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 ba￿lsterS of the I lonourable 5orie.ty of the InnerTemple by such mcan5
as are cha￿table 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)
ftese￿es 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 a￿d 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 Charit￿5 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 wo￿1[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 the￿r 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 AC￿pted 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 scI￿larShIP 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 Rep￿blIC 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 con￿r￿
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 eX￿ptIon
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 End0wme￿t
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 Inte￿St 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 cUr￿nt 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 p￿parIng 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.hOla￿h1p 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
Un￿all5ed 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" D￿2020
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