THE INNER TEMPLE SCHOLARSHIP FUND Financial Statements 31" December 2020 Registered Charity No 285942
The InnerTemple Scholarship Fund Index to the financial statements forthe year ended 315t December2020 Pages Report of the Trustees Report ofthe independent audÉtor5 statement of financial artivities 10 Balance Sheet Cash flowstatement 12 Notes to the financial statements 13-18
The Inner Temple Scholarship Fund Report of theTrustees fortheyearended 31" December2020 Objective5 and artivitlÈs The Inner Temple ScholarshFp r.ijnd is a regi£tered charlty established by gifts or legacÈes to advance legal education among students and junior balsterS of the I lonourable 5orie.ty of the InnerTemple by such mcan5 as are chatable and particularly by means of the award of 5cholar5hips and grant The fund5 are all invested with Verita5 Investment Management. Inve¥tment policy is supervised on behalf of the TTU5tees by the Investment Committee of the HorEourable SocÉety of the InnerTemple. Decisions about the award of Kholarships are tnade by the Scholarships Committee of the Honourable Society of the InnerTemple. The Trustees have given dve regard to the Charity Commlsslon guidance on Public 8eneftL Athlevement5 and perfomiance There were no significant changes to the eligibility criteria orthe applic8tlon process for scholarship5. prize5 and awards in the year. E59,83912019- £113,168) was contributed by the Fund to The Honourable Society of the Inner Temple towards the cost of 5cholarship5 awarded by the Inn during the year. The was no requirement to transfer any funds to the Innei Temple Benefactors, Scholarship Fund to meet the balan ol the c95t of the PeterTay1or Scholarship.12019- NIL). The Fund will contlnue to distribute it5 surplu5e5 to the Inn. Its investment policy 15 designed to maximise real returns on a rolling five-yearview with emphasis on c?pltal growih with income. rinanclal revlew All reveNue5 are used for chèrltable activities. The Fund's inve5ttnents achieved an overall returr¥ of 13.9% 12019.. 14.41 in the year. Investinent values increased rAuring the year with £736.268 of realised and unrealised gains. Investment income of £65,892 was at a similar level to the previous year12019- £68,970). Principal Ylsksand uncertainties The Tru5tee5 have Identified the major risks to which the fund 15 exposed and have sat15fied themselves that adequate 5y5tem5 are ift place to mitigate those risk5. The major risks are set out as follow Currency risk.. this 15 the risk that the fair value of future cash flow5 of a financial asset will fluctuate because of chan9e5 in foreign exchange rate,. Interest rdte risk.. this 15 the risk that the fair value of future cash flows of a financial asset will fluctuate because of changes in the market interest rate, Other price ri5K- thi5 IS the risk that the fair value of future cash flows of a financial asset will fltjctuate because of changes in market price5 lothei than those arising from interest rate risk or currency risks). whether those changes are caused by fartor5 specific to the individual financial instrument or its Issuer, or factors affecting all similar financial instrtjments traded in the market. The Twstees aim to apply income as fully as possible in the year in whlch It arlses. The level of funds at the year- end was £6,160,90312019- £5,468,617) and wa5 fully represented bg the permanent endowment fund. There was no balance in restricted income reserves as at 31st December 202012019- ENILI.
The InnerTempleScholarship Fund Report of the Trustees forthe yearended 31" December2020 (continued) ftesees policy Transfer bètwèen funds Transfer between funds repYe5ents the movement between restrirted income and endowment funds lating to the investment income and fees paid to the investment managers. There are no free unrestr¢rted resetve5 at the year-end for the charity due to the nature of how the charity operate5. All income is generated and COgnised within restricted funds from endowed investments during the year and subsequently thi5 È5 spent on underlying activities of the charity. The Charity's spend is adjusted to the income level generated in the year. Strnrture govem&nceand management The Charlty's Trustees are the four Governing Benchers elected by the Treasurer and Masters of the Bench of the HonouTrble Society of the Inner Temple to act as Trustees of the Hongurable Sgciety. Legal title to the Charity's investments 15 vested in the four Trustees. They act in accordance with decisions made by the appropriate committees of the Bench, provided they are satisfied that those decisions have been properly reached and are within the power of the committee. The cornrnitteEs which make deiision5 affecting the Charity are the Investment Commtttee ad the Scholarships Committee. New Trustees ale advised of their role, dutie5 and responsibilities on appointment, by reference to the Bench Table Orders of the HonouraE>le SoLiely uf Ihe Iririer Temple. Day-to-day management of the Chzrity Is undertaken by the staff of the Honourable Society of the Inner Temyle, arting in accordance with policies and procedures lald down by the Society. The Charit5 Trustees recognise the legal obligation to oversee and report on the Inner Temple Scholarship Fund's fundraising activtiies. The Inner Temple Schnlarship Fund does not use Dirert Marketing for its fundraising activities and is not therefore registered with the Fundraising Regulator. It does not have any direct contact with vulnerable people hence no Vulnerable People Protertion Policy is currently in place. Any donations or bequests are welcotne and given voluntarily, usually by members of the Inner Temple. Any Gift Aid forms are securely sto¥ed in order to protert donorg personal datB. The personal is Used only for Gift Aid tax claims and is not used for mailing, distribution or other fundraising purposes. No Personal Data is sold to third partie5. Currently no third parties are used for fundraÉsing purposes but if they are used in future the third partles would be experted to maintain a high standard of fundralslng prartlce. There were no fundraising complaints from donor5 or the general public in 2020 or any prior year5. Any complaint wo1[1 be takell seriously and inwestigated thoroughly. Investment Committéè Thi5 Committee comprises Benchers and other members of the Honourable Society of the Inner Temple. Among the Bencher members are Honorary Benchers chosen for ther particular expertlse in investmerrt matters. The Committee meels qUiirLerly (u review investment performance and to consider changes to polity. It Is advised by an independent investment manage¥.
The InnerTempleS(holarship Fund Report of the Trustees for the year ended 31" December 2020 (continued) Scholarships Committee This Committee corriprises Bencher5 and other member5 of the I lonourable Society of the Inner Temple. It meets throughotjt the year to 5eL pulicy for the awarding of scholar5hLP5 and to assess applications. As a matter of course. the Fund distributes its entire net Surplus to the Honotjrable Society of the Inner Temple as a contribution towards the greater cost of the Inn's 5cholar5hip award& Investments policy and perfoimance The Trustees aim to maximise reab return on a rolling five-year vÉew with emph65is on capital growth with iNr.ome. Investmei)t performanie during the year equated to 13.9% 12019.. 14.4%) net of fee5. Investment income on the Charity's funds is paid out by the manager IVerita51 to generate fur)ds for the payment of scholar5hip5. Coronavirus The global pandemic has not led to any significant changes in the Charlty's Income or expenditure in the p05t balance Sheet period. Taking Into account the balance sheet position and the impact of Covid-19 on the Charity'5 illtome stream5 and expenditure plans, tlIE Trustees con5iderthat the going concern assumption remains appropriate and the financial statements continueto be prepared on thts basis. The fru5tees do not consider it necessary to make a redurtion to the leve15 of funding budgeted for 2021.
The InnerTemple Scholarship Fund Report of theTrustees for the year ended 3151 December 2020 (continued) Reference and administration Charity Name & No- The Inner Temple Scholarship Fund. Charity number.. 285942 Goveming Instrument- Declaration oftrust dated 3 November 1982 Trustees.. The Trustee5 of the InnerTemple Scholarship Fund,set up by the declaration of tnjst, are= The Rt Hon Sii Stephen Tomlinson The Rt Hon Lord justice Nugee David P*ttaway QC Penelgpe Reed QC Principal Addres5- InnerTemple London EC4Y 7HL Banker& Royal Bank of 5totland 9-13 Patern05ter Row London EC4M 7EI Solicltors= Forsters LLP 3f Hill Street London Wll 5LS Lewis Silkin ILP 5 Chancery Lane Clifford's Inn Londuri EC4A1BL Auditors.. Crowe U.K. LLP 55 Ludgate Hill London EC4M 7IW Investment Managers.. Veritas Investment Management LLP Riverside House 2A 5outhwark Bridge Road London SE19HA Inve5tmert Powers.. TheTru5tees have wlde powers of investment
The InnerTemple Scholarship Fund Report of theTrustees forthe yearended 31" Detember 2020 Icontinuedl ststement of Trustees, responsibi15ties The Trustees are responsible for preparÉng the Annual Report of the Tnjstees and the financial statements in accordance with applicable law and United Kingdom GeneTally ACpted Accounting Pr6ttice (United Kingdom Accounting Standards). The law applicable to charities in England and Wales require5 the Trustees to Prepare financial staternents fof each financial year which give a true and fair view of the state of affair5 of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these finèncial statements, the Trustees are required to.. selert suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SOR Tr, make judgements and estimates that are reasonable and prudent., ate whether applicable accounting standards have been followed, Subject to any material departtjres disclosed and explained in the financial 5tatetnents- prepare the financial Statements on the going concern basis unle55 It 15 inappropriate to presume that the chdrity will continue in busTrness. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity'5 transaction5, d15close with reasonable accuraty at any time the flnancial position of the chartiy nd enable them to ensure that the financial statements comply with the Charities Art 2011, the Charitie5 (Account5 and Reportsl Regulations 2008 and the provisions of the charity'5 constitution. They are also responsible for safeguarding the assets of the charity and hence foi taking reasonable steps for the prevention and detertlon of fraud and other irregularities. Approved fortheTrustees on 2021 and signed on their behalf. The Rt Hon Lord lustlce Nugee Trustee
The InnerTemple scIlarShIP Fund Independent Auditorf5 Report to the Trustees of the InnerTemple scholarship Fund Oplnlon We have audited the financial statements of the InnerTemple Scholarship Fund (the Iharity'l for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balan sheet, the Cash Flow Statement and notes to the financial statement5, including significant accounting policie5. The financla1 reporting framework that has been èpplied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and RepblIC of Ireland {UnÈted Kingdotn Generally Accepted Accounting Practice). In OLfr opinion the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 December 2020 and of its income and expenditure. for the yearthen ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accountlng Prdctlce., and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for oplnion We conducted our audit in accordance with International Star)dards on AL4diting {UKI {ISA5 IUKII and applicable law. Our responsibilities underthose standards are further described in the Auditorf5 responsibilities forthe audit of the fina(la1 Statements section of Dur report. We are Sndependent of the charity in acc.nrdance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRCS Ethical Standard, and we have fulfilled our otherethical responsibilities in aicordance with these requirements. We believe that the audit evidence we have obtained is sufficlent and appropriateto provide a ba5]5 for our opinion. ConcltAsions relating to going conr In auditing the fin3ncial statement5, we have concluded that the ttU5tee's use of the goln9 concern basis of accounting in the preparation of the financial statement5 15 appropriate. 8ased on the work we. have performed. we have not identified any material uncertaintie5 relating to events or condtiian5thal, individually or collectively, may cast signiftcant doubt uri the charity's ability to continue a5 a going coniern foro period of at least twelve months from when the financial statements are atJthori5ed for 155ue. Our re5pon5ibilities ar)d the responsibilities of the trustee5 With respert to going concern are described Sn the relevant sections of this report. Other information The trustees are responsible for the other information contained within the annual report. Tlie otlier Informètion comprises the information included in the annual report, olher than the financial 5tstements and our auditors ieport thereon. Our opinion on the fsnancial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other FnfoTrnation and, in doing so, considerwhetherthe other informat5on is materially inconsistent with the financial statements or our knowledge obtained in the audit or othenvise appears to be Tnaterially misstated. If we identify such material inconsistencies or apparent material mi55tatements, we are reouired to determirie whetherthi5 gives rise to a material mi55tatement in the financial statements theniselve5. If, based on the work we have performed. we conclude that there 15 a material misstatement of thi5 Other informatitsn, we are required to report that fact. We have nothing to report in thi5 regard.
The InnerTemple Scholarship Fund Independent Auditor's Report to the Trustees of the Inner Temple Scholarship Fund (continued) Matters on which we are required to report by eXptIon We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion- the information given in the financial statement5 is Inconsistent in any material respect with the trustee< report. or sufficient and proper accounting records have not been kept by the charity. or the financial statements are not in agreement with the accounting records and retuins. or we have not received all the information and explanations we requlre for our audiL Responsibilities of trustees As explained more fully in the trustees, re5POnsibilities statement, the trustees are re5pon5ible for the preparation of the financial statements and for being satisfied that they give a true and fairview, and for such internal control as the tTUStees determine 15 necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statement5, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, mètters related to going concern and using the going concem ba515 of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Audltovs responsibilities forthe audit of thefinancial statements We have been appointed a5 auditor under sertion of the Charities Art 2011. and report in accordanie with the Act5 and relevant regulations made or having effert thereunder. Our objectives are to obtain teasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that iniludes our opinion. Reasonable assurance is a high level of assurance. but 15 not a guarantee that an audit conducted in accordance with ISA5 IUKI will always detect a material mi5Statement when it exi5t5. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be experted to influence the economic decisions of users taken on the basis of these financial statements. Details of the extent to which the audit was considered capable of detecting irregularitie5. including fraud and non-compliance with laws and regulations are Set out below. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.fr auditorsres ie5. This description forms part of our auditorfs reporL Extentto which the auditwas considered tapable of detecting irregulaylties, including fraud Irregularities, iniluding fraud, are instances of non-complianie with laws and regu5Btion5. We identified and assessed the risks of material mi55tatement of the financial statement5 from irregularities, whether due to fraud or error. and discu55ed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis lor our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focu51ng on those laws and regulation5 that have a direit effect on the determination of material amounts and disclosures in the financial statements. The laws and Tegulations we considered in this context were the Charities Art 2011 together with the Charities SORP IFRS 1021. We a55e55ed the required compliance with these law5 and regulations as part of our audit procedures on the related financial statement Items.
The InnerTemple Scholarship Fund Independent Auditorfs Reportto theTrustees ofthe InnerTemple Scholarship Fund (continued) In addition, we considered provi5ion5 of other laws and regulations that do not have a dirert effert on the financial statement5 but compliance with whith might be fundamental to the charity's ability to operète or to avoid a material penalty. We also considered the opportunities and inientives that may exist within the charity for fraijd. We noted no additional law5 and regulations in thi5 context for the UK operations. Auditing standards Ilmit the required audit procedure5 to identify non-compliance with these laws and regulation5 to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatesi risk of material impart on the financial statements from irregularities. including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management. and the Board about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimate5 for biases. reviewing regulatory correspondence with the Charity Commission, and reading minutes of meeting5 of those charged with governance. Owing to the inherent limitations of an audit. there is an unavoidable risk that we may not have deterted some material misstatement5 in the financial statements even though we have properly planned and performed our audit in accordarTrie with auditing standard5. For example, the further removed non- ompliance with law5 and regulations lirregularitiesl 15 from the event5 and transactions reflected in the fInancial statements, the le55 likely the inherently limited procedures required by auditing standards would identify it. In addition. as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omi55ions. misrepresentations, or the override of internal contro15. We are not responsible for preventing non-compliance and cannot be expected to detert non- compliance with all laws and regulations. Use of our report Thi5 report is made solely to the charity's trustees, as a body. in accordance with Part 4 of the Charities (Accounts and Reportsl Regulation5 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume re5POn5ibility to anyone other than the charity and the charity's tru5tee5 a5 a body. for our audit work, for this report, or for the opinions we have formed. GO lj k LLP Crowe U.K. LLP Statutory AuditOT Crowe U.K. LLP 55 Ludgate Hill London EC4M 7IW 29 October 2021 Date.. Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of it5 eligibility for appointment a5 auditor of a company under 5ertion 1212 of the Companies Act 2006.
The InnerTempleScholarship Fund statement of financial Activities foy the year ended 31" December 2020 Restricted Permanent Income EndowTnent Total Restrirted Permanent 2020 Income End0wmet Total 2019 Notes Incoming resour(es Donation5 and legacies 5ncome from investments other Income 63,892 128 63.892 128 68.970 192 68.970 192 Total income and endowments 64,020 fv1,020 69,162 69,162 Expenditure on raislng funds Investment managers. £h3rge5 Bank charges 48.158 48,158 44,112 44.122 48,163 48,163 44.112 44,112 Expenditure on charitable artivities Contribution5 towards total scholarships awarded by the InnerTemple 59,859 59.839 113,168 113,168 59,839 59,839 113,168 113,168 Tota5 expenditure 108.002 108,002 157280 157,280 Net gains on investment5 3d 736,268 736368 670582 670,582 Net incomel lexpenditure) 145,9821 736,268 692,286 188,1181 670,582 582.464 Tyansfer between fvnds 43,982 143,9821 44,640 144.6401 Net movement in funds 692,286 692,286 {43,4781 625,942 582,464 Fund balance5 brought forward At 1st january 2020 S/F68,617 5.468,617 43,478 4,842,675 4,886,155 Fund balancès carrlèd fonvard At31" December2020 6.160,903 6.160,903 5.468,617 5,468,617 All the above amounts ¥elate to continuing attivities. The note5 On Pdges 13 to 18 forrn part of these financial statements. 10
The InnerTemple Scholarshlp Fund Balance sheet as at 31" December 2020 Restricted Permanent Total Tota1 Notes Income Endowment 2020 2019 rixed assets Investments 6.160.903 6,160.903 5,468.617 Currentassets Debtors 7,795 7,795 5,907 Bank 207,719 207,7t9 148,165 215.574 215.574 154,072 Creditor5.' amounts falling due within one year {215,574) P15.574) 1154.072} Net current a55ets Total assets le55 iurrent liabilities 6.160.903 6,160,903 5.468.617 Represented b. The InnerTemple 5cholarshlp Fund 1h,8 6,160.903 6,160,903 5,468,617 The financial statements on pages 10 to 18 were Bpproved and authorised for issue by the Trustees on 2021 and signed on their behalf.. 280 The Rt Twstee rdl ice Nugee The notes on pages 13 to 18 form part of these financial statements.
The InnerTemple Scholarship Fund Cash flow statement Forthe yearended 51 December2020 2020 2019 N t cash under rovided b eratin ivtties 108 491 Ca h flowfro nt actlvities Dividends and InteSt from investments Proceeds of Sale of irivestmentS PtJrcha5e of Fnvestment 62.132 1.191,818 {1147 836 71,052 761,566 Net cash rovided b Investin rtivities 106 114 115,691 Cash and cash equivalents in the reporting period 59,614 7,200 Cash and cash equivalents at the beginning of the reporting period 12 148165 140 965 Cash uivalent5 atthe end of the re orti 12 148 165 The note5 on pages 18 to 18 form part of these financial statements. 12
The InnerTemple Scholarshlp Fund Notes to the financlal statements for the year ended 51° December 2020 Accounting policies al Basls of accounting The firidiicial 5tatement5 have been prepared in accordance wlih the Statement of Recommended Prartice: Accounting and Reporting by Charities preparing their accounts in èccordance with the Financial Reporting standard applicable in the UK and Republic of IrelarTrd IFRS 10 J issued on 16 july 2014 and the Financial Reporting Standard applicable in the United Klngdom and Republic of Ireland IFRS 1021 and the Chèrities Act 2011 and UK Generally Accepted Practice as it appliesfrom 1 january 2015. The financial statements have been prepared to give a true and fairf view and have departed from the Charitie5 (Accounts and Report5} Regulations 2008 only to the extent required to provide a true and fair view. This departure has invulved following Accounting and Reporting by Charities preparing their account5 accordar¥ce with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland IFR51021 i55ued on 16 luly 2014. The Inner Temple 5cholar5hip Fund constltutes a public benefrt entity as defined by FRS 102. After maklng enquires, the Trustees have a reasonable expertation that the charity has adequate resources to iontinue its artivities for the foreseeable future. Accordingly. they contlnue to adopt the goin9 concern in preparing the financial Statements a5 Outlined i the Statement of Trv51ees Responsibilitie5 on page 6. The Cowid-19 pandemic has had no material impact on the Chaiity's operation& The Trustees, the relevant committees, professional advisers and Staff continue to monitor the 5ttuation carefully. Having regard to the above, the cUrnt cash position, and experted cashflow over the following twelve month5 the Trustees belleve It Is appropriate lo adort the going concern basis of accounting in pparIng the financial ststement& bl Critical accounting judgements and key sources of estimation uncertainty Sources of estimation uncertainty that have a significant effert on the amounts recognised in the financlal statements are described in the accounting policies. No specific accounting judgements and uncertaintie5 have been identified for the current year. cl Investments Investme.nt5 are included in the accounts at fair value. Net realised and unrealised galns and losses are refiected in the Statement of Financi81 Artivities as net galns/losses on investments. dl Incoming resouyces Donations, interest and investment income are accounted for when recelvable. Legacie5 are accounted for when entitlement has been granted and the income is probable ènd measurable. el Resources expended Direct charitable expendtture cgmprise5 services supplied and attivities undertakerj, which are identifiable as wholly or mainly in 5uppart of the chartty'5 c>bjectives. The costs of oenerating funds relate to the management of the chartty'5 assets. The Charity has no direct employees or 5UPPOrt corts in running the organisation. 15
The Inner Temple Scholarship Fund Notes to the financial statements fnrthe year ended 3V December 2020 (continued) The InnerTemple Scholarship Fund The Inner Temple Sr.hOlah1p Fund is an approved charity registered wtth The Charlty Commi55ioneT5 in 1981 gl Taxation The InnerTemple Scholarship Fund is a registered charity and taxation És not applicable. h) Permanènt endowments These comprTrse fund5 donated by the Honourable Society of the Inner Temple for the purposes of generatlng Income to support students wishing to train as kiartisteT5. 11 Hnancial instruments The Inner Temple Scholarship Fund has financial assets and financial liabilitie5 of a kind that qualify ès basic financial instrument5. Basi£ financial instruments are initia15u recogni5ed at traiisaction value and 5ub5equently measured at amort15ed 105t using the effective interest method. FSnancSal assets held at amort15ed cost comprise cash at bank 3nd in hand, together with trade and other debtors. Finonclal liabilities held at amortised cost comprise bank loans and overdraft5, trade and other creditors. Inve5tment5, illcluding bonds held as part of an investment portfolio are held at market value at the Balanie Sheet date, with gain5 and losses being recognised within income and expenditure. Investment income 2020 2019 UK equities Foreign equity Fixed inctsme 9555 53,850 40,246 18,613 63,892 68,970 Investments lal Reconciliation of movement In 5nvestment as5Ets 2020 2019 Market valLEe at 1st lanuary 2020 Additions to investments at cost Disposals at (ariying value Unrealised gain5 forthe year Market value at 515l December 2020 5,468,617 910,869 11,027.3701 4,842,675 704,943 (725,4921 646.491 6 160.903 468.617 14
The Inner Temple Scholarship Fund Notes to the financial statements for the year ended 315t December 2020 {continued) Ibl Analy515 of inve5tments'. 2020 2019 UK equities Forelgn equtty Fixed income Cash 387.787 3,643,477 1,463,499 466,140 492,001 5,095.840 1,135,802 744 974 6 160 905 5,468,617 Historical cost at 315t December 4.197,648 4,077,183 {() Reconciliation of movements sn unreali5ed gains on Investment assets 2020 2019 Unall5ed gains at 151 january 2020 GaiFis written back on disposal Net 9ains on revaluation Unrealised gain at 31st December 2020 1,191,434 1236,967) 808.787 756.726 111.7831 646,491 1963 254 1391454 Idl Net gain on investment 2020 2019 Unrealised gains Realtsed Ilos5esl/ gains Net gain at 315¢ December 2020 808,787 72,519 646.491 24,091 736 268 670,582 Debtors 2020 2019 D4vidend income 7.795 5,907 5,907 Creditors.. Amounts falling due within one year 2020 2019 Amount due to The Honourable Society of The Inner Temple Amount due to The Peler Taylor Scholarship Fund Amount due to The Benefaciors, Fund Accrued expenditure 199,384 139545 1,500 14.690 1500 13.027 215,574 154,072 15
The InnerTemple Scholarship Fund Notes to the financial statements forthe yearended 515t Oecember2020 (continued) Financial instruments 2020 2019 Financial assets measured at amort15ed cost Financial assets measured at fairvalue 7.795 6,160,903 5,907 5,468.617 Financial IlabilltSes measured at amortised cost 215574 154,OT2 The Trust'5 income, expense, gains and losses in respert of these financTral instruments are sumtnèrised below. 2020 2019 Total income for finaniial a55et5 held at fair value Total gain5 foT financial assets held at fairvalue Total1055e5 for financial asset5 held 2t fair value 7,795 1,980,6TI 17.423 5.907 1,439,947 48,515 Funds {a) Pennanent Endowment Funds Balanceat 1°lan2020 Capltal Additions Balanceat 31" Dec2020 Gains Transfers The InnerTemple Scholarship Fun 736 68 6 160903 Balance at fStlan 2019 Capital AdditlON5 Balance at 31 Dec 2019 Losses Transfers The Inner Temple Scholarship Fund 4 842 675 670,582 44.6401 5.468,617 (b) Restrlrted Income Funds Balance at 1.lan 2020 Income Éxpenditure Transfeys Balanceat 31" D2020 The InnerTemple Scholarship Fund 020 Balance at 1 lan 2019 Income Expenditure Transfers Balance at 31 Dec 2019 The InnerTemple Scholarship Fund 157 80 44.640 16
The InnerTemple Scholarship Fund Notes to the financial statements forthe year ended 31" December2020 (continued) Analysis of net assets 2020 2019 Hxed assets: Investments 6.160.905 5,468,617 Current asset&. Debtors 7,795 5,907 Cash at bank and in hand 207,779 148,165 Credstors. amounts falling due wlthln one year Inter-fund transfer 1215,574} 1154.0721 6 160 903 5.468.617 Auditfees The Charity's audit fees are paid by the Honovrable Society of the Inner Temple. Inner Tetnple paid £4.080 on 8c(ount of the audit fees in 202012019- £4,020). 10. Trnstees None of the TAJ5tees received any reimbursement of expenses or remuneration for their Services the year. 11. Reconciliation of cash Inflowfrom operating artivities 2020 2019 Net income for the reporting period Gains on investments 692,286 582,464 1736,2681 163,8921 11281 {670,5821 168,970 11921 Dividends Other income Operating deficit Increase in creditors 1108,0021 61.502 {157,2801 48,789 Net cash underprovided by operating attivitie5 (46,500) 1108h911 12. Cashflow (al Analysis of short-term deposits and cash at bank as shown in the balan sheet At 1st 2020 Cash flow At 51" Dec Short-term deposlts 123,165 59,614 182,779 Cash at bank 25,000 148,165 25,000 207,779 Cash and bank balances 59,614 17
The InnerTemple Scholarship Fund Notes to the financial statements for the year ended 31" December 2020 {contlnuedl (b) Reconciliation of net cash flowto movement in net cash Increase in cash and short-term deposits Movement in net debt Net cash at 1st january 2020 Net cash at 315f December 2020 59,614 148,165 207,779 1& Related p3rty tran5actÉoiis The Inner Temple Scholarship Fund dlstributes the resldual surplus of the resiricted incorrEe fijnd to the Honourable Society of the InnerTemple. The fund contributed £59,839 towards the cost of the Inn's scholarship award5 in 2020 12019 - £113,168). The amount of £199,384 in creditors (Note 51 Tepresents the contrTbution due to the Inner Temple a5 at 31" December 2020 (2019- £139,545). This balance 15 unse(UTed. Inte$t free and payable gn demand. The Inner Temple paid the Inner Temple 5cholar5hip Fun(f5 audit fee5 of £4,080 in 2020 {2019 £4,020). In the reporting period the Inner Temple Scholarship Fund transferred no funds to the Inner Temple Benefartors, Scholarship Fund nortothe Honourable Society of the Inner Temple. 18