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 0￿￿rnber 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 Conti￿5. 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
q￿alIfY 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