Eni)s' starr and aichitects to coIitribiite consciously to biiilding lli)d refurbishii)eJit to woi'k to ensiiJ¢ an appropriate ledriiing eiivironinenl foi. 5tud¢iit5., 14. Oiir iiew 14e1c d of Marketing has iindeItgken a ivoi'k 5treain ai'oiind all our siirveys ftiid iiow operates a 5ySteiii that speLifically alloiys US to nioiittoi. sttid¢iit sat15faclion bDth pastorally, acadeniically and to Irvieiv aiid iiiipi'ove iiialei'ials. Iii pai'licLilar, we analyse data peTtaiiiiiig to sttidenl pei'fom)ance in tlie ceiitt-alised assessii?eiil8 to lielp lis develop pails of the online course Iliat Inay rcquii'e fiii'tl)er iiivesli)ient oi. impi'ovcinent. To date, tl)is lias iiot been necessai'y due to tlie very Iiigh Tale of passes oji Ihesc exains. Oil Pai'l Two, we conliniie to iipgi'ade and iiiiprove processes and pi'ocedures to niakc acad¢iMic regulatioiis operate smootlily and to coinply willi Tegulatory Ovelbighi,. 15. Woi'k lias coi)Ili)Eiiced to encoiirage the pi'ofession to recognise the value and shengt115 of tlie ICCA Bai. Coiii'se of woi'k ai)d tlie Pjesident of COIC aiid Chair of Govei'noi3 ivill shoi'tly be writing to all sets of Chaiiibers and Piipillage Reci'iiiiei-s lo elabo]te on tli¢ ICCA Bai. Loiii'sc Ctlios aiid successes 50 f(Lr,' 16. Relatioiisliips with ilie professioii piid oyr ability to attio¢t .%pccialist speakers to extra-c(Il'l'iCLilai' events for the beiiefil of ICCA stsidenls has bcci) hiigely suc¢essfi11 in tel)S of the individiials who have agreed to.%peak. This endeavoiir has covered inyriad aspects of Practice aiid coiiliiiiies to grow as an optional extra-¢uri'icular offcring witli a video repository of Speakers who liavc atl¢iided to date,. 17. Both online and physical fHcilitics wei'e d¢veloped to enable thc Tribiinal heai'iJ)gs to take plac¢ in persoii aiid online. In addilioii pix)cediiies aiid poli¢ie5 were developed to help panels deterjniiie wliether in persoii or online hearings ale appropi'iale. 18. Two opei) consultation5 were iindertaken, tlie outcojmes of wliich inforiiied ihe re-wi'iling of th¢ SaD¢tioiis Giiidaiice. A Iicw 5h'iictiircd approacli to dcteriiiining sanetion was introduce alomg wtth Iiigliei. starting points for iiialtei's sucli as disci'iiiiiiiation aiid sexiial niisconduct,. 19. A complete review of COIC'S goveTnance sli'iicluYe5 was iindertgken with the a%sislance of external consultant5 resulting in the ciralion of a iiow stateiiieiit of piirpose and iiileiiial Goveiiiance Giiide. 20. The Ini?s wei'¢ siippojted to siiccessfiilly iiili'odiiced Disclosiire and Bai'i'iiig Sei'vice clieck for all being cftlled to the Bar froin suiiiii)ei' 2021 oiiwai'ds., 21. The Iniis were siipported to eonliiiuc to develop tlieir outieach activity and lo support the outreach a¢¢ivity ofthe Bar Coiiticil. 22. 1.he Iniis weir 5llPPOrted as they cojnpleted their fii'st'self Evaliiatioii Reports, as port of a new quality assiirance process,. 23. COIC respondcd lo consultation5 such as (he Legal Service Boai'd c0115ultation 011 Ongoing Coiiipeteilce. Tlie cliai'ity does not fuiidi'aise with llieinber5 Of the public aiid have l)Ad no fiindraising eoIi)plaints in the yeai.. IINANCIALREIVIEW The total it)coii)e foi. tlic year of £2,457,600 con)prised grants of £1,589,840 fi'01)I tl)e I]$ of Coui'l, £860.512 of student fee incoine, £7,155 of other incoine a5 well as bank interest of £93. After deductiiig Bxpendittire of £3,333,533, tlie cliarity Inade a deficit of £875.933. This was willi the pi'ior appi'oval of the Trustees, and in line with IhE Ros¢Tves Policy. £639,376 of the deficit ai'oso fi'oni the expeiidittire of restricted fiinds oil tlie Bar Coiii'5e. Tliis i'¢prcseiited tlie i'eiiiaiiiing b(Ilaiice of a £2,000,OOts giant Teceived froni the Iiu)s of Coui'l and Bai. Ediicational I'riist iii 2020, Ivhich was speJ)t in actoi'daiice wilh the teijns of Ihat graiit.
I'HE COUNCIL or THE INNS ofi COURT I'RUSTEEIS, RCI PORT FOR THE YCI AR F.NDfiD 31 DEICEMIIER 2021 filNAIYCIAL RCI VICI W (CONTINUEI D) £236,557 of the deficit ivas other budgele(l expciidiliiiE funded fiDiii COIC'S Ir8ei've5, incliidiiig the refiirbishri)eiit of tli new ICCA Stiideiit HIEb on Cl)an¢eiy Lane. all of wh5cli ivas approved in advancc by the Triislees as botli Iiec¢s5Jry expeiiditiiye it itself, aiid iyith ilic aini of rediicing COIC'S r¢servc5 towtti'ds the stated lev¢1 set out in the Reserve5 Policy. I'he TTUStees regularly as5¢$5 major risks to which th¢ ¢liyrity Ès exposed, in pailioular opei'ationAI and fiiiaiicial I'isks. Dui'ing the coiirse of 2021 a Ggvciiiai)ce Review look place ivl)ich has lcd lo thk ci'eatioii ora Maiiageii)enl Siib Coii)iiiittee of the 'fn]stees, Ivhicli lia5 beeii a55igned a pai'liculai. resP()nsibility for aiidit aiid I'isk (with an ii)dependent Iiiei)Iber allejiding di5Cll55ions on these topics)- COIC lias devised aiid put in place a detailed Di%astci' Ilecoveiy and Biisiness Continuity Plaii. We confiriii tliat, for eacli identified risk, there are defined inonitoring, conts'ol and review systems, with spc¢ifJc allocation of respoiisibilitic5 11) place. Key Risks iiiclude.. 2021 coiniiicnc¢d ivith the country once again in lockdown. In accoi'danc¢ ivitli HM Govei'nment advice, COIC iliiligaled its iinpaciby eiiabling all staff t(Tr work fi'oni home, and oiily delivercd oiiline events, education and tribunals. As Ihe thieat of tlie pandeinic receded durit)g th¢ course of the yeai.. COIC Started hybi'id an(1 in-per%on cveiit5 and Xining. Tlie iiiipact of Ilie pandeinic fortuiiatcly hlld iminiinal iii)pact on the delivery of the Bar Course, principally when staff oi. sttident5 has lesled positive, wl)tch COIC indiiaged by bi'i¢fly switcl)ing individiia15 01. groiips {85 necessary) lo online delivery until it wa5 safe to IEliirn to fèce-tcfa¢e education as per the tiinelable. The risk of the P8ndeinic iEtUi'ning will b¢ mitigated by COIC retaining the capability to delivei. high quality hybrid and onliiie activities. 2. A failure to Ineet recrustment tsrgets for the ICCA Bar Course. or to overestiinate actual numbers enrolliiig on the ¢oiirse, will lead to a reduction in fee incoii)e. This will iinpact on caslifloiv aiid will reqiiire careful and active Inanagcii)ent lo ensiire Ilie ongoing Vi<ibilily of the course. TIIis Tisk will be Iniligated by 115ing Efficiency saving5 (for cashflow i55iies) aii(l (to increas¢ fiituie sitiden¢ Iiuinbei'5) evaliiatisig and revising Ilie ICCA'S rcci'iiitiiient sti'alegy. Adv'st findings abolit any aspect of the ICCA Bai. Coui'so by pny of its iegulatoi'y or autljoi'isijig bodies may caiise reputational damage and affe¢t the viability of tlic coui'se. To bo niiligaied by eiisui'ing tlic COUTse (in design, delivery and goveimance) is of ilie highcst standlli%l, and qiiantitative and qualitathve data is constantly collected and analysed to eilsure this can be effectively iiioi)itoi'cd; Loss of a¢ce5S to Tlibiinal siiite or COIC Offices (diie to fire or oiheL' cause}. To be n)itigated by di5aStei' recovery pi'ocess¢5 includiiig ivorking online to ¢ontiniie to deliver leachiiig aiidloi. Tribunals wlien it 15 appfopTiHte to do 50., Tribunals wid otliey hearings not delivcred in accoi'dance witli th¢ applicable regiilalions I processcs leadiiig to legAI cliallenge I costs against COIC. To be mitigated by Tribiinal Panel Meinber & staff training? riiles & standard oper81ing piocediires, supportcd by regular appraisa15. IDsiirance is in pldce to niitiiiiiis¢ fiiiancial I'isk io (he cliarity: As a sinall organisatioii COIC is mol'e cxposed tl)an lai'gei. ones to significant leve15 of staff tiirnovei. tlie iimpact of even a sinall niitiiber of stAff leaving slliiulianeously coiild impact on oiir ability to dcliver. To be 11)itigated as aboye by SOPS, appraisal, tt'aining and llexibility of staff {with ci'oss-skilling across key functions). While COIC is al]n05t entiiely dependent on the foiir Enns of Couii for all non-studenl fee incoine, lh¢ probability of funds not being foillicoining is extreinely low. The Iiins havc J'cpeatcdly confii'iiied their coiniiiihnent to COIC, aiid aiiniial confii'ination i5 pi'ovided that they will continiie lo providc siipporl and fiinding. Additionally, COIC lias not taken on liabilitics beyond this, aiid iii 2019 the Inns agreed a 'Deed of Undertxkii)g' that Inade theii. coinmitii)eiit to fanCIallY suppoit the ICCA Bar Course legally enfoweable. The developinent of the ICCA, and li) partÈ¢ulai' thc siistainable giDwih of tl)e Bar Coui'se, is a Inajor iinder(akiIig. This ivill reqiiii'e ¢oiitiniied earefiil planiiing of 51aff levels, resource5 and fjnance supported by Careful DianRgeinent by staf( and oversiglll I goveimaiice by Ihe'l'riislee5 aiid Boal-d of Goveiiioi'.%.
THC COUNCIL OF THE INNS OF COURT TRUSTEI ES, REPORT riOR THC Y]4AR EINDED 31 DEIC£I fiLBER2021 REI SEI RVES POLICY Tl)e Board of Ti'iistees l)ave re501ved tliat the siijiis eqiiivalei)t lo one Inoiitli's tiii'i)over be Iield in res¢Jye, wliicli for 2021 ainoLiiiled to £224.513. The rcserve is lield to ii?eet aiiy slioi'l-ierm casli flow iieeds aiid to Ineet any additioiial costs incui'i'ed should COIC cease trading. Iii setting this level of IEserve. Ilie Board of TTUStees noted the Iiiideitaking 8iv¢n by each of the four of Coiii't in their annual grant letter: 'The Inn ui)dci1akes to give the Chai'ity IIiTec 11)onths' Iiotice, or a fiirther g1711t eqiiivalent to Ihite iiioiiths, riiiinii?g costs of tlie Cliarity, if the Iiiii decides not to Inake a giaiit iii fiiture years oi. decides to substantially reduce th¢ gi?nl siicli that Ilie Chai'ity is iiot able to i)ieet ils I'iinniiig costs" Diiring tlits year of account, tlie aciiial level of frco resci'ves 011lOUI)ted to £505,023, wliicli eycecds the tai'get by £280,510. COIC is biidgeted to fiiiid eleii)ciit5 of its activitie8 froin its ieserves in 2022, aiid by so doiiig rediice its resei'ves by ihe end of the year to a level consistent with thc policy. PLANS fiOR FUTURE PEIRIODS A nuihber of aijns aiid objectives have been s¢t foi. 2022, of which the inost sig]iificant are.. Continuc to fociis oiiti'each work to 8tt1.act a8 diverse a shident coliort as possible ivhilsl maiiitainiiig tlic very Iiigh stai)dard5 of ability oiiiong ihe eni'ollcd ¢ol)ort. This will in hirn ejiable lis to inaiiltain the Stell1. iesiilis tlial have so rar beeii possible. Piirsiie acadeimic excellence in Ilie teachiiig ai)d assessii)ent of Bar students lo strive f. continL]ed high pass rates in botli the onliiie and face-to-face eleiments of tli¢ Bai. Coui'se., Contll)ILe to offer focussed aiid dedicated Careers advice and suppoi't to a5sis¢ diose aiii)ing to sectsre pupillage to l)ave Ilie best possible cliaiice of stit¢ess' Eiicouixgc tlie ongoing delivery £liid I'igoix)115 tcaching of 'Advocacy and tl)r ViilD¢rablc' Iraiiiiiig RcJ'os5 111¢ Iiiiis aiid Cii'ciiils for boili tl)e Ci'iiiiinal Bcl1' and tlie fLBA, witli tlie foctis oil iinproved pedagogic coiileiit aiid outconies of trainees by delivery of Inaterial Ilirougli oiii. virhial learniiig envtroi]]iienl {VLE)' Conliiiue to suppoi'l tlie FLBA lo Inaiiiiain liigli staiid81'd5 of leaching aiid delivciy of (lie ICCA A&V coiiise to FLBA n)einbci's and to upgiade 11)&ierials as they iiiovc to the vii'tLIAI leai'ning et)vii'oJiinent ov¢i' Ilie course of 2022. 6. To pl]note oiir iieivly developed 'AdvocRCy for Childieii iii Coiiflict ivilli Ilie Law, Coiirse lo eiisiii'e that (here air siifficient high-qiiality facililatoiB to Irain piipils and practitioiiers iji all ci'iiiiinal sets. OiigoiiiE ie5earcli and mainteiiaiice of i)igh-qiialily content will b¢ iniperative. PIli10t10rt of this flagsliip woi'k acr05S lllternational jiirisdietioiis wtll ¢ontiniie' 7. To encoiirage the E3ar Coiincil to adopt a schejne of kiteiiiai'king for (rRining delivered by the ICCA for all bari'isters to c1dopt on thc Myt3ar pi'ofile. Tliis will enable pi'actitionei's lo deilloiisti'atc coinpcteiice in specialist areas of practice. Raisiiig tlie brand pi'ofile of tlie ICCA both in teriiis of tl)c Bar Coui'5e and the ii)alcri81 we offei. foi. CPD and Piipillag¢- Conlintie to iiionitor the fees for Il)e LCCA Bai. Course to eiisiire tl)e COilTSe Is Iiiai'koted for tlie lowest SllStaiiiable cost. 10. Deliver ali ICCA Coiifei'ence setting the slandaixi for best pi'actice and offering a plaifoni? for lessons learnt and aspiralioiis for the fvttire- I l. Delivei'y a buysai'y fiipd for ICCA Bar stiidei)ts of 50cio-econoii)ically disadvantaged and BME backgTounds aiid encourage additional donations to boost the availability (Trf futiding foi. those destined for soii)e of the SBA5' 12. Coiitinue to forge aiid niii'liire I'eldlionships witli yll the Iiins who host the face-to-fa¢e ICCA Bar CoLllSe,' 13. Review and iiiipi'ove Jiiatei'ials, based oil stiideiii fc¢dback aiid data analysis to enSllTC ¢ontii)Iially high pass rates for ICCA sliidents. 14. Plaii and develop 51rat¢gies to predict incomiiig it8ulatoiy deiiiands such as advocacy curriciilum and negotiation in piipillage., 15. Refocus tlie energie5 of the ICCA Internalitsnal Coii)Inittee to encoiirage widei. re.U1(1]lent of ttainei's, better Liiatci'ials and a Iriily iiitei'iiational offering of I'elevant and Iiigh-quality ti'ainii)g'
THE COUNCIL ofi THE INNS OF COUIIT TRUSTEEI S, IIV.POIIT riOR THE YLAR EINDED 31 DEicf4,MBER 2021 PLANS f4OR fiUTURC PERIODS (CONTINUEID) 6. Con5idei' research and developiiient of Inaterial for the praclising Bai. wbicli aligns with trends aiid Inarkel deinRnd. such as Al, simart coi)lixcls' cliiiiate and ¢nvii'oJiiiien(Hl law and cybei'_ci'iinc', 17. Coiisidei. the iiiaYketiii&? of soiiie ICCA CPD Inatcrials foi. a fee to ei)able us to Inaintain fiiiancial siistaiiiability; 18. Recriiit and li'aiii a cohort OEBTAS panclli5ts aiid Llerks. 19. Reci'15it aiid induct to a nuinbeT ofkcy goveiiiance rol¢s including the Presidenl of COIC avd a nuinber of tlie JCCA goveriiors- 20. Woi"k wilh the BSB to imprtsve ihe efficieiicy wid titii¢liness of ihe way in ivl)i¢h coinplAint5 aboiiÈ bai'riste13 ar¢ dealt iviih froi)I the tiii)e of tli¢ cosnplaint through to final deleiiiiiiia(ioii of cliai'ges- 21. Work ivith ihc BSB to pi'oject plan how a r¢vi¢w the regulatioiis governiiig the conduct of tribuna15 (amoi)gsl ollTrcr tIIiiiL?s) Imighl be undei'lak¢Ii,' 22. Work with the regiilator lo review the Meinoi?ndiiin of UnderstaDding bctweeii the BSB, the Iniis and COIC that goveriis tlie delivciy a]id quality assurance of the Inns, regulated activity and tlie conduct of the Inns. Coniluct Con)Inittee', 23. linpleinent thc ievised governance slru¢lur¢s as set out in the new GoYeTnanee Giiide. STRUCTURE, COVERNANCE AND MANAGEMCINT The Boaiyl of Trusto¢s is responsible for the OY¢Tall managenient of COIC but delegates responsibility for th¢ day lo day It]anageiiieiit to its Director, within a fraiii¢work of agited policies and contt'ols. At 31 DeceInber2021 th¢ Board coniprised 9 Trustees. COIC aiin5 to ensui'e that its Board is properly balanced iii tei'iiis of gEndei', ethnicily, disability repi'¢seDlation and skills and expei'ience rclevanl to COIC activities. The Board of Triistees is asslsted in ils work by a StTategic Advisory Groiip Inade up of representatives froii) the Inns, the Bai. Coiincil and the Bar Standards Board, wliich Incets at least thire tiiiies a yeai.. F'olloiying 8 Governance review that look place in 2021, a Management Sub Coiiiinittee of the TTUStees is beiiig established, With i'egards to Ilie work of tlie Inns of Court College of Advocacy Ilie Triistees are assisted by a board of Governors and its siib-coiiiimittees. Witli IEgaid5 to the work of ilie Bar Tribuijals Sei'vice, the Trustees air a5Si51ed by the input of the BTA8 Sii'ategic Advisory Board. One iiew Trustee was appointed durÉng 2020 and two in early 2022. To aid induction we insured. whei'Ever possible, tliat new TJiislee5 attended meetings prior to taking up post. COIC '[ rustees received writteii briefings prioi. to ettth Ineeting. Full guidance oi) Trustee duties was Inad¢ available and the new Trustees were bi'iefed to iEview i'oles, stTriclures, priorilies and Yesponsibiltties The Triistc¢s aTe responsible forsettiiig the pay 2nd reinuneratioii of tlie charity's eii)ployees includillg the key Inanage]nent persoiiiiel. SalRiy and peiision payii)ents to all COIC pei'soiinel are appJx)ved by ihe Trustees as pai't of tli¢ aiinLial budget process. and over tlie i)iore ihan eight yeaiE of Ihc charity's operations this has i'csiilled in near.inflatioiiaiy incTea5e5 that applied eqiially to all staff ivithotit iegai'd to seniority. I'o aid the Triistees iii deteTriiiiiing ivhal (if aiiy) i)er¢entage inci'ease is appi'opi'iate as part of tlii5 aiinual pay I'eview pj'ocess, reseai'ch is iiiidcilaken to confii'm the pay increases awai'ded in coniparable OlEaiiisation5 (Inost notably the four Iniis of Couil). The recruilincnt of any rtdditioncil staff requires Rpproval fi'on) the Tjustces, who also agree Ihe starting salary level so that they al'e coinpalible %viili tliose paid for siinilar roles elsewlieie. Staff wliose role changes significaiitly dui'ing their period of cinployiiicnl inay liave their salary ievieived to ejisure il I'emasjis appiK)pi'iate, and any uici'ease5 dceiiied necessary Inust bc appivvcd by Ilie Directoi. of COIC. CORPORATE GOVERNANCE Tl)e following slatcJMent is intended to provide re8deis of COIC'S Aiinupl Rcpoii aiid Finaiicial Staten?¢iits a better underslaiidiiig of its governaiice and legal slructure at tlie date of the appix)val of tlii8 Aniiiial Repoi'l. COIC'S Sli'iicliii'c, (iovertiailce und Manageinent 1% se¢ oiit in the iinmedialely pirccdiiib¥ scclion of tliis repoil. COIC'S AI'lLcles olAssociation date fiK)111 2014 and undei'pii) th¢ govei'niiig piaclices adopted by Ilic Board.
TFIE COUNCIL OF THE INNS OF COURT TRUSI'f4 S, RCI PORT IOR THE YLIAII ENDED 31 DE4CEMBEIR 2021 CORPOIiATE GOVERNANCE {CONTINUCI D) Ttie Trustees are legally irspoi)sible foi. tlie ove1?11 iiiaiiageiiient aiid co11knl of COIC. Tlie Boai'd of TiStee% nieets at Ica5t foiir tiines a year. Tlie ICCA Gov¢imoi'5 advise the 'fi'iisl¢cs om all Iiialters relaliiig lo thc ICCA aiid its ]Jai' Coiirse. The GovernoTS nieet al least eiglit tiiiies a year lo discus5 cul'irjit issues aiid lo agree aclioiis a5 required. Tliis ijicludes ali aniiiial Aw¢ly Day, wlier¢ iatters of strategie aiid loiigei'_tci'in iiiiportaiicc p¢rtaiiiing to Ilie ICCA ale consideiEd. 'I'lie liovernors ale assisted iii tlieir woi'k by a iiiiinber of sub-coillnlittees tliat focus on specific aiEas of biisii)esg: Fiiianee & Opcialioiis Coiiiiiiittee Boai'd of Exaiiiiiiei% Appeals Coininittee The ICCA GoveTnor% al'e responsible for the oversiglit of aiiy IEEulatoiy I'csponsibililies intliidllig con)plian¢e with tlie OPS'S ongoing cojiditioiis of registi'atioi). DLlI'ing the coiir5e of 2021 the Ti'ustees coii)iiiissioned Rn external specialist advisor to support them in conductiiig a goveiiiaiice review.'I'liis will lead dui'iiig the coiii'se of 2022 to tl)c c8tabli%liiiient of a Maiiag¢ii)ent Siib Coiiiiiiittee ofilie Ti'ustees Iliat will focElS on fliiances, tlie delivei'y of agreed objective%, audit and risk. In the lattej. areR the MSC will be assisted by tlie appoinliiienl of an exlei'nal independeiit ii)tinbcr who l)as specific expertise in tliis area. -I'he goveniai)ce review also developed a stateinent of piiipose of COIC, wliich is as follows.. Foiiiided by ihe Inns ofcoiii'l, COIC Ivoi'ks iviih ilieiii In 311'engi17ening ihe I'iile oflmv ilii'oiigli CelleICe inpi'ofessioniil ¢diieftllon al1 piiai171uiviiig ilie liigliesi s117ndi71.ds ofprofessional condiicl. A Governance Guid¢ has additionally been developed to support COIC'S govei'nance, wliich sets out COIC's- GoveTnHI)c¢ Prii)¢iples Scheii)c of Dele8alion Teiins of Reference Audit and Risk Manag¢inent fraiiiewoik INTEI RNAL CONTROLS Identifyiiig a21d tiianaging risk is key PArt of Ihc woi'k of Ilie'l r115tees and specifically the Mai)ageinent Sub Coininiltee. ThÈ5 is addi'esscd by tlie inaiiitenaiice of a detailcd Risk Register that is discussed ai)d updated as necessary. Tile Risk Re8iStei' iTbcludes an assessn)eiit or rinaiiciaS, operatioiial, reputational aiid health and safety i'isks. Intei'nal controls ai¢ based on botli the likelihood Rt)d poteiitial iinpacl of tlie risks occiirring. and take into accoiint 11)itigatioii illeasur¢s tliat can be pul in pl&ce. This approach identifies key I'isks and eiiables responses to be prioritised accoi'dingly. Trustees iindei'stRnd that it is their responsibilily to en5111e that an appTopriate syslen) of inteiiial conhY)1s is lai)Italned and revieived R5 appyopi'iato. The Ti'ustees and exleri)al aiiditoiB have not idenlified any sigiiifi¢aiit inlemal conli'ol weak]iesse5 or failuros in the financial ye#i' ui)der Teview or in the pei'iod lip to Ilie date t111 tlii5 Aiinual Report was approved.
THC COUNCIL ofi THE INNS OF COURT TRUSTEEI S, REPORT roR THE YEAR NDfi D 31 DEICF.MBEIR 2021 TRUSTCI S, RESPONSIBILITif.s STATEMCI NT T]ie Tj'iisiees (who are also Diieclors of COIC foi. tlic pui'pose of coiiipany law) air rcsponsible for prepariiig the Tnistees, Repoi'l and ihe fiiiancial slatcincnls in accordance witl) applicabl¢ law and United KiiiLidoiii Accoiiiiliiig Siandards {Uiiiled Kiiigdojn Generally Accepted Accoiinliiig Pi*clice). Coinpai)y law requii'es Ihe'fi'usl¢es lo prepare finasici81 statemeiits for eacli financial year wliich give a ti'ue and fair view of tlie slate ofaffails of thc chai'ilable coiiipany aiid ofthe iiicoijing resoiii¢c5 and ai)plication of resoiirces, iiiclLidiiig tl)e iiicoine aiid expeiiditure, oftlie c13arilable ¢OlllPdny for tliat yeai.. In preparing tliese financial slateincnls, tlie Ti'iislees 14 rc require(I to- Select suitable a¢coiinting policies and lheii apply them consistently,. Obsei'ye the methods and priiiciple5 in the Chai'ities SORP. Mak¢ jiidgements and e51iinales tliat al'e I'easoiiable and prudent. Stat¢ ivheilier applicable UK Accoiinling s1aiidards haye been followed, siibject to any inaterial depariui'es disclosed and explained in Ilie finaiicial stateineiits- Prepai'e the financial siatenients on the going coiicerii basis uiiless it is inapp¥opriaÉe to presuine tliat Ihe charitable coittpany will contiiiue in business. T]ie Trustces are I'esponsible for keeping proper a¢¢oisnling records iliat disclose with i'e2sonable accuracy at any tiine of the finanoial position of the cl)aTltable coiiipdny and eiiable thein to ensiii'¢ that the financial statoments coniply witli the Coinpamies ACL 2006. T]iey are also responsible for safegLtardiiig the assets of the cliaritable coillpany and hence for takiiig reasonable steps for tlie prevei)lion and detection of fraiid and otlioi. irregularities. In so far a5 we are awar¢'. Tlierc i5 no relevai)l aiidit iiifoniiation ofwliich th¢ chai'itable company's aiidilor is iinaware. and Ilie Trustees have takon all steps that they ought lo liave takeii to make Ilieiiiselves aware of any relevant audil IDfoni)ation and lo e.%tablisli tliat the atiditor is aware of ihat inforiii8tioii. By order of the Bo .don nod on its b¢half by-. Signed: CFrustee) Naiiie.. Date: 10
INDEIPCI NDEINT AUDITORS. REI POIIT TO 1'HC MEMIIERS OF THE COUNCIL ofi THE INNS or COURT Opiiilon We havc audited tlie financial stateiiieiits of the Coiincil of Ilie IIin5 of Coiiit foj. tlie yeai. ended 31 Deceniber 2021 whieh coiiii)rise tlie Sialeinent ofFiiiaiicial Aclivilies, the BAlaiicc Sheet, tlie Stateineiit of Casli flows k)nd J)otes lo thc fiJiaiiLiRI staleiiienis, iii¢liidiiig a suii)Iiiary of sigi)tficaiit actviinting poliLies. The fiiiancial i'epojtiijg fixinewoi'k that lias been applieil in Ilieir piepaialion is api)licable law and United Kiiig(loin Accouiititjg Slan(lards, iiicluding I,inancial Ileportii Siaiidaixl 102 TIIE fi13niicicllRei)0i'ii17gSiapidai'dopHlicable ill ihe UK ftndREpEibllc oflp'elaiid(Uiiited Kiiigdoin Geiierally Accepted Ac¢oiintiJig Piactice). Iii oiii. opinioji, the fJi)ancial slalenieiits.. give a true and fair vieiv of the state of the cliarilable coiiipany's afTairs as at 31 DecenTrber 2021 and of the ¢hai'iliible coinpaiiy's Iiel Inoveiiieiit in flind5, iiicludiiig tlie iiicoiiie aiid expendittiie, for Ilie year then eiided., have been properly plpal'ed iii accoi'daiice iyitli Uiiited Kingdoiii Generally Accepted Accoiiniiiig Piaclice,. aiid have been pi'epared in accoiKlai)ce witli (he reqiiircjiienls of tli¢ Coii)paiiie5 Act 2006and the Office for Studeiils Accoujits Diiectioii. B8.%is foi. opiiiioii We coiidiicled our aiidit in accordance ivitli Intcrnational Standai'ds 011 Auditing (UK) (ISAS (UK)) aiid Applicable law. Oiii. iesponsibililies iiiidei. those stajidai'ds ale fiii'ilicr described iii Ilie Aiidilor'5 IcsI)oiisibililies for the lludit of tliE finaiicial stateinenls section OF oui. repoi'l. We ale iiidLpendeiil of Ilie chai'ity in accordaiice iyitli tlie cil7ical rcqiiii'eiiienis tlial al'e relcvaiit lo oiii. aiidii uf tlie fiJi£ll)cial stateinenis iii the UK, incliidiiig tli¢ FRC'5 Ethical Slaiidaiyi, and we Iiave fiiifjlled oiir other eihiLal responsibilitics in Hccoi'daiice witli Iliese reqiiiieinent5. We believe that the audÉt evidejicc we liave obtaiiied is sufficient and approp2.iate lo provide a basis for oui. opillion. Re5poiisibilities ol li'iistee5 for tlhe finaiiei#l 5talenien(5 As explained Inoi'e fiilly iii the trL15tecs' respon5ibililies slatejnent set out 011 pa¥e 6, the Irustees (who Al'e also ilie directors of the chai'Étable coiiipany for the piirposes of coiiipaiiy Iaiv) alE Irspoiisible foj. tlie prepdratioi) of thc finaiicidl slateiiieiits aiid for being satisfied (hat they give a ti'iie and fail. view, aiid for siich iiileiiial coiitrol as tlie tnjstees deiennine is iiecessary to ctiable the piepaialioii of fiiiaijcial slatei)Icnts that are frec froin i)iatei'ial ii)iSStateiiieiit, wlieilier diie to fiaud oi. ejioi.. In pJ'¢paring the fijiancial stateiiients, tlie Ii'iislees air responsible for a5s¢ssing tlie cliaritable cojnpany's ability to conliiiue as a going coiic¢i'n, disclosing, as applicable, Inatters i'elalcd lo going ¢onLem aiid Iising tlie going ¢oncem basis of Accoiiiiling 1111Sess the Ii'iistees eiihEr ii)lend lo liqiiidate tl)e chai'itable coinpaiiy oi. to cease operalioiis, OJ. liave 110 i'ealistic Iternative but to do so. Cuncli15ioiis rtli?tiiig lo going coiicei'n In audiliiig the financial stat¢ii)eiits, Ive liave concluded that the truslee5' Iise of the going conccjm basis of accouiiting in the pJEpaiation of the fH1}cIal staleiiients is appiDI)riatc. Ba5cd on the work we have perfo1}ed, we have i?ot identified aiiy matcrial uncei'lainties relatsng to events or conditions Iliat, individiially oi. collectiyely, cast sigi)ificailt doubt on ilie cliai'ity's ability lo continue as a going ¢oiiLein for a pei'iod of al least twelve Jlloiiilis froii) wlieii tlie fiJ)ancial sldteinejits are autlioi'ised for Issue. Oiii. iespoiisibilittes aiid thc responsibilities of the triistee5 Wlth respect to going concem are desci'ibed in the relevant sections of Illis Irport. Other iiifornta)tioii 'rhe trustees al'e i'esponsible for tlie oth. inforinaiion. The othei. iiiforniation colP1.1Ses tlie infoiination included iii the Trustees, Anniial Report. Oui. opinion on the financi81 slaleiiiEnts does not covei. tlie other inforination and, except to tlie extent otherwise explicitly slated in our Irpoit, we do iiot expres5 any forn) of assui'ance concliision Ihereon. In Loillieclion with oiii. aiidit of the financial sl¢lteJllcnts, oiir re5poiisibility is to read the other iiifoi'iiialion aiid, iii doiiig so. considej. wlielhci. the oilier iiifoiinalion is iiialerially ii)consistent with tlie financial stateiiients oi. Qui. knowledge obtaijied in the audit oi. oihei'wise appears to be Inatci'ially i)IiS51ated. If we ideiilify siich iiiatei'ial inconsistencics oi. appai'¢nl Iiialcrial Inisstateniciils, we are reqiiired to detei'iniiie whethci. tl)ere is a i)ialei'ial iiiisslalenieiit ii? the fiiiaiicial slaleinents or a illalei'ial ti)issldtenient of tlie oilier infortiiatioii. If, based i)n the work we Iiave pei'f0171)ed, wc coiiclude tliat Ihcie is a iiialerial n)isslatement of this otliei. infortJ)ation, Ive air I'equired to report that fact. We have nothingto iepoit in tliis iegard.
INDEI PENDENT AUDITORS, Rfi.PORT TO TIIC MI1 MBEI RS ofi THE COUNCIL ofi THC INNS or COURT Oplnioiis 011 ollier nialtei's presci'ilied by tli2 Coinpaiii¢s Act 2006 Iii oiir opinioii. based 011 tlie iyork Iiiid¢ilak¢ii in tli¢ ¢0111'5e of tlic aiidit.. tlie iiifoiiiialion giveii in tlie Ti'iistees, Ilepoit (Ivhi¢li iii¢liidcs Ilie sti'ategic i'epoi't and the directors. repoi'l prepkl'ed for ihe piirposes ofcoiiipaiiy law) foi'tlie fiiiai)¢ial yeai. for ivliicli tlic finaii¢ial.5tateiiieiits al'e prepared is consistent tlic 8liatcgic i'cpoi't and Ilie diieclors, repoi'l included wiiliiii tlie Trustees, Report have becn piypaird iii accoi'dance Ivitli ai)i)licable Icgal i'eqiiiiEnienls. Mattel's 011 wliicli Ive ar¢ requrred to i'epoi't by txception In the light oftlie knowledge aiid uiidcTslandiiig of ihc chRI'itRble coiiipany aiid ils environii)eiil obic1ined iii tlie coiirse of Ilie aiidit, we Iiave Iiot ideiitified niatei'ial Inisslatctii¢nt5 in the 'li'iLStees' Ilepoi'l (wliicli iiicorporates tlie dii'ectoi's, report}. We have nothing to report in respect of the foll(Trwing matters in IElation to Ilie Coinpaiiie5 Act 2006 IEqiiires lis to repoil to you if, in our opinion- adequate accoiiijling iecords Iiave not been kept by tlie charilable coini)ai)y' or tli¢ cliarKtable coiiipany'5 financial stateinents are i)ot in d'ecinenI witli tlie accouilting i'ecords and returns. or cei'lain disclosures of Iriistecs, reiiiiineralioti spe¢ificd by laiy air Jiot made; or wc havc not received all the inforinalioii and explanations ive reqiiiie for oiir audit. Mall¢rs oli which we are reqiiii'ed to report In respect of the Otrice ofStu(Icnls In our opiiiioiTr in all iaterial rc5pecls'. funds adiiiinistei'ed by tlie charitable coinpany for specific pui'poses during il)e year ended 31 Deceinbei. 2021 as disclosed in note I I to the accounts haye been applied for thosc puiposes and niangcd in accordance with relevant legislation. fuiid5 prtsvided by the OFS and Department for Edii¢alion liaye been applied in ac¢oiYlan¢o iyith tlie teiiDs and conditiOll5 attached to theim dui'iiig the year ended 31 Decembei. 2021.. and We liave notliing to r¢p(Trrt iii respect of the followit]g inattejs in i'elation to the OtTice for Studeiit5 requiirs us to report where.. grant and fee incon)e as disclosed in note 4 to the accounts, has been materially It)isstttied. xpendituir on access aiid pailicipalion aclivities foi. the financial yea¥ lias beev p)ateTjally ti)IS5tated. Resp0115ibililies of trustee5 for the finaiicixl statements As explained Iiiore fully in the ts'ustces, iespoiisibililies 51aleinent set out on pages 6 10 7, the li'iislees are responsible for tlie preparation of the financial stateiiients and foi. being satisficd ihat they give a hiie and fall. view, and for siicli intei'nal eoiih'ol as the ti'iistees detei'iiiine is ne¢e55ary to eiiable the prcparatson of financi8151atements that are free froin Inatei'ial Ihisstateinent, whethei. due to fraiid or eri'or. Ill prepai'ing the fiiiancial statemenls. the ts'ustees are r¢sponsible for a55e55ing Ihc charity's ability to continue as a going coi)cern, disclosing, as applicable. n3atte15 related to goiiig coiicern and using the going concern basis of actoiinling iinless the .SteeS eithei. iiiteiid lo liquidate Ihc charity oi. to cease opei'atioiis, or Iiave no IEalistic altcrnaiive but to do so. Auditol 5 re5poiisibilitiC5 foi. thc Audit of the finxneial statements Our objectives are to obtain Itasonable assiirance c1boiit iyhethei. Ilie financial stateinents as a whole are fre¢ fiy)In Jnat¢Tial IIIiS5tatemeiit, wlieiher due to fraiid orerroi.. and to issiie an auditoi s iepoil tliat inoliide5 our opiiiion. Ilcasonablc assui'ance Is a higl) level of assiirance, bill is not a giiaranlee Iliat an aiidit conducted in accordance with ISAS (UK) will always detect a inaterial Iiii55tRteincnt wlien it exists. Misstalejiients can arise fiDin fraud or ei'iDr and are considcred inalerial if, individiially oi. in thc aggi'egale, they could ieasonably be expected to iiifluence the econoinic de¢isioEts of vscis tak¢i) on Il)c basis of tliese fiiiaiicial stateinents. li'lguI3rJtIeS, iiicludiiig fi'aud, are instances of non-coinpliance witli laiv5 and regulations. We dcsign protcdiircs ill Itne vith oiii. responsibilitie5, oiillined ftbove, to delect 11)alerial IiJisstateiiients iii respect of irregiilorities, iiicliidiiig fiaiid. 'Ihe extent to ivliich our procedui'e5 are capllble of dete¢tii)g i11Egiilarilies, incliiding fi'aud is detailed below.. 12
INDEPEINDENT AUI)ITORS' REPORT TO THE MEMBE4 IIS OF TH£ COUNCIL ofi THE INNS ofi COURT (contiiiued) Based on our Linderstanding of Ilie cl)arity and the enviToninent in whicl) it opei'ates, we ideiilified Ihal the priiicipal risks of iion-coiiiplianLe iYilli121¥5 Hnd i'egiilation5 relatcd to coinpliance ivith eiiiployiiieiit law and liealth and safely Irgiillllions, and ivc considei'ed tlie ¢kleiit to wliicli i)on-coIiipliai)ce Eiiight liayc a iiiaterial effect 011 tlie fiiiaiicial slateinenls. We also consideied tliose laivs aiid I'egiilati0115 that liave a d5rect in)pact 011 Ilie prcpayatioii of the finaiicial statei)ienls siicli as the Coinpailies Acl 2006, the ChRI'iiies Act 2011 and the OlCe for Stiid¢iils Accounts Direction. We evaluated Inanagen)eiit's iiiceiilives and OPPOTttinitics for frauduleiit Inanii)ulation oftlie fancial stalen)eiits (iiicliidiiig the I'isk of ovei'i'ide of contiK)15), and detei'inincd that the priiicipal I'isks were i'elated to 11)anageinenl bias in ce]'lain ac¢oiinting estiiiJales. ALidit pmcediiies pei.Fornied by ihe engagen)eiit teaiii iiicliided.. lrtspecting Iiiinule5 of ti'iistees Incetiiigs- liispcctii)g correspondeiice willi regiilalors and lax authorities. Dis¢iissioiis willi iiianageijieiit including consideration of knowt) oi. suspected instances of non~coiiipliance iyiih laiys aiid IEgulatlOi1 and fi'aiid; Evaliiatiiig iManageinenl'S conblS design¢d to prevcnt ai)d dct¢¢t irrcgularilies. Idcntifyii)B and testiiig joui'nals, in particiilai. joul'nal entt'ies posted around tlie year-end oi. witli untisual descriptioiis,. ai)d Challei)ging dSSlllllPtioi)s and judgellieiits made by ixanageinenl in iheii. criti¢al ac¢ountiiig e5tiniate5. A fuilliei. description of oiii. responsibilities foi. tlie aiidit of the financial stateinenls 1.% located 011 Ilie Fiiiancial Reporting Coiiiicil's websiÉe at: 14-IviY.li-L.Ol'4J llknaiidilorsres onsibililic%. Thts dc5¢riplion forins parl of our auditor's IEPOII. Coiiclusioiis I'elating to g¢Jiiig eoiiecrii Wo liave nothing to IEPOrt in respect of the followll)g iiiatteiE in itlation to whicl) the ISA% (UK) requiir us to repoit to you iYheir-. the triistee5' Izse of tlie going conceTn basis of a¢counting in the preparation of the finaiicial staten)enls is not appropriate. or the trustees have not disclosed iii tl)e finaiicial staleinents aiiy identified Inalerial uncertain11¢5 that Inay cast 5igiiifIcai)t doiibt abolit Ilie Charitable coii)paiiy's ability lo continue to adopl IIIC Eoiiig coi)cciJi basi5 of accoiintiiig for a period of al least twelve iiioiiih8 froni the date when the financial slatele1]IS ale autlioi'ised foi. issue. Use ofoiii. report This report is Iiiade 501ely to the charitable ¢oii)pany's iiiei)Ibei's, as a body. in aceoi'daiice willi Chapter 3 of Pai-l 16 uf the Coii)paiiies Act 2006. Oiir aiidit woi'k has bceii iindertaken so that we iiiiglit slate to Ilie charitable coimpany's ineinbei's Iliose Inatters ive are Jrquired to stalc to thcin iii an Aiiditoi % repoi1 aiid for 110 otlier piii'pose. To the lullesl exleiit peri)iitted by law. we do notaccept Ol. assiiiiie i'esponsibility to anyoiie oiliei. Il)aii ihe chai'ilable coi)Ipany And tlie clidi'itable coiiipatly'5 IMen)bers as a body, foj. oiir aiidit woj'k, foi. Iliis report, or foi. tlie opii)i0115 we Iiave foiiiied. Thonias Wi15011 {Seiiioi' Statutoi'y Allditoi'l for and oil behalf of Hay5maciiityfft'e LLP Statulory Auditui. IO Qucon Sli'tet Place Loiidoii F.C4R IAG Dale.. 13 July 2022 13
THE COUNCIL OF THE INNS OF COURT
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2021
| Unrestricted | Restricted | Total | Total | ||
|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | ||
| Notes | 2021 | 2021 | 2021 | 2020 | |
| £ | £ | £ | £ | ||
| INCOME FROM: | |||||
| Donations and legacies | 2 | 1,589,840 | - | 1,589,840 | 1,134,484 |
| Charitable activities | 3 | 860,512 | - | 860,512 | 2,074,025 |
| Investments | 93 | - | 93 | 1,823 | |
| Other | 7,155 | - | 7,155 | - | |
| -------------------- | -------------------- | -------------------- | -------------------- | ||
| TOTAL | 2,457,600 | - | 2,457,600 | 3,210,332 | |
| ------------------- | --------------------- | ------------------ | ------------------ | ||
| EXPENDITURE ON: | |||||
| Charitable activities | |||||
| Training | 2,045,042 | 639,376 | 2,684,418 | 2,332,017 | |
| Regulation | 649,115 | - | 649,115 | 523,797 | |
| -------------------- | --------------------- | -------------------- | -------------------- | ||
| TOTAL | 5 | 2,694,157 | 639,376 | 3,333,533 | 2,855,814 |
| ------------------- | ---------------------- | -------------------- | -------------------- | ||
| NET (EXPENDITURE)/INCOME | (236,557) | (639,376) | (875,933) | 354,518 | |
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 763,192 | 639,376 | 1,402,568 | 1,048,050 | |
| ----------------- | ---------------- | ------------------ | ------------------ | ||
| TOTAL FUNDS CARRIED FORWARD | £526,635 | £- | £526,635 | £1,402,568 | |
| ======== | ======== | ========= | ========= |
None of the company’s activities were acquired or discontinued in the year.
There were no recognised gains or losses other than those included in the Statement of Financial Activities.
14
THE COUNCIL ofi THI INNS OF COURT BALANCL SHEET AS AT31 DECEI MBER 2021 2021 2020 Notes FIXV.D ASSEITS Tangible assets 21.612 22,508 CURRENT ASSE4 TS Debtoi's Cash al baiik aiid iii liand 36,106 755,788 313.478 1,404,257 791.894 1.717,735 CRE4 DITORS: Aiiiouiits falliiig due within oiie yeai. 10 (286,871) (337,675) Not curirnt assets 505,023 1,380,060 tYCiT ASSETS £526,635 £1,402,568 ri UTr4DS Resh'icted Fiinds Uiii'estricted fiinds 12 639,376 763,192 526,635 TOTAL FUNDS £526,635 £1,402,568 The accounts were appix)ved by Ihc Ti'iiste¢s and autlioi'ised for issue on and signed on its behalf by: Signed: (TTUStee) Naiiie: c SL LL. Date.. Signed.. (TTU5tee) Nan)e'. Dale: 15
THE COUNCIL OF THE INNS ofi COURT s'rA'I'EI MCI NT ofi CASH FLOWS OR THE YEI AR r,NDfiD JI DECCI MBER 2021 2021 2020 Ca511 floivs fi'oni operating activities: Nel casli (Iised iiiyprovided by opcrating aclivilies (see bclow) (640,172) 328,152 C&51J flows fi'om investing a¢livilies: Purcliase of fixed assets (8,2971 (14,633) Net casli used in invesiing activities (8,297) (14,633) Change in cash and cash equivalenls in the yeai. (648,469) 313,519 Cash and cash ¢quilent& at Ilie beginniiig of th¢ ycar 1,404,257 1.090,738 Casli aiid cash equivaleiits At the end of the year £755,788 £1,404,257 Reconellialioii of iiel iiicome to net eash flo from operating Activities Net (expenditureyinconie foi. the reporting period {as per the statement of fiiiancial activilies) Add depreciation l)e¢roasel(increase) in debtors (De¢reaseyincrease in ClEditors (875,933) 9,193 277,372 (50,804) 354,518 15,687 {196,406) 154,353 Net cllsh (used lii)Iprovided by oper8tillg aetivlties £(640,172) £328,152 ANALYSIS OF NET DEIBT Al 31 Deeembei. 2021 l Janu&i'y 2021 Cash movenicnls No-ca51) movenieiits Cash at bank and iii haild 1,404,257 (648,469) 755,788 £1.404,257 £(648,469) £755,788 16
THE COUNCIL ofi THE INNS OF COURT NOI'F,S TO THE filNANCIAL STATF,MENTS IOR THE YEAR E4 NDEI D 31 Dri CEMBC4 R 2021 ACCOUNI'ING POLICIEI S Tjie principal accoiintiiig policies adopted, jiidgeincnls and key soiirces of estiii)ation 11iiceiqainty it) the prepaiation of financial staten)eiits is as follow5.. B&5is ofAceouiitiiig The financial stateliieiits have been prepared iii accordance with Accotintijig and Repoiliiig by Chai'ities.. Stateinent of Recojllnicnded Piactice applicable lo cliarities i)rcpariiig Ilieii. accoiints in accordaiice willi the Stateinejit of Recoinineiided Practice for Chai'ilies (SORP 2015) (Sccoiid Fditioii, effeetiye l Jaiiuary 2019) and tlie Cojnpanies Act 2006. The Coiincil of (he Inns of Coiii'l Ineet5 111c defiiiition nf a piiblic beiiefit entity iindei. fRS 102. Assets Rnd liabilitics are initially i'ecognised at Iiistoyical cosi or traiisaction valiie iiiilcss oiliei)vise 51Ated in the relevaiit c1CCOLiiiliiigpolicy note{s). Prcpai'atioii of tTrie accouiits oil n goiii¥ concei'n basi5 14avirig collsid¢red fiitiiir biidgets (ind casli flows, tlic Ti'iislees coi)firiii Iliat tliey have 110 niaiLI'xal iii)certainties abotit ilie eiitity's ability to contii)Iie as a g(iiiig coiiccrn foi. the foreseeable futui'e.'I lie Iiiost sigiiificant uiic¢rlainty relates to coiitinued fuiiding being vailable. Ineoiiie All incoiiiijig resoui'ces are iticliided in Ilie sofA oiicc tlie cliai'ity lias eJ)titleiiicnl to the iiicoine, il is pix)bablc that the incojne will be IEceived and the an)ount of incoine ieceivable cai) be ti)ea5UIEd I'eliably. The following specific policies apply to categories of iiicoine.. Voliintaiy iiicome Donations & Giants ivlieiE related to pei'foriiiaiice and specifEC deliverables are aceouiited for as the chai'ity earns tlio I'iglil to consideratioii by ils pei'foiiiiance. W)ere iiiconie is received in advaiice of. its recognition it is defcrred and included in citditors. Where enlitleineiit octiir5 before income being ieceived tlie incoii)t is accTUCd. I xpeiiditui'e All expcnditure 15 aCCOVllt¢d for on an accnials basis pnd lias been classified undei. headiiigs tliat aggregale all costs IElating to tlie followiiig ¢ategories'. Lliaritable Activities- Costs of chai'itable activilies ¢oInpJ'ise all ¢osts identified k)s wholly oi. Inainly attribiilable to achievii)g ihe chai'itable objcctives of the chai'iiy, inclildiiig the Costs of dissei)iinatiiig iiifoiiiialioii in siipport of chai'itable atlivities. I'hese costs jiicliide staff cost5, wliolly or Iiiaiiily ¢itti-Èbiitable siipporl costs and an apportionn)ent of gentJ?l ovojlicads. Suppoi'l costs are t1105e functioiis that assist the wurk of tlie charity biit do iiot diirctly Iiiiderlake charitable activities. Suppo11 costs iiicliide office costs, fjiiaiice, personjiel, payroll and governaiice costs which sllPPOrt the Couiicil's activities. The ba5jS 051 whicli support costs hdve beeii allocated sliowii below. Governance COS15 Tliesc coinprise all costs identificd as wholly or 11)ainly attributable lo ensiiring the piiblic accouiitability of the cliai'ity aiid ils coinpliance witli I'egiilations. Allocalioii of costs Staff costs al'e allocated by th¢ I Iiistees between dll'ect Chai'tlable expeiidittire and support ¢xpenditiiir on ihe basis of tiiiie spent on these aclÉvjties. Other costs are asci'sbed directly to the relevant heddll)g. 17
THF. COUNCIL OF THE INNS OW COURT NOTf,s TO THC FINANCIAL STATfMLI NTS {Coiiliiiiieil} roil THE YCI AR ENI)EID 31 DCICLMBCIR 2021 ACCOUNTING POLICIEI S {continiieil) Pensloii eostS TlTre Coiincil (If thL Inns of Coui'l operates a defiiied coi)IribtitlOiis sclicri)e for tl)e beiicfit of the eiiiployccs. The assets of tl)e Scheine are held indepeiideiiily fi'01l1 tliose of tlie cliarity 911 independeiitly adll)iiiislcrcd fund. T]ie peiision costs cliarged iii the finai)cial stateinents repirseiits 11)e conli'ibiitioiis payable during the year. Taxatioii N(Tr provisioii has been Inaile for coi'poration tax or defcrrcd tax for T]ie Council of the Iniis of Court as IS is a registeied cliarity and is ihci-efoi'e ex¢ii3pt. Rcsli'icted fuiids Wh¢i'e giaiJls are to b¢ spenl in accoiKiai)ce with lenns agre¢d ivith tl)e fiinders. the inconie and i'elated expenditure are shown ag'R¢stricted'. Any unspent Irstt'LCted incoine at th¢ yeai'_eiid is defe£ for speiiding to future years. Unrestricted funds Core income and siich othei. incoille for whicli theie ale no reslrictions on tlic way li can be spcnt are termed 'Unrestricted' Such iinspent iiicome al tlic ycar-eiid is teriiied 'Unirsti'icted funds,. Flxtd asse15 All fixed asset5 are stated at ¢ost less accuinulated depreciation. Iteti)s costii)g less thaii £500 are not capitalised. The carrying values of other taiigiblc fiked assets are reviewed foi. iinpaiimeni if eveiits oi. change in circuinstaiices indicale the cariying value may iiot be recoverable. Depieciation is provided at rates ¢alciil(iled to writc off the cost, less any estiinated IEsidual value, of ea¢h asset ev¢nly over its expECt use(Iil life, as follows.. Con)piitei' eq1iipi¢t Officc fiirnitiire 4 years 4 y¢ars Debtoi's Ti'ade &nd other debtors aie i'ecognised at tlie settleinent aniount diie after any trade discoiint offeiEd. Pirpayinents are valiied at the ainount prep2id net of any ITade discoiints due. C8511 at bank and iii liaiid Ca511 at bank and iti Iiaiid iiicludes bank a¢¢oiints, casli and short tei'i)I highly liquid investments with a 5hoil inaÉui'ity of three intsnths or less fi'oin tlie date of acquisition or opeiiing of the deposit or 5lliiilai' atcoiint. Creditol's And pi'ovisioiis Creditors and provisioiis are Ircognised where t]ie charity has a piEseT)t obligation re$ultu)g fi'om a past ¢v¢nt that will probably itsuli in tlic tra115fei' of fiiiids to a third party and the aii)011llt duc to settle the obligation can be Ineasiired oi. cs(iinaled reliably. Cicditoi3 and pyovisioiis are noi'jnally i'ecognised at their settleinent ainount aflei. alloiving for any trade discounts dile. Fin*neial instruments Tlie charity oiily lia5 fjnancial assots and financial liabilities of a kind tl)at qualify as basic fthaiicial instruinciitS. Basic finaii¢ial instrL]ineiits are initially recogni5ed at tt'ansaction value aiid siibsequently Ineasured at their settleiiient valu¢. Estimation uncei-tainty lji tlic vieiv of tlie .1 1115tees in applying the accounting policies adopted, no judgeii)ents were itqiiii'ed tliat liave sigllificai)t effect on the ainoiinls Ircognised in the fjnancial staleinents nor do Any estiinatc5 OY aSSUlnptioiis niade caTry a sigiiificant i'isk of Inalerial adjuslineiit in the next financial yeai..
TH£ COUNCIL or'rHE IPINS OF COURT NOTES TO THE filNANCIAL STATCI MENTS (Coiillriiied) FOR THE YIIAR ENDEI D 31 DE4CEMBCI R 2021 DONAI'IONS AND LEI GACIES 2021 2020 Gixnt5 reeeived fi'om the Iiiiis of Coiirl Èoiyards g¢iieral activities £1,589,840 £1,134,484 CHARITABLE ACTIVITIC.S- 2021 Uiireslrleted Re$li'iele Total 2021 Tol&l 2020 Inns (Trf Coiirt aiid Bar Ediicatioii I'ivst (ICBET) Fee iiicojiic l.egal texts BSB Intakc fee 2,000,000 23,500 23,5UO 27,025 70¥.676 65,146 86,690 708,676 65,146 86,690 £860,512 £860,512 £2,074,025 GRANT AND FEE INCOME 2021 2020 Fee incotne frojii tauglit aivards Fee iiicoiiie fi'oiii otlier bodie5 708,676 23,500 £708,676 £23,500 ANALYSIS or EXPENDITURE- 2021 Dircet Cost5 Suppoi't Cost5 Govern4nee Cosls Tota 2021 Total 2020 Chai'itftblc activities: Training Regiilation 2,229,568 218,555 449,416 424,618 5,434 5,942 2,684,418 649,115 2,332,017 523,797 £2,448.123 £874,034 £11,376 £3,333,533 £2.855,814 ANALYSIS OF EXPENDITURE- 2020 Dii'ecl Costs Suppoi't Costs Govei'nuii¢e Costs Total 2020 Charitable activities.. 1.961,436 246,174 366,672 273,209 3,909 4,414 2,332,017 523,797 Ilegulation £2,207,610 £639,881 £8,323 £2.855,814 19
THE couficiL or'riiE INNS or COURT NOTES TO THE fiINANCIAL STATIMII NTS (Coiiliiiucd) FOR THE YEAII ENDED 31 DEICEMBEI R 2021 SUPPORT COSTS CONSIST OF: 2021 2020 Staff costs Otliei. staff related costs Establishineiit costs 210,074 16,822 396,065 66,833 18.000 70,984 42,845 78,550 861 255,705 9,029 220,576 58.195 13,840 44,958 40,607 24,877 98 Finance arid ac¢ouiTrting fces Otliei. pi'ofessioiial fcos Office costs IT costs Bat)k charges £874.034 £639,881 GOVERNANCE COSTS 2021 2020 Auditor's rcniuneration Other professional fees 11,376 8,323 £11,376 £8,323 other fee5 payabl¢ to tlie audito1% amounted to £13,200 (2020= to £15,000) and are included ivithin siipport costs. No Triistees received aTJy Ifii)iinei'ation during the year. EMPLOY£4 ES 2021 2020 Staff costs were as follows- Wages and salaries National insiiyance conh'ibutions Pension coiJti'ibutions 1,298,540 146.193 209,532 1.208,982 140,071 191.996 £1,654,265 £1.541.049 The average nttmbcr of einployees duriiig th¢ y¢ai' was as follows.. No. Cliaritablc activities Manogeni¢llt and SiLPPOI't 25 21 27 23 Niiinber of cniployees eRI'ning betweeii.. £70.000 - £79,999 £80.000 - £89,999 £90.000 - £100,000 £110.000-£119,999 £120,000- £129,000 Almoiints paid (5alai'ies cniployei s national insiiraiice and pBI?sitsn paymejits) to key nianagcmeiit personnel iii 2021 aiiioiinted to £319,390 (2020.. £319,834). 20
THE COUNCIL or'i'HE INNS OF COURT NOTfi S TO THE FI INANCIAL STATEI M£1 NTS (coiitiiiued) FOR Tllc Yr.AR EINDII D 31 DLICF.MIIEI R 2021 2021 2020 HEIAD or PROVIDEII'S REMUNERATION Basic salary Otliei. I'einiineixtionlbeiiefits Peiision conli'ibiitlOll5 123,957 122,730 34,110 32,376 £158,067 £155,106 Salary Sacrifice Ari'aiigei)ieE)Is'. Plcase Jioto Iliat, as reqiiired in the (yg'.f l(egiilaloiy Athiice g.. AccoiiF?Is Dipeciion tlie peiisioi) conii'ibution figiiies aix)vc iiicliide addiliojial cojili'ibiitioiis Iiiade by the Head of Pi'ovidei. as pai'l of k) salai'y saci'ific¢ s¢lici)Ic, wliich resiilis iji the total Iciiiiineralioii figiiiE beii)g ovei'stated (a5 tlie basic salRry figtire lias liot b¢eii adjLisle(I to i'efl¢et the 5al8ry sacrifice). lotal peiisioii Loiitribiition5 made by COIC Ii) tlie Head of Pi'ovidei. iii 2021 (aitd 2020) Iver¢ 150/0 of basic salary, iii coininoi) with all COIC ei)Iployees. Tile Head of Provider's itii)uiiei'ation pa¢kag¢ is sel with reference to other siii)ilar organisation5, incliiding tlie Iiins of Coiiti. It ieflects the Head of Provider's I'espoiisibility not jiist over tlie ICCA (Ihroiigh which all its ediicatioii offei'ii)g is provided), biit tlie Bai. Tribuiia15 and Adjudi¢alioii Service. and ovei. the cross- Inii collaboi'aiive fiiiictioii. The Head of Pi'ovidei s reiniiiieialion is appj'oved by tlie Board of Tiiistees, aiid the Head ot Provider reteives the saiiie anniial pay award us that given to 811 COIC staff. In 2021 the Head of Providei s total Irinuiieralion ivds 2.3 tiiiies tlie iiicdÈan total reiiiiinerdtion of staff, Ivhere the Iiiedidn total ieniunera¢ioii is ¢alciilaled on Él fiill-tit)ie eqiiiyalont basi.% for tlie total ienlthiieratioii by the pi'ovider of its staff. FIXED ASSE4TS- TANGIBLC ASSETS Conipiiter Eqiiiprneiil Office Furijilui'c Tol41 CO.ST Balance bOU1t forivard l Jantiaiy 2021 Addition5 40,989 8,297 35,008 75,997 ,297 Balance caii'ied foi'ward 31 Deceii)ber 2021 49,286 35,008 62,882 DEI PRECIATION Balan¢e bought foi'ivai'd l January 2021 Cliarge in yeai. 18,481 9,193 35,008 53,489 9.193 Balance carried foiward 31 Deceinbei. 2021 27,674 35,008 62,882 NEIT BOOK VALUE 31 Decejnber 2021 £21,612 £21,612 31 Decen)bei' 2020 £22,508 £22,508 21
THC COUNCIL or THF. IIYNS of+ COURT NOTLI S'l'o'fHE filNANCIAI. STATEMENTS (coriliiiiied) riOII'I'HI YEAII ENDKD 31 DECEMBEI R 2021 Df.Bl'OIIS 2021 2020 Trade debtors PIEpayiiients 460 35.646 205,733 107,745 £36,106 £313,478 10. CRCI DITORS: a0¢S falliiig due williiii ono yea)r 2021 2020 Trade crediiors Accruals and d¢fcrrcd inooine 63,809 223,062 241,423 96.252 £286,871 £337,675 D¢f¢ri'ed incoinc comprises gr£*nts received in adyance. Mov¢i?Icnts in defeired ii)coti)e'. Defei'iEd iiiconie al tlie sttti't of the year Ainoiints released to incojhe An)ounls deferied in the yeay 61,050 (61,050) 38,697 61,050 Defei'ied incoine at the end of th¢ year £J8.697 £61,050 OPEI RATENG LEASES The total of futurc niiiiiiiiuin leasc payinen15 under noll-can¢ellable operating leases are pttyable a5 follows'.- 2021 2020 Within one year Behvceii oiie aiid years Betwc¢n two and five years 165,141 417,501 1,191.736 122,820 122,820 245,640 12. RESTRICTED fi UNDS- 2021 Balan£¢ Clfivd 31.12.21 Ilal8iiee Blfivd 1.1.21 Ineome Expepdilurc Ilar Course 639,376 (639,396) £639,376 £(639,376) The above fiii)(Is were received tow81.ds tlie Bar Coiirse. The balance was spent iii 2021. 22
THE COUNCIL OFTIIE INNS or COURT NOI'EI S TO TFIE FINANCIAL ST ATEI Mri NTS (contiiiutd) IOR THE YEIARENDEID 31 DEICCMBEIR2021 REI STRicfEI D FUNDS- 2020 BAIRnee Blfiyd 1.1.20 ciriyil 31.12.20 Expenditure Bar course 2,074,025 (1,434,649) 639,376 £2,074,025 £{1,434,649) £639.376 13. ALLOCATION OF NfiT ASSETS BETWCI EN fiUNDS_ 2021 Uiiresli'icted Fuiid R¢sli'icled Fund 2021 TotAI 2020 Total riixed assets CurreE)l assets Ci'editoi 21.612 791,894 (286,871) 21,612 791,894 (286,871) 22,508 1,717.735 (37,675) £526,635 £526,635 £1.402,568 ALLOCATIOP4 OF NfiT ASSETS BEITWEi£i N FUNI)S- 2020 Uiii'cstrictcd Fiind Restricted Fuiid 2020 TotAI 2019 Tatal Fixed assets Ciirrent assets CIEdilors 22,508 1,078,359 (337,675) 22,508 1.717.735 (37,675) 23,562 1,207,810 (183,325) 639,376 £763,192 £639,376 £1.402,568 £1,048,050 14. RELATfi D PARTY TRANSACTIONS FoLlI' of Ilie cliai'ity's Ti'uslee5 aiy eniployed as SublUI)der-Treasiireis of tli¢ Inns of Coiirt, as follows.. Gregory Dorey CVO- Sub-TTea5111'eJ' of Ilie Iqonoui'able Society of Ilie Ini)er Tcinple Antlioiiy Hai'kii)g OBE- Undcr-TJ'ea511rei' of Ilie Hoiioiirablc Society of GTay's Iiin Giiy Perricoiie (fr0113 2 May 2022) Aniie Sliai'p- Undei'_TreasuTei' of the Honoiiiable Society of Liii¢oln's Inii Vicloi'ia Walla¢e- Uiidei'.Treasurer of the Ilonouixble Society of tlie Middle Teniple (uiilil 14 April 2022) tn addition eacl) of ihe foiii. Inns iioininales one of its senior meinber5 to serve as its represeiilalive Ti'u5tce, as follow5.. Jaiiet Bignell QC - Tlie HoJ)oiirable Society of Lincoln's Iiin Heleii Davies QC- Tlie Honoiii'able Society of the Innei l eii)pl¢ Chaiilal Aiii)ee Docri'ies oc - 'fiie Honoiirable Society of tlie Middle T¢inple Ricliard Wliittan) QC- The Honourable Society of Giay's Iiin Tlie otlier trustee acts as the President and is a seiiioi. individual of one of the tnns. This was Desiiioiid Bi'owiie QC {until 30 Api'il 2022, a Inen)bei' of GIzy'5 11)n) and tlie Rt Hon Lord Jiistice Nieholas Green (froii) l May 2022, a illen)ber of the Iniiei. Teiiiple). 23
THF. COIINCIL ofi THC INNS ofi COURT NOTf.s'i'o I'HE filNANCIAL STATEMfi.NTS (coiitinued) FOR'I'HE YCIAII EI NDED 31 DF.CF.MIIEI 112021 Tlic cliai'ity lias Ilie folloiving Iiansaction5 Iviili tlic Iniis.. All of tlie Ti'i151cc5 oie iepitseJ)latives of ali Iiin of Coiirt and it is froin Ilie Inns that gi?n15 of £1,589,840 12020.. £1,134,484) air received loivar(Is geiiei?l activities. Provisioi) of HR siiijpoil {for ivhich COIC paid Middle-feniple £4,500 in 2021 (2020 £4,500)). ljayiiienis for liii)clies {for which COIC paid Ilie foiir In115 a total of £3,343 iii 202112020- £5,961)), postage (at cost), HLCOlI)Inodatioii {foi' wliicl) COIC paid Gray's Inn £182,028 iii 2021 {2020- £174,420)). 1'001)i Iiire. eatci'ing and provisioii of i)ayiDII PlDCeSsiiig (foi. wliich COIC Plc id Middle Teiiiplc £4,500 iii 2021 {2020- £4.500). There were iio othei. related party tTan5act10115 in the year. IS. FINANCIAL INFORMATION- 2020 STATE4 ME4 IYT or FINANCIAL AC'fIviTIES Uni'esti'ieted Ilesli'icted Fiinds 2020 Total ri lId 2020 2020 INC.OME fROM: Donations and legacies Chai'itable a¢tivitie5 Invcstin¢nts Oihei. 1.134.484 1.134,484 2,074,025 1,823 2,074,025 1,823 TOTAL 1,136,307 2,074,025 3,210,332 IXPEINDITURF, ON: Chai'itable a¢livitie5 Training Regiilation 897,368 523,797 1,434,649 2,332,017 523,797 TOTAL 1,421,165 1,434,649 2,855,814 NET INCOMEIl(EXPENDITURB) {284,858) 639,376 254,518 REICONCILIATION OF FUNDS Total funds bi'oiight forward 1,048,050 1,048,050 TOTAL FUNDS CARI£IED FORWARD £76J,192 £639,376 £1.402.565 24