TH£ COUNCIL OF THE INNS OF COURT (Company Llmited by Guarantee) REPORT AND FINANCIAL STATEMENTS FOR THE Yfi AR ENDED 31 DECEMBER 2023 Company Number.. 08804708 CharÉty Number: l 155640 THE COUNCILOFTHE INNS OF COURT REFERENCE ANDADMINJSTRATIVE DETAII FOR THE YEAR ENDED 31 DECEMBER2023 Status The orgaTri5alion is a charitable company litnited by guarantee, incorporated 6 Deceinber 2013 and registered as a ch￿'Ity on 5 February 2014. The chai'itable company cominenced operations on l July 2014. Governing Documertt The charity is controlled by its Ineinorandum and articles of association. and constitutes a liinited coimpany, liimited by guaratktee, as defined by the Coinpanies Act 2006. Company Number 08804708 Charity Number 1155640 Registered OffIee 9 Gray's Inn Square London WCIR5JD Ti-u5tees All Trustees served throughout the year atjd theiEafter except where stated.. Janet Bignell KC Stephen Cailwrighi OBE Giegoiy Dorey CVO Chantal Aimee Doeri'ies KC Judge Jill Frances Christopher Ghika CBE (froin l O July 2023) Rt Hon Lord Justice Nicholas Gree Guy Perricone (until 9 July 2023) Anne Shaip CBE Mai'ion Smith KC {froin 22 Noveinber 2023} Richard Wliittam KC (until 21 November 2023) Royal Bank of Scotland 5- 10 Great Tower Street London EC3P 3HX Bankers Haysmacintyre LLP l O Queen Street Place London EC4R IAG AuditOY5 THE COUNCIL OF THE INNS OF COURT TRUSTEES, REPORT FOR THE YEAR ENDED31 DECEMBER 2023 The Trustees are pleased to present tlieir annual Trustees, Report together with the finanGial statements for the year ended 31 Deceinbei. 2023 which ar¢ also PTepared to Ineet the requii'einents of a directors. report and accounts foy Companies Act pui'poses. The financial statements comply with th¢ Chai'itie5 Act 2011, the Col￿panieS Act 2006, the Meinorandum and Articles of Asso¢iation and Accounting and Reporting by Charitie5 the Statel￿ent of Re¢oiMinended Practice applicable tr) charities preparing iheir aecounls in accordance witli the Stateinent of Recoininended Practice for Charitie5 (SORP 2015) (Second Edition, effective l January 2019) and, the Flnancial Reporting Standard applicable in the UK and Kepllblio of Ireland {FRS 102). CONSTITUTION The Council of the Inns of Coul't ("COIC") is sel up uTrder its Memoranduill and Arti¢les uf A550cialion, i'egistered as a Coinpany Liinited by Guai'Jnt¢e, regists2tion numbei. 08804708 and is yegistei'ed witli the Chai'ity Cominission under the Charities Act 2011, regists'atioD numbei. 1155640. COIC wa5 iiicorpoiated as a chpriiable coinpany limited by guarantee on 6 Deceinber 2014. For the purposes of the Companies Act 2006 the Board of Trusiees is regarded as the Board of Directon of the coinpany. The liability of the Trustees, being inembers of the charitable coinpany, is limited. Bvery meinber of th¢ charitable coinpany undertakes to contribute to the assets of ihe charitable company in the event of the saime being wound up whilst he is a iTr]einbei', oi. within one year aftei. h¢ ceabes tts be a iJ]enibti', for the payinent of the debts and liabilities of the charitable coinpany contracted before he c¢as¢d to be a meinber and foi. siieh costs, charges and exp¢nses of the winding up, and for the adjuslinent of the rights of the contribuiions among theinselves, such amounts 85 ]nay be required, not exceeding one pound. OBJECTIVES AND AcfiviTIES The objects of the council are: To advance edllcation in the administi?tion and pr3Cti¢e of the law and related disciplines, including by providing courses, tt'aining and educational Inaterials, and by proinotingy undertakiiig, and publishing research,. To PTOiTrOte the souiid adrnsnistralion of the law, includitjg by: pn)moting liigli stand81.ds of advocacy to support the rule of law,. and overseeiiig and enforcing pi'ofe55ional standards of conduct in i'¢latioTh to the provision of advocacy and iElated legal services, in each case, anywhere in the world and for the public benefit. Slrat¢gic Aims The strategic aiiiis in pursuit of the above ¢haritable objects are lo.. Provide excellent Bar training for the selected ICCA cohojt of Bar students- Provide leadership aiid guidance in advocacy h'aining,. Provide a foruin in which the Inns other advocacy h7iners ¢an meet and share information on advocacy J 4. Reseaych & disseminate Illater￿a]S and best practice in advo¢acy and advocacy training; 5. Organise educational training and othei" events. 6. Cominunic I'iiles & standard operating procedures, supported by regiilar appraisals. Insuraiice is in place to Ininiinise finan¢ial risk to the charity. As a small organisation COIC is more exposed than larger ones to significant leyels of staff tui'now¢r- the iinpact of even a Small nuinber of staff leaving siinullaneously could llllpact on our ability to deliver. To be rn￿tigated as above by SOPS, appraisal, training and flexibility of staff (with cross-gkilling aci'oss key functions) and, if nec¢85ary. deferral of non-essential woi.k. While COIC is almost entirely dependent on the four Inns of Court for all non-student fee income, the PlDbability of funds ot being foiihLomitE&F is extreinely low. The Inns have rcpcatedly confwined theii. coiminitinent to COIC, and annual confirtnation is pruvided that they will continue to provide suppoi't and fiinding. Additionally, COIC lias not taken on liabilities beytsnd Ihis, and in 2019 the lllns agreed a 'D¢ed of Ulldeiiaking, that made their cominitinent to fEnancially suppoj'l tlie ICCA Bai. Coui'se legally enfoi'ceable. In 2023 COIC has stRrted Émposing a sinall fee foi. access to 50me of its online CPD matei'ials lo diveiBify its soui'ces of income. The continued developinent ofthe ICCA, and in parlicular the sustaiiiable growtl) of the Bai" Course, is a majov Lindertaking. This will ieqiiire continued cai'eful planning of staff levels, resources and [￿3￿Ce supported by caieful Inanagemeiii by stsff and oversight / governance by the Ti'ustees and Board of Governors. THE COUNCILOF THE INNS OF COURT TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMHER 2023 RESERVES POLICY Th¢ Board of Trustees haye resolved that the sums equivalent to one Inonth's turnover be held in reserve, which for 2023 al￿O￿llted to £292,700. Th¢ I'eserve is held to meet 3lly shoil-tem1 cash flow needs and to meet &ny additional costs in¢uir¢d should COIC cease trading. In setting this level of reserve, the Board of Trustees noted the undertaking giveii by each of the four Inns of Coiirt in thesr annual grant lettei.: 'The Inn undertakes (o give the Charity tknre Inonths, notice, or a further grant equivalent to three Inonths. running costs of the Charity, if th¢ Inn decides not to Inake a grant in future years or decides to substantially rcduee the glant such that the Charity 1$ not able to Ineet its rurEniThg ctsstg" During this yeaT of account, the actual Itvel of free i'eserves amounted to £780,195, which exce¢ds the target by £487.495. The Tyustees are satisfied thk5 is appropi'iate wliile they consider potential changes to the reserves poli¢y reflecting the growth in the size and tui'novti. of COIC'S Bar Course. PLANS FOR FUTURE PERIODS A number of aims and obje¢tive5 have been set for 2024, of which the most significant are: Introducing a shared costs Inodel for the Tribiinal Service. with fvndingprovided by the Bai. Standards Boai.d. 2. Opei'ating a high quality 2nd fil foi. purpose Ti'ibunal Service by.. Delivering heal'ings in accordan¢e with or exceeding the ogr¢¢d ICPIS Workinx wilh the BSB to iinprove the entirety of their enforcement proceedii)gs, and especially the lime it takes foi. cases to be brought to a conclusion Bi'Énginx BTA8 up to datc by investigati￿g case management and docuinent imanageinent systeins, enslli'ing it operates a 'rightlo be furbF(Itttn' coinpliant websste, and that it can accoinimodate high standard in-pcr80n. hybrid and f￿]lY remote liearings 4. Reviewing the Itll)s' Conduct Coinmittee Rules and PlDc¢sses. 5. Continuin8 lo support aiid help deinonstyate the efforts of the Inn5 of Court in providing high quality training by-. co.ordinating the External Obsei'ver prograA)Ine for QLialifying Sessioris Facilitating the dev¢lopmeiit aiid exchange of g(￿d pi"actice betweeTt the lim's Diiectors of Education 6. Supporting tlie work of the Point of Call Working GIDup, ascertaining and coininunicating the views of the 7. SupptTriiing tlie Inns and liaising with tlie BSB in tlie development of future pupillage assessments and related tTaiTring progi?Inines. inoluding Negoliali017 Skillo and AdvocaLry Skills 8. Contijiue effoits to move the Bai. Course to break-even as soon as possible by.. Increasiiig student nuiDbeTS by effective outreach and Jknarkeling & raising awareness of the success ai)d quality of ihe course, incl￿ding I'aising the profkle of the ICCA ainong5t school and unÉversity Students. This will be 8ohieved by sponsoring inoots & supporting the Bar CO￿ne7],S Bar Placeinent Week, h05ting Open Days, Inollitoring website traff￿¢, developing links with ChAinbers and providers of work-based learning aiid iinpi'uving coinii)uiiications internally and externally., b. Introctucirhg a charge foi. s￿dentS who choose to access the Part I tnatei'ials for mole than 12 months withour entering or passing ihe BSB exams fTom September 2024; Pi'omoting and extending the ICCA Bursary Scheiiie workEng in paitnershÉp with ihe SBAS to in¢Yease the fund and Inake available more burs&ri¢s to desei'ving candidates., d. Exploi'ing the Inns, appetite oi. alteimative SOU￿¢5 of funding to build an ICCA Scholarship fuiid to reduce attrition belween acceptance and enrolinent. THB COUNCIL OF THE INNS OF COURT TRUSTEES, REI PORT FOR THE YEAR ENDED 31 DECEMBER 2023 PLANS FOR FUTURE PEI RIODS (CONTINUED) 9. Regular iinprovement and reinediation of Inaterials and inaintain the quality of teaching on the Bar Cours4 which ivill lead to continued seclor-leading assessment and pupillage i?tes. l O. Ensuring the high-quality Bar Course is accessible to co￿En￿tted, niolivated and diligent Students regardless of their baekground, by pi'omotittg diversity and equality of opportullity and widening paiticipation. This will be achievEd by the iinple]nEntation of the Fail. ieci'uibnent Policy, blind sifting of calldidates And continual data analysis and reporting. I l. Continuing to update and make available Pupillage Ethics Imaterials to all pupils ihereby genernting at) incoine foi. the ICCA and a5SlSting pupils to siicceed the BSB assessinent. 12. Developing and pi'osnoting the ¢apability to host and inaintain conlent foT the SBAS and Cii'cuits on the ICCA'S VLE an a fee-paying b9515 13. Woi"kittg with and supporting the Inns of Coui't, to pi'ovide leadership and guÈdance in high quality advoca¢y including by.. Rolling out the Advocaeyfoi. c17ildi.en CoiFJlicl Nijil? fhe Lavii (ACCL) coiirse and encouraging its accreditation by the Regulator to enable pi'a¢titioner5 to deimonstrate coinpetence; b. Continuing to suppoit &nd develop the Advoeory and 117g Viilll£i'able.' Ci'ii*e and Fapjiily prograinmes by b?iThing Facilitstoj's for the Fainily Law Bar Association and the Crown Pi'osecution Seivi¢e. 14. Suppoiting the continued improveinent of advocacy training in Jur￿5d]Ctions outside of the UK by seeking external funding and exploring Inethods of providing high quality and seed coi'n training to deserving organisations. 15. Capitalising on the ICCA'S development of expertise in e-Learning by offci'ing the Inns and CIrc￿ltS asslstance in developing, enhancing and hosting online training materials to support their delivery of high- quality tiaii)ing, and doing so on an at-cost basis. 16. In consultation with the Governing Body, the Inns and Cii'cuits,. identifying, reseai'ching and SeOPEng possible future workstrea1￿$ ihat are neces$aiy for the Bar to itmain current and infonned in practice cluding Trauina-infollned lawy￿.Ing, ta¢kling rape Inyths, and Artificial Intelligence {bringEng digital literacy to the foiyl, Pupil Supervisur training and ti'aining in appellate advocacy or written adyocacy for the CiviVFamily Bar. 17. Assisting the Circuits to manage the developinent of new irgulatory i'equireinents in the d¢livcry of Pupillage Advocacy and New Przctitigner Ti'aining by enabling tl)em to access tlie ICCA'S VLE and by offering new training Jnateria15 to delivei. to Pupils and NEW Practi¢ioners. rRUCTURE, GOVERNANCE AND MANAGEMENT T]ie Board of Trustees is I'esponsible for the overall management of COIC but delegates responsibility foi. the day to day Inanageinent to its Direetoi., within a frainework of agreed policies ai)d controls. At 31 Deceinbei'2023 the Boai'd coinprised 9'fi'ustees. COIC aiins to cnsuTC that sts Board 15 properly balanced in tei'ins of gender, eihnLLlty, disability representation and skills and experience relevant to COIC activities. The Board of Triistees is assisted in its woi'k by (i) a Strategic Advisory Grollp tnade up of repi"esenlatives from the li)n5, the Bai. Council and the Bai. Standards Board, whicli Ineets at least twice a year. and (li) a Maiiagement Sub-CoinEiiittee of tlie Tivstees wlkich is it)Ade up of the Sublundei" Tr¢asure¥s of the Iniis of Couit and which ineets six tiines a year, shoj'tly in advance of Ineetings of the Trustees andloi. Strategic Advisory Group. With i'egards to the work of the Inn5 of Court College of Advocacy the Trustees are a5SiSted by a boai'd of Governors and its sub-coJnmitte¢b. With rggaiKls to the work of the Bai. Tribunals Servi¢¢, the Trustees are a5515ted by the input of the BTAS Sti?tegic Advi5ury Board. Two ￿leW Trustees were appointed during 2023. To aid induction we insui'ed, wherever possible. that new Trustees attended meetEngs prior to taking up post. COIC Trustees received papeis prior to ¢a¢h In¢eting. Full guidance on Trusiee duties was inade available and the new Ti'ustees were bi'iefed to i'eview I'oles, structvi'es, pi'iorities and responsÉbililies THE COUNCIL OFTHE INNS OF COURT TRUSTECI S, REPORT VOR THE YEAR ENDED 31 DECEMBER2023 STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED) The Trustees are responsible for setting thepay and remuneration ofthe chority's employees including the key management pcINonnel. Salary aiid pension payinents to all COIC personnel are appi'oved by the-fn]stees as part of th¢ annual budget process, #nd over the Inore than nine years of the charity'5 operations this has resulted in Treai'_inflationgry inci"eases that applied ¢4ually to all staff without regard to senioi'ity. To aid the Tiustees in deterinining what (if any) per¢entAge incirase is appiDPI'iate as part of this ar￿￿al pay review procESS, researcli is undertaken to ¢oiifJrni the pay incregses awarded comparoble organisations l&nost notably the four In]is of Court). Starting salary levels are also benchmarked $0 that they ale compatible with those paid foj'similai. roles elsewhere (again, particularly at the Inns of Couit). Staffwhose role changes significantly duTing tlieir pei'iod of einployment Inay have their salary revi¢wed to ensure i¢ JEmains appi'opri31¢, and iiny increases deeined ncLeSSdry Inusi be approved by the Dii'ector of COIC. CORPORATE GOVERNANCE The follLiwing statement j5 intended to pi'ovide l'eaders of COIC'S Annual Report and Fin?nci81 Stateinents a better nderstanding of its governance and legal structure at the date of the appi'oval of this Annual Report. COIC'S Structure, Oovei'nance and manllgei￿ent is set out iii the iminediately preceding section of this report. COIC'S ATtieles of Association date froin 2014 and iindei.pin the governing practices adopted by the Board. COIC'S Stateinenl of Purptrse is.. FtsiindEd by the Inns ofcoiirl. COIC Mioi'ks ivith 117epJi in sii'engiheFJE17g ihe riile oflaw ihroiigh e¥cellence i17prDfeJsional ÉdiicL7tion iii IiiaiJ71at11117g ihe highesl stapJdap.d3 ofprofuts'ional cond￿¢1. COIC'S Ti'llstees are legally responsible for the overall Inanageinent Ènd control of COIC. The Board of Trustees ineets at least four times a year. A Management Sub.Coininittee of the COIC Trust¢es was established in 2022, This is made up of the four SublUnder- Treasurcrs (CEOS) of the IIiE]s of Court who serve ex ￿[fiCi0 as Ti'ustee5 and the Diiectoi. of COIC. The Manageinent Sub- C.oinJnittcc's i'ole is lo Inonitoi. and sbrutii)ise the delivEry ofcoic's Strategy, supporting and holding C.OIC's Executive to account iii the ovei'sight of COIC'S operations and associated resources. and advise LOIC'S Executive on th¢ suitability of prow)sed a¢tiYilies and associated expenditure. The ICCA Governors advise the Trustees on all Inatters relating to the ICCA and its B&r Course. The Govemois ineet at least eight times a year to discuss cui'rent issues and to agree actions as req￿lI.ed. This includes an annual Away Day, wheiE Inatteis of strategic and longer-t¢rJn iittpoi'lance peitaining lo the ICCA air considered. The Govemors are assisted in their woi'k by a nuTnb¢r of sub-coininittees that focus oti sperific areas of busin¢ss'. Finance & Operations Comtnittee International Coininitt¢e Board of Exaininers Appeals Committee Edueaiion Coinniittee The ICCA Governors are resPOt)sible for the oversight of any regulatory I'esponsibiliti¢s includins complianee with the ot3's ongoing ¢onditions of registration. During 2023. COIC started developing &n Audit and Risk Manageinent Framework into its work and strategy. THE COUNCIL OFTHE INNS OF COURT TRUSTEES, REPORT FOR THE YEAR ENDEI D31 DECCIMBER 2023 INTERNAL CONTROts Ide￿tifyIng and inanaging risk is a key part of the woi'k of the Trustees and specifically thc Manageinenl Sub Coininittee. This is addiesscd hy the mainteiiance and developinenl uf a Risk Registtr that Is discussed and updated as necessaiy. The Risk Register include5 an assessment of f￿nancial, op¢rational, replltational and h¢alth and safety risks. Internal contro15 are based on both the likelihood and potential impact of the risks o¢¢uri'ing, and take into aecount Jnitigation Ineasui'es that can be put in place. Thi% approach identifies key risks and enables Yesponse5 to be prioritised accordingly. Trustees understand that it is their responsibility to ensure that an appropi'iate system of intei'nal COE]ti'ols is Inaintained and reviewed as appropriate. The TTUStees and exteiMal auditors have not identified ar)y signifieant internal colllrol weaknesses orfailures in the financial year linder review or ITr the period up to the date that this Annual Repoi't was appToved. TRUSTEES, RESPONSIBILITIES STATEMENT The Ti'ustees (whts are also Directors of COIC for the purpose of cornpany law) ar¢ responsible for pj'eparing the T￿Stees, Report and the financial slalEmetits in a¢coi'dance with applicable law and UnÉted Kingdom Accounting Standards {Ui)ited Kingdoin Generally Accepled ALcounting Practice). CoEnpany law require8 the Trustees to pi'epai'e fin2ncial stateineiits for each ffftai)cial yeai. which give a true and fair view of the state of affaij's of the charitable coinpany and of the incoming resource5 2nd application of resources, including the ncotne and expet)ditur4 of the charitable company for that year. In pYep&ring th¢se financial 5tateJnents, the Ti'ustees are required to: S¢l¢ct suitable accounting polici¢$ and then &pply thein consistently. Ohserve the methods and principles in the Charities SORP,. Make judgcinenls and esliinates that are i'easonable prudent,. State whether appli¢able UK Accounting standards have been followed, siibject lo any mat¢iial departures disclosed and explained in the financial statsinents,. Prepare the financial statements on the going concern basis unless it is inappropriate to presume ihat the cliaritable coinpany will continue in busin¢ss. The Trustees are responsible for keeping proper accounting records that disclose with rea%onable accuracy at any tim¢ of the financial position of the charitable con)pany and enable thein to ensure that the financial st&ieinen15 coinply with tlie Coinpanic8 Act 2006. 'Fhey are also responsible for saFe&iuai'ding the assets of the charitable coinpany and hence tortsking reasonubl¢ steps for the pi'evention and detectioii of fraud and oihei. iiyegularities. In so f81 as we are awair.. There is iio relevant audit information of which the ch81'ttable coinpany's auditor is unaware- and The Trustees have takeii all step5 that they ought to have taken to inake themselves aware of any relevant audit ii?formation and lo establish thai the auditor is awaie of that infonnation. By order of the Board on and signed on its behalf by.. Signed.. /U.il.- . (Trnsteel Naiiie.. f ¢eJ Date.. 08 N. Lo%(t INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OFTHE COUNCILOFTHE INNS OF COURT Opinion We liave audited the fiiiancial stateinenrg of th¢ Council of the Inns of Court for the year ended 31 December 2023 which oinpi'ise the Stateinent of Financial Activities, the Balance Sheet, the Stateineni of Cash Flows and notes to the financi21 statcments, including a suminaiy of sigiiificant a¢coiinting policies. The financial reporting frainework that has been applicd in their preparation is applicable law and United K￿6d￿l￿ Accounting Standai'ds, includÉng FiTrancial Reportiiig Standard 102 The Fiiioiicial Repoi'lingSiundoi'doppli¢uble in ili¢ UK u17dRepiiblic oflrelaAdlUnited Kingdom Genei'ally Accepted A¢¢ovnting Practice). In our opinion, the financial statejnents.. give a true and fair view of the state of the charitable COTnpany's affai1% as at 31 December 2023 and Df the charitable coinpany's nei Inoveinent in funds, iiicluding the incoine and expendityre, for the yeai. then eDded- have been propei'ly prepared in accoi'dan¢e witli United Kingdoin Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006and the Office foi. Students Accounts Du'eetion. BASIS for opinlon We conducted our audEt &¢eordance with International Standards on Auditing (UK) {ISAs (UK)) and applicable law. Oiir i'esponsibilities under those standards aT¢ fuilherdescribed in ihe Auditoi s responsibilities foi. the audit of the finaneial 5tat¢ments section of our report. We are indep¢ndent of the charity in accordance with the ethical requireinent5 that al'e relevant to our audit of the financial st&temeiits in the UK, including the FRC'S Ethical StandaTd, and we have fulfilled oui. other ethical responsibilitEes in accoidance with these requireinents, We believe ihat the audit evidence we have obtained is suffici¢nt and appropriate to pi'ovide a basis for OUT opinion. Responsibllltles ol Iruslees ftsr the financial 5tatement5 A5 explained inure fully in th£ trustees, respoiisibilities statetnent set out on page 6, tlie trustees (who are also the directors of the charitable coinpany foi. the purposes of coinp&ny law) are i'esponsible for the preparation of tlie ffftancial stateinents and for being satisfied thot th¢y give atrlle and fair view, and foi. suth intei'nal ¢on¢rol as the ti'ustees detei'jnine is necessaiy to enable th¢ preparation of financial stateinents that are free from i￿aterIal ini55tat¢Enent, whethei. due to fraud or eiTOI'. In preparing the financial statenicnts, the tiwstees are Te5pon5ible for assessing the ¢haritable coimpany's ability to continue as a going ¢oncern, disclosing, as applieable, Inatteis related to going concern and usllw the gO￿ng concern basis of accounting unless the tn]Stees eitlier intend to liquidate the charitable coinpany or to ¢ea5e vperation5, or have no realistic alteiMatiYe but to do so. Conelllsion5 r¢lating to going concern In auditing the fiiiaiicial stateinents, we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the fjnaneial staten)ents 1$ appropriate. Based on the work we have perforined, we have noi identified any material uncei1ainties Telatit2g to eveJ)ts oi. conditions that, ijidividually oi. collectiyely, Inay cast sigiiificant Lloubt on the cli8rity'S ability to Continue as a going concci'n foi. a period of at least twelve months froin when the fiTranLtal slateineiits al'e aiithorised for issue. OUT r¢$ponsibilities and the responsibilities of the trustee5 Witl) i'espect to going con¢¢rn aiE described in the relevant section5 of this report. Other iiiformatlon The ts'ustees are IEsponsible for tlie otlier information. The oihey inforination Comprises the infomnatioi) included in the Truste¢s' Annual Report. Oiir opinion on tlie finaiicial 5tateinents does not cover the othei. iiiforination and, except to the extent otherwise explicitly stated in our I'epor¢, w¢ do not express any foijn of assuiance conclusion th￿￿on. In connection with our audit of the financial stateinents, our responsibility is to read the other infoimation and. iii doing 50, consideT wheihrr the otliei. infoYmatiLin is Inat¢rially inconsistent with the fEnancial stateinenls or our knowledge obtained ii) the audit or oiheiivise appears to be Inaterially misstated. If we id¢ntify such matei'ial inconsistertcies or apparent material misstat¢meiits. we al'e J'equired to determine wlieiher theie is a mat¢rig1 misstateinent in the ffftanci&l stateinents oi. a matei'igl misslateinent of the other information. If, based on the work w¢ have perforimed, we concliide that there is a malerial inisstatejnent oftl)is other irtfonnatioii, we arc required to reportt]iat fact. We have nothuLg to repoi't in this regard. 10 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OFTHE COUNCIL OF THE INNS OF COURT Opinions on other mallers preseribed by Ihe Companles Act 2006 In our opinion. based on the work undertaken iii the couJ%e of the audit: the inforination given in theTrustees' Report (wliich includes (he strategic report and th¢ directors, reportprepared for the pui'poses of company law) forthe financial yearforwhich the financial slatEments areprepared is con5jStent with the fiiian¢ial sldtem¢llt5', and the strategic report and the directors, report incliided within the Trustees, Repojthave been prepared in accoi'd&nce wilh applicable legal requirements. Matters which Ke are requii'ed to i'epoj'l by exeeptio In the light of the knowledge and undei'5tanding of the chai'itable coinpany and its £nvit'onment obtained in the eoui¥e of the audit, we have not kdentified Inaterial i*isStatements in the Trustees, Repoit {which incorporate5 the dii'ectors, report). We have nothing io ￿port in respect of the following matte15 i'elation to the Coinpanies Act 2006 requires us to report tD you if, in oui. opinion: adequate accounting record5 have not been kepi by the charitable ¢ompany,' oi. the chai'itable coinpany's financial statements are not 2n agreeineni with the accour]ting records and iEturns' or certain disclosures of trustees, Irmuneration specified by law al'e not made.. or we hav¢ not i'eceived all the information and explai)ation% we require for our audit. Matters on which we are required to report In Kespect of the Office of Students In our opinion in all Inaterial respects: fund5 adininisteted by the eliarEliible ¢oinpany foi. specific purposes dui'ing the year ended 31 December 2022 as disclosed in note I I to the aLcounf5 have been applied for those purposes and manged in accordance with relevant legislation; funds provided by the OFS and Depai1ment for Edu¢ation have b¢en applied in accoi'dance with the terims and conditlons attached to them during the yeai. e]]ded 31 Decembei. 2023- and We have nothin8 to repoit ffin respect of the following inatters in relation to the Office foi. Students requiirs us to report where.. grant and fee incoine as disclosed in note 4 to the accounts, has been materially Inisstated. Expenditure on access and participation activities foi. the financial year has been Inaterially misstated. Responsibilitie5 of ti-uslees foi. the finanei215t#tements As explained Inoie fully in the h'ustees, responsibilities stateimeni set out on pages 6 to 7, th¢ trustees are i'esponsible foi. the prepai'ation of the fmanLial statements and for being satisfied that they give a true and fair View, and for su¢h internal control as the ti'ustees determine is necessary to enable the prepai'ation of financial staternents tliat &i'e free fiDin matei'ial Inisstatement, whether due to fraud or ei'i'or. In preparing the financial stateineiit%, the trustee5 ar¢ responsible foi. assessing the charily's ability to continue as a going concern, disclosing. as applicablc, Inatters related to going concern &nd llssng the goiii¥ concein basis of accounting unless the ts'llstees either intend to liq￿idate the charity or to cease operations, oi. have no realistic alternative b￿t to do so. AuditOl-'5 responslbilltle$ for the audit of the fiiiaiicial statements Our objectives are to obtain reasonable assuTance about whether tlie fiiiancial statements as a whole &i'e free fioin Inaterial Inisstateinent, wliether due to fi.aud or eri'oi., and to issue an audiloi"'s report that inclLEdes our opinion. Reasonable assurance is a high level of assurance, but 15 not a guarantee that an audit conducted in oc¢ordance with ISAS (UK) will always detect a Inttterial misstateinent when it exists. Mi$5tateinenls can ai'ise froin fi'aud or eFI'OT and are considEred Inatertal if, individually or an the aggregate, they could irasonably be expected to influence the economic decision% of users taken oi) the basis of these financial sraleinents. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design pi'ocedujrs in line with OUT Tesponsibilities, outlined above, to detect InaterEal misstateinents in respect of irregvlaritie5, including fraud. The extent to which oui. pro¢edure5 aT¢ Copable of deteCt￿g iriEgularities, including fraud is detailed below.. INDEPENDENT AUDITORS, REIPORT TO THE MEMBERS OF THE COUNCIL OF THE INNS OF COURT (continued) Based on our understanding of the charity and the environment in which it operates, we identified that the principal risks of non-coinpliance with laws and Tegulations related to coinpliance with employment law and health and safety regulations, and w¢ considei'ed the exteiit to which non-coinpliance mi¥ht have a material effect on the financial stateinents. We also considered those laws and regulations that have a direct iinpaLt on the preparation of the financial statements such as th¢ Coinpanies Act 2006, the Charities Act 2011 and the Office for Students Account5 Direciion. We evaluated Inanagement's incentives and opportunities for fizudulent manipulation of the financial stateinents (including the risk of overi'ide of controls). and deteTmined that the pi'incipal risks were related to Inanageinent bi25 in cei'lain accounting e5tiinates. Audii procedui'es perfoiined by the engageinent teain inclyded.. Inspecting Ininutes of trustees Ineeting5' Inspecting coi'responden¢e with re¥ulators and tax authorities., Discussions with inanageinent in¢luding consideration of known or suspected instances of non-compliance with laws and regulation and fraud. Evaliiating Inanageinent'5 controls designed to prevent and detect irregularities. Identifying and testing journals, in particular joumal enti'ies posted aTound the year-end or with unusual description5' and Challenging assumptiorts and judgeinents Inade by Inanageinent in their critical accounting estiinates. Because of the inherent limitations of an audit, their i5 a risk that we will ntsl detect all iriegularities, including those leading to a inaterial Inisstateinent in the financial stateinents or non-coinpliance with regulation. This risk increases the more that compliance with a law or regulation is rejnoved froin the event5 and transactions ieflected in the financial stateinents, as we will be less likely to becoine aware of instances of non-coinpliance. The risk 15 also greater regai'diTrg irregularities occul'ring due to fraud rather than ei'roi., as fraud involves intentional concealinent, forgery, collusion, oinission oi. Inisi'epresentation. A further description of our responsibilities for the audit of the financial statement5 is located on the Financial Reporting Council's web51te at.. %Ywiv.fi'c.or .uklaudiiorsres oiisibilitie5. This description foms part of oui. auditor's report. Use ofour report This report is inade solely to the charitable company's Ineinbers, as a body, ill accordance with Chapter 3 of Part 16 of the Coinpanies Act 2006. Oiir audit work has been undertaken so that we Inight state to the charitable company's meinbers those matters we are reqtjired to state to them in an Auditoi's report and for no other pui'pose. To the fullest extent pei'initted by law, we do not accept or assuine respoiisibility to anyone otherthan the charitable company and the charitable company's members as a body, foT our audit work, foi. this report, oi. for the opinions we have forined. T_ IJL Thomas Wilsoii (.Senior Statutory Auditor) for and on behalf of Hay5maeintyre LLP Statutory Auditor 10 Queen Street Pl8ce Londun EC4R IAG Date.. 15105124 12 THE COUNCIL OFTHE INNS OF COURT STA TEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrl¢ted Restrieted Fund5 Funds 2023 2023 Total Funds 2023 Tot#1 Fund5 2022 Notes INCOME FROM: Donations and legacies Charitable gctivities Investsnenls oihei. 1,980,240 1,907,394 13,068 100,000 2,080,240 1,907,394 13,068 1,930,020 1,170,031 1,229 TOTAL 3,900,702 100,000 4,000,702 3,101,280 EXPEINDITURE ON.. Chai-itable aetlvities Training Regulation 2.970,195 541,310 900 2,971,095 541,310 2,614,929 584,449 TOTAL 3.511,505 900 3,512,405 3,199.378 NET INCOMEI(EXPENDITURE) 389,197 99,100 488,297 (98,098) RCI CONCILIATION OF FUNDS Total fiinds br(Trllght foiward 428,537 428,537 520,635 TOTAL FUNDS CARRIED FORWARD £817,734 £99,100 £916,834 £428,537 None of th¢ ¢oinpany's activiti¢s were acquiiyd or discontinued in th¢ year. There wei"e no recognised gains or losses other than those included in the Statement of Financial Activities. 13 THE COUNCIL OFTHE INNS OF COURT BALANCE SHEET AS AT 31 DECEMBEIR 2023 2023 2022 Notes FIXED ASSETS Tangible assets 37,539 16,381 CURREIYT ASSETS Debtors Cash at bank and in hand 208.179 1,222.903 362,734 461.046 1,431,082 823.780 CREDITORS: Ainounts falling due within one year 10 {551,787) (411,624) Net Qu￿ent assets 879,295 412,156 NET ASSETS £916,834 £428,537 FUNDS Restricted Funds Unrestricted fvnd5 12 99,100 817,734 482,537 TOTAL FUNDS £916,834 £482,537 The accounts were approved by the Tw5tees and authorised for issue on and signed on its behalf by.. Signed.. ree (Trustee) Nam¢'. JU ,U/'. Date.. og N Lo'l Signed.. {Truste¢) Naine: Jfvj s S+tAa Date.. 14 THE COUNCILOF THE INNS OF COURT STA TEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECfMHER 2023 2023 2022 Cash l]oiYs from operating activities: Ne¢ cash (used inFpTovided by operating activities (see below) 793,210 (291,274) C8$h flows fro￿ investing aetlvities: Puirhase of fixed assets (31,353) (3,468) Net cash used iti investing artivities {31,353) (3,468) Change in cash and cash equivalents in the year 761,857 (294,742) Cash and cash equivalents at the beginniiig of the year 461,046 755,788 Cash and casli equivaleiits it the end of the year £1,222,903 £461,046 ReeonelliatÉon of net iiicoine to i)et c#sb f]ow Irom operating aelivities Net incomel{expenditure) for the reporting pei'iod (as pei. the ststeinent Df 488,297 10,195 154,555 140,163 Add depirciation Decreasel(increase) in debtors Increase in ciedilor5 (875,933) 9,193 (326,628) 124,753 Net ea5h provided by/(u5ed in) operating Actlvltles 793,210 £(291,274) ANALYSIS OF NET DEBT At l January 2023 At 31 Decen]ber 2023 Cash movements Non-cish movemeiits Cash at bank and hpnd 461,046 761.857 1,222,903 £755,788 £761,857 £1,222,903 15 THE COUNCILOF THE INNS OF COURT NiyfES TO THE FINANCIAL STATEMENTS FOR THE YEI AR ENDED 31 DECEI MBER 2023 ACCOUNTING POLICIES The pr￿CIpal accaunting policies adopted, judgeinents and key sources of estimation uncertainty in the prepai'atiOTE of financial stateinent8 l8 29 follows: Basis of Accountlng The financial statement5 hpve been prepared aecordance with Accounting and Repoiting by Chai'ities.. Staieinent of Recommended Practic¢ applicable to charities preparing their accounts in accoi'dance with the Stateinent of Recoinmended Practice foi. Chayities (SORP 2015) (Second Edition, effective l January 2019} and the Colnpanies Act 2006. The Council of the Intts of Court Ineets the definition of apublic benefit ¢ntity under FRS 102. Assets and liabilities are initially r¢cogni5ed at histoi'ical costortransactionvalue unless oth¢nvise stated in the relevant accounling policy notels). Preparatlon of the accounts oll a going concerii ba$És Having consideied fi]ture biidgets and ¢a51) flows, the Trllstees confirm that they have no material uncertainties about the entity'5 ability to continue a5 a going concern for the foiEseeabl¢ fi]ture. The In05t significant unceilainty relates to continued fundiiig beii)g available. Income All in¢oining resources are included in the SOFA once the charity has entitlement to the incoine, st És pi'obable that the ill¢OTne will be received and the amount of income rec¢ivabl¢ can be measured reliably. The following 5pe¢ifi policies apply to categories of income.. Voluntary incoine donations & gi'ants wheir i'elated to perfonhance and specific d6liverables al'e accounted foi. as the charity eai'ns the i'Eght to consideration by its performan¢¢. Where in¢oJne is received in advance of its i'ecognition it j5 defeired and included in creditOY5. WheiE entitlemeiit occurs before income being received the income is accrued. Course fe¢s are accounted for in the period to which they relate. Expenditure All expendituir is accounted foi. on ai) accruals basis and h&s been classified under headings that aggregate all costs relating to the following categoi'ie$'. Chai'itable Activities- Costs of charitable activities compi'ise all costs rdetktified as wholly oi. Inaithly attt'ibut&ble to chieving the charitable objectives of the chai'ity, including the costs of dis5eininatii)g infonnation in suppoi'l of chai'itable activities. These cost5 include staff costs, wholly or Imainly ath'ibutable support costs and an apportioninent of general overheads. Support costs ar¢ those functionsthat as515t the woi'k of the chai'ity but do not dErettly undertake ehai"itable activitÉes. Suppori costs includE office ¢osts, finance, PErsonntl, payroll and govemaiice costs wlii¢h support the Council's activities. The basis which suppoit wsls have been allocated are showii below. Governance costs These compi'ise all cost5 identified as wholly or Inainly atti'ibut&ble to en$uring the public accouThlability of tlie chtrity aiid its ¢gTnplian¢e with iegulations. Allocatlon ofe05t$ Siaff costs dre allooaled by the Trustees betwttn diiECt chai'itable expenditure and support expenditure on the basis of tiitte spent on these activities. Other costs are ascribed directly to the relevant he&ding. 16 THE COUNCIL OFTHE INNS OFCOURT NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR CINDED 31 DECEMBER 2023 ACCOUNTING POLICIES {continued) PeN51011 costs The Louncil of the Inns of Court operates a defined contributions scheine for the benefjt of the employees. The assels of the Scheine air held independently fi'oin those of the charity an independeTrtly aibninistered fund. The pension Costs chai'ged in the f￿ancial stateinents represents the contt'ibutions payable during the year. Taxation No provision has been Inade foi. COTporation tax oi. deferred tax foi The Council of the Inns of Couit as it is a registered charity and is therefoT¢ exeinpt. Re5trieted thAd5 Where ￿'antS arc to he spent in arcordance with terrns agreed with th¢ funders, the incoEne and related expcndituye are shown as 'Re5tricted' At]y unspent restl'icted income at the y¢aT-end is defei'ied for spending to future years. Uiirestritled funds Core Encoine and such othei. income for which there are no restrictions on the way it can be spent are temied 'Unrestricted' Such unspent incoine at the year-end is ieJ1nEd 'Unrestricted fllnds,. Flxed a$setS All fixed assets ale stated at cost less aceuinulated depreciation. Iteins costing less than £500 are not capitalised. The currying values of othei. tangible fixed &%sct8 ale reviewed for iinpairment if events or chdTl¥¢ in circuinstances indicate the cariying value may not be reeoverahle, Depreciation is pi'ovided al rates calculated to write off the cost. less any estimated residual value, of each asset evenly over its expect usefvl life, as follows- CoTnputei' equipment OtTice furnitui'e 4 years 4 years Debtor5 Ti'ade other debtoi's aTe I'eLognis¥d at the settleinent ainount due after any trade discount off¢red. Prepayments are valued at the ainouiit piepaid net of any trade discounts due. Cash at bank aiid In liand Cash at bank and in liand i2i¢ludes baiik accounts, cash and sh(Trrt temi highly liquid inveshnents with ashoitimatiirity of three Inonths or less from the date of acquisition or opening of the deposit oi. similar account. Creditovs and provisions Creditoi's and provi8ion$ are i'ecogiii5ed wheie the charity has il present obligation iesulting froin a past cvcnt that will piDbably I"esult in tlie transfer of funds to a thii'd party aiid ihe 3anount due to settle the obligation oon be measui'ed or estiinated reliably. Credi¢o13 and provisions are norinally recognised at their settleineIit ainount aftei. allowing foi. any ts'ade discounts due. Fiiiaiieial instruments The charity only has financilll assets and financial liabÉlities of a kind that qualify k)s basic fjiiancial insh'uineiits, Basic fiiiancial insh'uineiits al'e initially recognised at transaction value aiid subsequently iiieasured Rt theii. settlejnent value. Estiillalioii uncertaiiity In the view of the Trustees in applying the accountit)g policies adopted, no judgeinet)Is were i'eqiiired that Ilove a significant effect on the aixounts recogiiised in the financial slateinents nor do any estimates oi. assuinptlQTIS made cai'ry a significant I'isk of nialerial Adjustinent in the next financial year. 17 TH[ COUNCILOFTHE INNS OFCOURT NOTES TO THE FINANCIAL STATEMEJYTS (Contimued) FOR THE YEAR ENDED 31 DECEMBER 2023 DONATIONS AND LEGACIES 2023 2022 Grants irceived froim the Ii]ns of Court towayds general activities Bui's01'ies grant 1,980,240 100,000 1,930,020 £2,080,240 £1,930,020 CHARITABLE ACTIVITIES- 2023 Uiirestricted Funds Restricted Funds Total 2023 Total 2022 Fee incoin¢ Legal text5 BSB Intake fee Bthits incoine VLE Support 1,876,292 1,876292 1,001,742 72,E74 96,115 28,806 2,296 28,806 2,296 £1,907,394 £1.907,394 £1,170,031 All activitie5 were uw'estricted in 2022. CRANT AND FEB IPICOME 2023 2022 Fee income fiDm taught awards 1,876,292 1,001,742 £1,876,292 £1,001,742 ANALYSIS OF EXPENDITURE- 2023 Direct Costs Suppoi't Costs Governanee Costs Total 2023 Total 2022 Chai'itaL71e activities.. Training Regulation 2,258,496 248.487 695,043 287,009 17,556 5,814 2,971,095 541,310 2.614,929 584.449 £2,506,983 £982,052 £23,370 £3,512,405 £3,199,378 ANALYSIS OF EI XPENDITURE- 2022 Dii'ect Costs Support Costs GoverEJaiiee Costs Total 2022 Charitable a¢livities'. Ti'aining Regulation 1.916,833 300,743 682,192 278.956 15,904 4,720 2,614,929 584,449 £2,217,576 £961.178 £20.624 £3,199,378 THE COUNCIL OF THE INNS OF COURT NOTES TO THE FJNANCIAL STATEfllENTS (Continued) FOR THE YEAR ENDED JI DEcEmB￿R 2023 SUPPORT COSTS COP4SIST OF: 2023 2022 Stttff cosls Othei. staff related ¢osts Establishment cost5 Insurance Finan¢e and accounting fee5 Otliei. professional fees Office costs IT costs Bank charges 266,897 13,418 452,119 64,910 16,080 19,621 47,463 100,509 1,035 241,858 11,127 452,559 83,697 16,561 27,457 42,269 84,760 890 £982,052 £961,178 GOVERNANCE COSTS 2023 2022 Auditoi's rejnuneration Othei. professional ftes 14,500 8,870 13,200 7,424 £23,370 £20,624 Othei. feespayable tothe auditors (forotherbusiness support) &inollnted to £15,600 (2022: £14,400) and Al'e included within 5UPPOrt costs. No Triistees ieceived any reinuneTatiOF) during the yeai.. EMPLOYEES 2023 2022 Staff costs were as follows.. Wages and 5alai.ies Naiional insLEratt¢e conti'ibutioiis Pension contributions l Jl8,917 160,879 220,190 1,291,040 154,600 248.714 £1,699.986 £1,694,354 The avei'age nutnber of en)ployees during the yeai. was as follows.. Charitable activilie5 Manogemeiit and suppoil 26 (24.66 FTE) 25 (21.2 FTE) 2 (2 FTE} 2 (2 FTE) 29 (26.66 FfE) 27 (23.2 FfE) As requiied in the Stateinent of Reco]￿l￿er1dCd Practice foi. Charities, tlie nuimber of einployees eaming incoine iii excess of £60,000 is provided in £10,000 baiids.. £60,000- £69,999 £70,000 - £79,999 £80,000- £89,999 £90,000- £99,999 £100,000- £109,999 £120,000- £129,999 £130,000- £139,999 19 THE COUNCIL OFTHE INNS OF COURT NOTES TO THE FINANCIAL STATEI MEIYTS (Continued) FOR THE YEAR ENDED31 DECEMBEIR 2023 As requiyed by the oifice for Students, the nuinber of einployees eaining income in excess of £IOO.000 1$ provided in £5.000 bands.. 2023 No. 2022 £100,000- £104.999 £130,000- £134,999 2023 2022 HEAD OF PROVIDER'S REDKUNERATION Basic salary Other remunei'ationlben¢fIts Pension conti'ibutions 134,149 126.436 39,968 37,670 £174,117 £164.106 Saldry Saci'ifice Anangeinents.. Pleasc note that, as requsred in the OJW 5 Regiilc71oJy Advice 9.. Accoiinls Dii'eclion the pension ¢ontriblltion figures above includ¢ additional contributions made by ihe Head of Provider as pait of a sall< ry sacrifice scheixe, which I'esult5 in the totgl reinunei'atioTr figiiiE being overstated las the basic salary figuie has not been adjusted to reflect the salary 5acrifi¢e}. Total pension CotEh'ib￿tIOnS Imade by COIC to the Head of Provider in 2023 (and 2022) were 150/0 of basic salary, in coinmon with all COIC einployees. The Head of Provider's reinun¢ration packag¢ is set with refeirnce to o¢h¢r similar organisations, including the Inns of Court. It refle¢ts the Head of Provider's iespoDsibility not j115t over the ICCA (through which all its education offering is provided), but the Bai. Tribunals and Adjudication ServÈ¢e, and over the ci'os5-Inn cnllaborative fuTLCtion. The Head of l)rovid6r's reinuncration is approved by the Boaid ufTiustees, and the Head of Providcr rcceives tlie sain¢ ani)ual pay award as that given to all COIC staff. In 2023 the Head of PiY>vider's basic salary was 2,3 tunes (2022.. 2.3) the In¢diaii pay of staff, where the n]edian pay is cal¢iilated on a full-tiine equivalent basis for the salaries paid by the provider to its staff. In 2023 the Head of Provider'5 total i'ejnuneration wa$ 2.9 times12022.' 2.6} the median total remuneration of staff {whei'e the median total reEnuDeration is calculated on a fJll-tiine equivalent basis for the total re]Dunei'ation by the provider of Éts stafft. 20 THE COUNCIL OFTHE INNS OF COURT NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THB YEAR ENDED 31 DECEMBER 2023 FIXED ASSETS- TANGIBLE ASSETS CDEI]PUtcr Equipment Office Fknt'niture Total COST Balance bought foiw&NI l January 2023 Additions 49,286 31,353 38,476 87.762 31.353 Balance caTried foi'ward 31 December 2023 80,639 38,476 DEPRECIATION Balance bought forward l January 2023 Charge in year 35,506 9,328 35,875 867 71,381 10,195 Balaiice carried forward 31 Dec¢mber 2023 44,834 36,742 81,576 NET BOOK VALUE 31 Deceinbei" 2023 £35,805 £1,734 £37,539 31 De¢einber 2022 £13,780 £2,601 £16,381 DEBTORS 2023 2022 Tyade debtors PrepayinentS Ac¢Kued income 27,661 180,518 237,321 114,357 11,056 £208.179 £362,734 10. CREDITORS: amouiits (allimg due iyithin one year 2023 2022 Trade creditoj's Accruals and deferred in¢oine 187,275 364,512 116,251 295,373 £551,787 £411,624 Deferred income comprisEs fees received in advance. Movements iii deferred in¢oine'. Deferi'ed income at the start of the year Ainounts released to income An)oiint5 defei'red in the year 130,320 (130,320) 189,499 38,697 (38,697) 130,320 DeferiEd income ai the etjd of the year £189,499 £130,320 THE COUNCIL OFTHE INNS OF COURT NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023 OPERATING LEASES The total of hture miniinuin lease payments undei. non.can¢¢llable operating leases are payable as follows'.- 2023 2022 WEthin one year Between one and two years Betwcen iwo and five years 208,750 417.500 921,980 208,750 417,501 1,191,736 12. RESTRICTED FUNDS- 2023 Balance Clfivd 31.12.23 Balance Blfwd 1.1.23 Income Expeiidltui Butsary fund 100,000 900 99.100 £ioo,000 £900 £99,100 RESTRICTED FUNDS- 2022 Balance Clfwd 31.12.22 Balanee Blfwd 1.1.22 Income ExpeRditure Bar course 22 THE COUNCILOFTHC INNS OF COURT NOTES TO THE FINANCIAL STATEMENTS {continued} FOR THC YEAR ENDED31 DECEMBER2023 13. ALLOCATION OF NET ASSETS BETWEEN FUNDS- 2023 Unrestricted Fuud Restricted 2023 Total 2022 Total Fixed assets Current asseis Ci'editors 37,540 1,430,151 (551,787) 37.540 ,431.081 (551,787) 16.381 823,780 {411,6241 900 £915,934 £900 £916,834 £428,537 ALLOCATION OF NET ASSETS BETWEEN FUNDS - 2022 Uni'estyicted Fund Reslrleted Fund 2022 Total 2021 Total Fixed assets Current assets Creditors 16.381 823.780 {411,624) 16,381 823,780 (411,624) 21,612 791,894 (286.871) £428,537 £482,537 £526,635 14. RELATED PARTY TRANSACTIONS Four of the cli8]'iWs Trustees are eniployed as SulxlUTtder-Treasurer5 of the Inns of Court, as follows.. Stephen Caitwright OBE - Undei-.Ti'easurer of the Honourable Society of Gray's Inn Gregory Doiey CVO - Sub-Treasurer of tlie Honour8ble Society of the Inner Teinple Chi'istopher Ghika CBE Iftom 10 July 2023) Guy Peri'icone- Under-TreasuTer of thE Honourable Society of the Middle Teinple (until 9 May 2023} Anne Shai'p- Under-TreasuTer of the Honourable Society of LincolTr's Inn In addition each of the four Inns nominÈies one of its senior Inetnbeis to serve gs its i¢presentative Trustee, as follows.. Janet Bigi)ell ICC. The ElonouTable Society of LitEcoln's Inn Chantal Aiincc Doetyies KC - 'fhe Honouiable SoLi¢ty of the Middle Temple Jiidge Jill Frances - The Honouiable Society of the Inner Temple Mariotk Smith KC- The Honourable SocEety of Gi'ay's Inii {fi'om 22 Noveinber 2023) Richard Whittam KC- The Hot)ouiable Society of Gray's Inn (ujitil 21 Noveinber 2023) The oihei. trustee acts as the President and is a senior individual of one of the Inns. This is the Rt Hon Lord Justice Nicholas Gipen, a Inember of the Innej. Teinple. 23 THE COUNCIL OF THE INNS OF COURT NOTES TO THE FINANCIAL STA TEMENTS (contiiiued) FOR THE YEAR ENDED 31 DECEMBER 2023 The ch3rity has the following transactions with the Inns.. All of the Trustees are i'epi'esenlalives of an of Couit and it is fyom the Inns that g¥ants of £1,980,240 (2022.. £1,930,020) are received ¢owai'ds genei'al activities. Provision of HR support (for which COIC paid Middle Temple £4,020 in 2023 (2022 - £3,600)). Payments foi. lunches (foi. which COIC paid the four Iiins a total of £19,382 in 2023 {2022 - £11,063}), aeconvnodation (foi. which COIC paid the Inns £311,842 in 2023 (2022- £311,658)). rooin hire foi. teaching a¢cominodatioJi {foi' which COIC paid the Inns £57,000 in 202312022 - £37,500), and provEsion of payroll processing (foi. which COIC paid Middle Teinple £3,798 in 2023 {2022 - £3,600). Thei'e were no other velated party ti'ansactions the year. 15. FINAtYCIAL INFORMATION- 2022 STATEMENT OF FINANCIALACTIVITIES Vnr¢5tric(ed Restyicted Fund5 Fuiids 2022 2022 Total Funds 2022 INCOME FROM: Donations and legacies Cliai'itable activities Investinents Other 1,930,020 1.170,031 1,229 1,930,020 1,170,031 1,229 TOTAL 3.101,280 3,101,280 EXPENDITURE ON: Charltable activities Training Regulation 2.614,929 584,449 2,614,929 584,449 TOTAL 3.199,378 3,199,378 NET (EXPEINDITURE) {98,098) (98,098) RECOIYCILIATION OF FUNDS Total funds brought foi'ward 526,635 526,635 TOTAL FUNDS CARRIED FORWARD £428,537 £428,537 24