THE INNER TEMPLE SCHOLARSHIP FUND Financial Statements 31" December 2023 Registered Charity No 285942
The Inner Temple Scholarship Fund Index to the flnancial statements for the year ended 31st December 2023 Pages Report of the Trustees Report of the Independent auditors Statement of financial activities io Balance Sheet li Cash flow statement 12 Notes to the financial statements 13-18
The Inner Temple Scholarship Fund Report of the Trustees for the year ended 31st December 2023 ObjÈctive5 and artlvities The Inner Temple Scholarship Fund is a reRiStered charity established by gifts or legacies to advance legal education among student5 and junior bairi5teis of the Honouiable Society of the Inner Temple by such mean5 a5 are charitable and particularly by means of the award of scholarships and grants. The funds are all invested with Meridiem Iformerly Veritasl Investment Management. Investment polScy Is supervised on behalf of the Trustees by the Investment Commlttee of the Honourable Society of the Inner Temple. Decisions about the award of scholarships are made by the Scholarships Committee of the Honourèble Society of the Inner Temple. The Trustees have given due regard to the Charity Commission guidante on Publlc 8ènÈfit. Achlevements and performan¢e There were no significant changes to the eligibS1ily crlteria or the appllcatlon process for scholarships. prizes and award5 in the year. £75,32112022 - £59,139) was contributed by the Fund io The Honourable Society of the Inner Temple towards the c05t of scholarships awarded by the Inn during the year, together with £15,492 which wo5 transferred to the Inner Temple Benefactors. Scholarship Fund to meet thè balance of the cost of thè Peter Taylor Scholarship12022- 10,6171. The Fund will continue to distribute it% surpluses to the Inn. Its investment policy is designed to maximise real retuins on a rolling live-year view with emphasis on capital gruwth with incoine. Flnancial réview All revenues are used for chaiitable activities. The Fund's investments achieved an overall return of 12.4%12022'. 8.5%) In the year. Investment values Increased during the year with £790,976 of realised and unrealised gain5. Investment income of £88,932 was higher when compared to the previous year12022 - £69,876). Prlnclpal rlsks and untertalntles The Trustees have identified the major risks to which the fund is exposed and have satisfied themselves that dequate systems are In place to miligate those risks. The major risks arè set out ès follows.. Currency risk.. thi5 is the risk that the fair value of future cash flows ol a flnanclal 3k%et will fluctuate because of changes in foreign eKchanEe rate; Interest rate risk.. this Is the rlsk that the falr valuÉ of future cash flow5 of a financial asset will fluduate because of changes in the market interest rate.. other piice risk.. this is the risk that the fair value of future cash flows of a financial asset will fluctuate because of changes in market prices (other than those arising from interest rate rlsk or currency risks), whether those changes are caused by factor5 specific to the individual fjnancial instTument or its issuer, 01 factors affecting all similar financial instruments traded in the market. The Trustees aim to apply Income as fully as possible in the year in whlch it arises. The level of funds at the year-end was £ 7,395,77712022 - £6,665,4681 and wa5 fully represented by the permanent endowment fund. There was no balance irk restricted income reserves as at 31, December 202312022-£NILI.
The Inner Temple Scholarship Fund Report of the Trustee5 for the year ended 31st December 2023 Icontinuedl Reserves polScy Transfer between funds Transfer between funds represents the movement between restricted Income and endowment funds, relating to the investment Income and fees paid to the investment managers. There are no free unrestricted reseive5 at the year-end for the charlty due to the nature of hDW the charity operates. All income 15 generated and recognised wlthln restrirted funds from endowed Investments during the vear and Subsequently thls is spent on underlying activities of the charity. The Charity's spend is adjusted to the income level genefated in the year. Structure goVe1nan and mana8ement The Charity's Trustees are the four Governing Benchers elected by the TreJs(srer and Masters of the Bench of the Honourable 5otlety of the Inner Teinple to act as Trustees of the Honourable Society. Legal title to the ChaiitV5 investment5 is vested In the four Trustees. They act in accordance with decisions made by the appropriate commltrees of the Bench, piovided they are satisfied that those decisions have been properly reached and are within the power of the committee. The committees whith make decisions affectlng the Chzitrty are the Investment Committee and the Scholaiships Committee. New Trustees are adv15ed ol their role, duties and responsibilltles on appointment, by reference to the Bench Table Order5 of the Honourable Society of the Inner Temple. Day-to-day management of the Charity is undertaken by the staff of the Honourable Society of the Inner Temple, actin8 in accordance wlth policies and procedures laid down by the Society. The Charity's Truslees recognise the leEal obllgation to oversee and report on the Inner Temple Scholarship Fund's fundraising actlvities. The Inner Temple Scholarship Fund does not use Dlrect Marketing for its fundraising activitie5 and is not therefore reElStered with the Fundraising Regulator. It does not have any direct contact with vulnerable people hence no Vulnerable People Protectlon Policy is currently in place. Any donations or bequests ale welcome and given voluntarlly, usually by members of the Inner Temple. Any Gift Aid forms are securely stL)red in order to protect donors, personal data. The person31 data 15 used only for Gift Aid tax claims and Is not Used for mailin& distribution or other fundraising purposes. No Personal Data is sold to third partie5. Currently no thifd partie5 are used for fundraislnE purposes but if they are useil in future the third partles wovld be expected to maintaln a hlgh standard of fundraising practice. There were no lundrai5ing complaints from don0 or the gener31 public in 2023 or any prior years. Any complaint would be taken Seriously and Investlgated thoroughly. Investment Commltteè This Committee comprlse5 Benchers and other members of the Honourable Sociely of the Inner Temple. Among the Bencher members are Honorary Benchèr5 chosen for their parti¢uldr Expertise in investment matteTS. The CommSttee meets quarterly to review investmet)t performance and to consider changes to policy. It Is advised by an independent Investment manager.
The Inner Temple Scholarship Fund Report of the Trustees for the year ended 31st December 2023 IcontlDuedl Scholarshlps Committee Thls Cummittee COTnpri5es Benchers and other members of the Honourable Sotièty of the Inner Temple. It meets throughout the year to set policy for the awarding of scholarships and to assess applications. As a matter of course, the Fund distribute5 Its entire net surplu% to the Honourable Society of the Inner Temple as a contribution towards the greater cost of the Inn's scholarship awards. Investments pollcy and performance The Trustees aim to maxlmise real return on a rolling five-year vlew with eFnpha515 on capital Erowth with income. Investment performance during the year equated to 12.4%12022'. -8.5%) net of fees. Investment income on the ch3rity's funds is paid out by the manager to generate funds for the payment of scholarships.
The Inner Temple Scholarship Fund Report of the Trustees for the year ended 3151 December 2023 Icontinuedl Reference and admlnlstfation Charity Name & No.. The Inner Temple scholarship Fund. Charity number.. 285942 Governing Instrument.. Declaration of tiust dated 3° November 1982 Trustees: The Trustees of the Inner Temple Scholarship Fund, set up by the declaratlon of trust, are.. The Rt Hon Sir Stephen Tomlinson The Rt Hon Lord Justlce Nugee David Pittaway KC Penelope Reed KC Princlpal Address.. Inner Temple London EC4Y 7HL Bankers.. Royal Bank of Scotland 9-13 Paternoster Row London EC4M 7EI Solicitors.. Forsters LLP 31 Hill Street London WIJ 5LS Lèwls Silkin LLP 5 Chancery Lane Clifford's Inn London EC4A IBL Auditors.. Crowe U.K. LLP 55 Ludgate HS11 London EC4M 7JW Investment ManaÈers= Me*¥diem Iformerly Verlta51 Investment Management LLP Riverside House 2A Southwark 8¥idge Road London SEI 9HA Investment Powers.. The Trustee5 have wlde powers of Investment.
The Inner Temple Scholarship Fund Report of the Trustees for the year ended 31" December 2023 Icontinuedl Statement of Trustees, responslbllltles The Trusteé% are responslblÈ for preparing the Annual Report of the Trustees and the fin2nclal statements in accordance with applicable law and United Kingdom Generally Accepted Accounting P¥actice (United Kingdom Accounting Standards). The law applicable to charitie5 in England and Wale5 requires the Trustees to prepare flnanclal statements for each financial year whlch give a true and fair view of the state of affalrs of the charity and of the incoming resources and application of resources of the charlty for that period. In preparing these financial statements, the Trustees are required to.. select 5Ultable accovnting policies and then apply them conslstentlv,. • observe the methods and prlnciples in the Charities SORP- make judgements ancl estimates thal are reasonable and prudent,. state whether applicable accounting 5tarbdards have been followèd, subject to 2ny matérial departures disclosed and explained in the financial statements- prepare the financial statements on the going concern b35is unless it is inappropriate to presume that the charity will continue in business. The Trustees are iespon5ible for keeping adequate accounting records that are sufficient to show and explain the charity's transaction5, disclose with reasonable accuraey 3t any time the finar)cial position of the charity and enable them to ensure that the financial 5tateinents comply with the Charities Act 2011, thè Charilie5 IAccounts and Reports) Regulations 2008 and thÈ provisions of the charity's constitution. They are also responsible for safegu3rding the a5%ets of the charity and hence for taklng reasonable steps for the prevention and detection of fraud and other iiregularities. Approved for thè Trustees On July 2024 and SiEF)ed on their behalf., The Rt Ho rd Justice Nugee Trustee
The Inner Temple Scholarship Fund Independent Audltor'5 Report to the Trustees of the Inner Temple Scholarship Fund Oplnlon We have audlted the financial statements of the Innei" Temple Scholarship Fund I'the charity'l for the year ended 31 0rnber 2023 which comprise the Statement of Financial Activities. the Balance sheet, the Cash Flow Statement and notes to the flnancial statemcnts, includlr)g slgnilicant accounting polic485. The financial reporting framework that has been applled 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 Republic of Ireland (United Klngdom Generalty Accepted Accounting Practlcel. In our oplnion the financial statements.. give a trLte and fair view of the state of the charitys affairs as at 31 December 2023 and of it5 income and expenditure, for the year then ended.. have been propeily prepared in accordance with United Kingdom Generally Accepted Accountlng Practice. and have been prepared In accordance with the requlrements of the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with International standard5 on Auditing IUKI IISAS IUKII and appllcable law. Our responsibilities under tl)ose standards are further deseribed in the Auditor's responsibilities (or the audit of the financ1315tatements section of our report. We are independent of the charlty In accordance wilh the ethical requirement5 that ale relevant to our aLJdit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulftlled our other othical responsibilities in accordance with thp5e requirements. We believe that the audit evidence we have obtaSned is suff icient and approprlate to providE a basis for our opinion. Concluslons relatlng to golng concern In auditlng the financial statements. we have Concluded that the trustee's use of the going concern basis of accountlng In the preparation of the finantial Statements 15 appropriate. 8ased on the work have performed, we have not identified any material unccrtaintios relatlng to events or cundition5 that, individually or collectively, may cast significant doubt on ihe charity's ability to continue as a going concern for a period of at least twelve months from when the financial statement5 are authoiised for issue. Otjr responsibilities and the iespon5ibilities of the trustees wSth respect to Èoing concern are described in the relevant sections of this report. other Informatlon The trustees are responsible for the other informatSon conialned wlthin the annual report. The other Informatlon comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our oplnlon on the financial statemcnts does not cover the other information and, except to the extent otherwise explicitly stated In our report. we do not expre55 any form of assurance conclusion ther20n. OUT responsibility is to read the other information and, in doing so, conslder whether the other information 15 materially inconsistent with the flnancial statements or our knowledge obtained in the audit or otherwise appEar5 to be materially mi5Stated. If we identify such materlal Inconsistencies 01 apparent material misstatements. we re required to determlne whether this gives rise to a material misstatement in the financial statements themselve5. If, based on the work we have performed, we conclude that there is a materlal mlsstatement of thls other information, we are required to report that fact. We have nothing to report In this regard.
The Inner Temple Scholarship Fund Independent Auditor's Report to the Trustees of the Inner Temple Scholarship Fund Icontinuedl Matters on which we are requlred to report by exception We have nothlng to report in respect of the followlng matters In relation to which the Charities (Account5 and Repo¥tsl Re@ulation5 2008 require5 US to report to you if. in our opinion.. the Information given In the financlal statements Is Inconslstent In any material respect wlth the trustees, report,. or sufficient and proper accounting records have not been kept by the charlty,. or the financial statements are not in agreement with the accounting records and returns,. or we have not received all the information and explanatlons we requlre for our audit. Responslbilltles of trustees As explained more fully in the trustees, responslbilltles statement, the tfustees ère responslble for the preparation of the financial statements and for belng satlsfied that they @Ive a true and falr view, and for such internal control a5 the trustees determine 15 necessary to enable the p¥eparation of financial statement5 that are free from materlal mlsstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charlty's abllity to contlnue as a going concern, disclosing, as applicable, matters ¥elated to going concern and uslng the going contern basls of accounting unle55 the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternatlvè but to do so. Auditor's responsibilities for the audit of the flnanclal statements We have been appolnted as auditor under section of the ChaTitie5 Art 2011, and report in accordance with the Acts and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financlal statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditor's report that intludes our oplnion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a materlal misstatement when it exists. Misstatements can arise from fraud or error and are considered materlal if, individually or in the aEgregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these flnanclal statements. Detalls of the extent to which the audit was considered capable of detecting i¥regularities, including fraud and non-compliance with law5 and regulations are set out below. A further description of our responsibilities for the audit of the flnantial statements 15 located on the Financial Reporting Council's website at.. www.frc.or .uk auditorsres onsibilitie%. Thi5 description form5 part of our uditor's report. Extent to whlch the audlt was consldered capable of detectlng Irregularitie5, includlnB fraud Irregularities, including fraud, are instante5 of non-compliance with laws and regulations. We identified and assessed the risk5 of material misstatem8nt of the financial statements from IrreEularitles, whether due to fraud or error, and discussed these between our audit team member5. We then designed and performed audit procedure5 responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basls for our opinion. We obtained an understèndlng of the legal and regulatory framework5 Wlthin which the charity operates, focusing on those laws and reEulatlons that have a direct effect on the determination of material amount5 and disc105ures in the financial statements. The laws and regulations we considered in thi5 context were the Charltles Act 2011 together with the Charitie5 SORP IFRS 1021. We assessed the required compliance wlth these laws and regulation5 as part of our audit procedures on the related financlal statement items.
The Inner Temple Scholarship Fund Independent Auditor's Report to the Trustees of the Inner Temple Scholarship Fund Icontinuedl In addition, we considered provision5 of oiher laws and regulations that do not have è dlrect effect on the financial st3t@ments but compllance with which might be fundamental to the charity's ability to operate or to avoid a material penalty. We also consldered the opportunities and incentives that may exist within the charity for fraud. We noted no addltlon31 laws and regulations in this context for the UK operations. AuditinE standard5 limit the required audlt procedure5 to idontify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and leEal correspondence, If any. We identified the greatest risk of materlal Impact on the fiY)ancial statements from Irregulatitie5, includinE fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enouiries tsf management, and the Board about their own identlfication and assessment of the risks of Irregularities, samplE testing on the posting of journals, reviewing accounting est(mate5 for biases, reviewing regulatory correspondence with the Charlty Comm155ion, and readlng minutes of meetings of those thargèd wlth Eovernance. Owlng to ihe inherent Ilmitations of an audit, there Is an unavoidable risk that we may not have detected some material misstatem2nt5 in the financial Statements, even though we have properly planned and perfoimed our audit in accordance with auditing standards. For example, the further removed non-compliance with law5 and regulations lirregularitiesl is from the events and tran5act10115 reflected in the financi31 stètèment5, thè les5 likelv the inherèntly limited procedures requifed by auditing standards would identify it. In addition. as with any audi( there remained a higher risk of non-detectlon of Irregularities, as these may involve collusion, forgery, intentional omi5510115, mi5representatlons, or the override of internal Conti5. We are not responsible for preventing ncin- compliance and cannot be expected to detect non-compliance with all laws and reEulation5. Use of our report This report is made solely to the charlty's trustees, a5 a body, in accordance with Part 4 of the Charities IAccounts and Repoitsl Regulations 2008. Our audit work has been undertaken so that we mlght state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the tharivs trustees as a body, for our audit work. for this report, or for the opinions we have formed. res WIL u.k LLI Crowe U.K, LLP Statutory Audltor Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Date.'15 July 2024 Crowe U.K. LLP is eliglble for appointment as auditor of the charity by vlrtue of Its éllglbllity for appolntment as auditor of a company under section 1212 of the Companies Att 2006.
The InnerTemple Scholarship Fund Statement of Flnantial Activities forthe yearended 31. December2023 Restrltted Permanent Incomè Endowment Total Restricted Permanent 2023 Income Endowment Total 2022 Notes Incomlng resources Dtsn3tions and leEacies Income from investments Donations Other Income 87,736 87.736 69,619 69,619 1.197 1,197 257 257 Total Income and endowments 88,933 88,933 69,876 69,876 Expenditure on ralslng funds Investment mana8ers' charges Bank charges 58,787 58,787 57,494 57,494 58,787 58,787 57,495 57,495 Expendlture on charltable activltles Contribution to Peter Taylor Scholarship Cor)tYibulions towards total scholarship5 awarded by the Inner Temple 15,492 15,492 10.617 10,617 75,321 75,321 59,139 59,139 90,813 90,813 69,756 69,756 Total expenditure 149,600 149,600 127,251 127.251 Net gainsl Ilossesl on investtnent5 3d 790,976 790,976 1634,6041 1634,6041 Incomel lexpenditurel 160,6671 790,976 730,309 157,3751 1634,6041 1691,9791 Transfer between funds 60,667 60,6671 57.375 157,3751 Net movement In funds 730,309 730,309 1691,9791 1691,9791 Fund balances brought forward At I" January 2023 6.665.468 6,665,468 7,357,447 7.357,447 Fund balances carried forward At 315t December 2023 7,395,777 7,395,777 6,665,468 6,665,468 All the above amounts relate to continuing activities. The note5 on pages 13 to 18 form part of these financial Statements. io
The Inner Temple Schvlar5hip Fund Balance sheet as at 31st December 2023 Restrltted Permanent Total Total Notes Income Endowment 2023 2022 Flxed assets Investments 7,395,777 7.395.777 6.665,468 Current assets Debtors 12,280 12,280 9,179 Bank 95,758 95,758 76,852 108,038 108,038 86,031 Creditors.. amounts falling due within one year 1108.0381 1108,0381 186,0311 Net curient asset5 Total assets less current Ilabilities 7.395.777 7,395,777 6,665,468 Repre5Ented by.. The InnerTemple Scholarship Fund Ih,8 7,395,777 7,395.777 6.665,468 The financial statement5 on pages 10 to 18 were approved and authorised for Issue by the Tr(t5tees on 2024 and signed on their behalf.. Julv The Rt Hon Trustee ustice N The notes on pages 13 to 18 form part of these financial statemenls. li
The Inner Temple Scholarship Fund Cash flow statement For the year ended 31st December 2023 2023 202 Note Net cash under rovided b eratin activities li {127,5931 1148,7801 Cash flow from investment attlvities Diwdends and interest from investments Proceeds of Salè of investments Purchase of investment 85,832 1,125,673 11,065,006) 69,410 1,439,598 11,382,2231 Net cash ovided b investin ctivities 146,499 126,785 Cèsh and cash equivalents in the reportit)E period 18,906 121,9951 Cash and cash equivale4)ts at the beginning of the reporting period 12 76,852 98.847 Cash 3nd cash e eriod uivalents at the end of the re ortin 12 95,758 76,852 The notes on pages 13 to 18 form part of these financial statements. 12
The InnerTemple Scholarship Fund Notes to the financial statements for the year ended 315t December 2023 Accounting policies al Basls of accountlng The financlal statements have b2en prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Flnèncial Reporting Stsndard applicable in the United Kingdom and Republlc of Ireland IFRS 1021 alld the Charities Act 2011 and UK Generally Accepted Pra¢tlce a5 It applies from l January 2019. The finandal statements have been prepared to give a 'true and fairf view at)d have departed from the Charities (Accounts and Reports) Regulatlons 2008 only to the extent required to provide a 'tTue and fa%r view,. This departure has involved followlnE Accounting and Reportiiig by Charities preparing thelr accotJnt5 in accordance with the Financial Reporting Standard applicable in the UK and ReptFblic of Ireland IFRS 1021. The InnerTemple Scholarship Fund constitutes a public benefit entity as defined by FRS 102. After maklng enqulres, the Trustee5 hav& a reasonabl2 expectation thaE the charity has adequate resources to continue its actlvitles for the foreseeable future. Accordingly, they continue to adopt the golng concern basls in preparing the financial statements a5 Outlined in the Statement of Trustees Respon5ibllitie5 on page S. Havlng regard to the above, the current cash position, and expected cashflow over the following twelve months the Trustees believe Èt 15 Bppropriale to adopt the going concern basis of accounting in preparing the financial statements. bl Crltlcal accountlnglud8ement5 and key source5 of estlmailon uncertainty Source5 Qf estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are destrlbed in the 3CCOUfltlng policies. No specific accounting judgements and uncertainties have been identified for the currEnt year. cl Investments Investments are included in the accounts at falr value. Net realised and unreallsed gains and losses are reflected in the Statement of Flnan¢lal Activilies a5 net gains1105se5 on investments. dl Incomlng resources Donations, interest and investment Income 3re accounted for when receivable. LegacÉes are accounted for when e.ntitlement has been granted and the Income Is probable and me35urable. el Resources expended Direct charitable expenditure comprises setvi¢e5 supplied and activltles undertBken, which are Identifiable a5 wholly or mainly in support of the charity's objectives. The costs of generating funds relate to the management of the charity's assets. The chailty has no dirett employees or support costs in running ihe organisation. 13
The Inner Temple Scholarship Fund Notes to the financ131 statement5 for the year ended 31st December 2023 leontlnued) fl The Inner Temple Scholarship Fund The Inner Temple Scholarship Fund is an approved charity registered wlth The Charity Commissioners in 1982. gl Taxation The Inner Temple 5cholaTship Fund is a registered charity and taxation is not applicable. h) Permanent endowments These comprise funds donated by the Honourèble Society of the Inner Temple for the purposes of generaling Intome to 5UPPOrt 5tudenls wishing to train as barrister5. il Financial instruments The Inner Temple Scholarship Fund has financlal assets and financial liabilitips of a kind that qalIfY as baslc financial instruments. Basic financial instrument5 4ie initially recognised at transaction value and subsequently measured at amortised cost uslE7g the effective interèst method. Financial assets held at amo¥tised cost comprise cash at bank and in hand. together with trade and other dèbtors. FTnanci31 liabilities held ht awnortised cost comprise bank loans and overdrafts, trade and other creditors. Investments, including bonds held as part of an Investment portfolio are held at market value at the Balaft Sheet date, with gains and losses belng récognised withln Income and expendlture. Investment income 2023 2022 UK equitles Foreign equities Fixed income 8,037 41,410 38.289 10,964 35,814 22,841 87,736 69,619 Investments Reconcillatlon of movement In Investment assets 2023 2022 Marketvalue at 1sfJènu3ry 2023 Addltions tD investments at C05t Disposals at carrying value Unrealised gains/ Ilossl for the year Market value at 315E Decomber 2023 6,665,468 812,834 1867.2141 784.689 7,357,447 983,757 11,087,8281 1587,9D81 7,395,777 6.665,468 14
The Inner Temple SchDlar5hip Fund Notes to the flnanclal statements for the year ended 31" December 2023 {contlnuedl Ibl Analysls of Investments.. 2023 2022 UK equlties Foreign equitles Fixed Income Cash 697,952 4,372,389 1,954,826 370,610 427,039 3,989,355 1.763.319 485,755 7,395,777 6,665,468 Historical cost at 31, December 5,356.541 5,158,749 Reconclllatlon of movements In unreali5ed galrhs o Investment asseis 2023 2022 Unrealised gain at 1st lanua¥y 2023 G3in wrltten back on disposal Gainl Ilossl on revalu3tton 1.506,719 1252,1711 784,689 2.429,604 1334,9771 1587,9081 Unreali5ed gain at 31" December 2023 2.039.237 1,506,719 Idl Net galn on Investment 2023 2022 Unreallsed gain/ Ilossl Realised gainl Ilossl 784,689 6,287 1587,9081 146,6961 Net ga5n/ IID551 at 31. December 2023 790,976 1634.6041 Debtors 2023 2022 Dividend income 12,280 9,179 12,280 9,179 Credltors.. Amounts falling due within one year 2023 2022 Amount due to The Honourable Society of The Inner Temple AmDunt due to The Peter Taylor Scholarship Fund Acciued expenditure 75,321 15,492 17,225 108,038 59,139 10,617 16,275 86,031 15
The Inner Temple Scholarship Fund Notes to the financial statements for the year ended 31st Decemljer 2023 Icontinuedl Flnanclal Instruments 2023 2022 Financlal assets measured at amortised c05t Financial assets measured at fair value 12,280 7.395.776 9,179 6,665.468 Financial liabilitles measurèd at amortised cost 108,038 86,031 The Trust's income, expense, gains and losses in respect of these financial instrLtments are summarised bèlow.. 2023 2022 Total income for financial assets held at fair value Total gains for financial assets held at fair value Total losses for financial èssets held at fair value 12,280 2,235,132 195,895 9,179 1.260.800 245,919 Funds lal Permanent Endowment Funds Balance at Capltal iitjan 2023 Addltlons Balance 8t 31, Det 2023 Gfilns TranslÈrs The Inner Temple Scholarship Fund 6.665,468 790.976 60,6671 7,a95,777 Balance at Capita I. Jan 2022 Additions lance at 31st Dec 2022 Losses Transfers The Innèr Temple Scholarshlp Fund 7,357.447 1634.6041 157,3751 6,665,468 Ibl Restrlcted Income Funds Balan at I'jan 2023 Income Expendlture Transfers Balance at 31)T Dec 2023 The Inner Temple Scholarship Fund 88.933 1149,600} 60.667 8al&nce at I"Jan 2022 Income Expenditufe TYan5fers Balance at 315f Dec 2022 The Inner Temple Scholarship Fund 69,876 1127,2511 57.375 16
The Inner Temple Scholarshlp Fund Notes to the financial statements for the year ended 31st December 2023 Icontinuedl Analysls of net assets 2023 2022 Flxed assets: Investments 7,395,777 6,665,468 Current assets: Debtors 12,280 9.179 Cash at bank arid in hand 95.758 76.852 Creditors.. amounts falling due within one year 1108.0381 7,395.777 186.0311 6,665,468 Audit fees The Charity's audlt fee5 are paid by the Honourable Society of the Inner Temple. Inner Temple paid £4.280 ex VATon account of the audit fees in 202312022- £4,075 ex VATI. io. Trustees None of the Trustees received any reimbursement of expense5 or remuneration for their services during the year. ii. Recondllatlon of cash inflow from operatlng actlvltles 2023 2022 Net income/ lexpendlturel for the feportlng peiiod IGainsl/ losses on InvEStments Oividends other Income 730,309 1790,9761 187,7361 11.1971 1691,9791 634,604 169,619 12571 Opeialing deflclt Increase/ Idecreasel in creditors 1149,6001 22.007 1127,2511 121,5291 Net cash underprovided by operating activities 1127,593) 1148,7801 12, Cashflow lal Analysis of short-term deposits and cash at bank as shown In the balance sheet At 31" 2023 2023 Cash flow Short-term deposlts 51,852 25,000 76,852 18,906 70,758 25,000 95,758 Cash at bank Cash and bank balances 18,906 17
The Inner Temple Scholarship Fund Notes to the financial statements for the year ended 3151 December 2023 Icontinuedl bl Reconclllatlon of net cash flow to movement In net cash Increase in cash and short-term deposits Movement In net debt Net cash at I" january 2023 Net cash at 31. December 2023 18,906 76,852 13. Related party transactions The Inner Temple Scholarship Fund distribute5 the residual surplus of the restricted income fund to the Honourable Society olthe Inner Temple. The fund kccounted for a contribution of £75,321 towards the cost of the Inn's scholarship awards in 202312022- £59,1391. The arnount of £75,321 in Creditors (Note 51 repre5ent5 the contribution due to the Inner Temple as at 31" December 202312022- £59,139). This balance is unsecured, interest free and payable on domand. The InnerTemple paid the Inner Temple Scholarship Fund's audit fees of £4,280 ex VAT In 202312022 - £4,075 ex VATI. In the reporting period the Inner Temple Scholarship Fund transferred £59.13912022- £90,412) to the Honourable Society of the Inner Temple. The Inner Temple Scholarship Fund also transferred £15,492 to the Inner Temple Benefartors, Scholarship Furkd to tlleet the balan of the c05t of the Peter Taylor Scholarship in 2023 12022 É10,6171. The amount of £15,492 in cieditors (note 51 repyesents the contribut5on due to Peter Taylor 12022- £10,617). 18