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2021-12-31-accounts

Charity number: 313524

THE INNS OF COURT AND BAR EDUCATIONAL TRUST

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2021

LUBBOCK FINE LLP Chartered Accountants Paternoster House 65 St Paul's Churchyard London EC4M 8AB

THE INNS OF COURT AND BAR EDUCATIONAL TRUST

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 5
Independent Auditors' Report on the Financial Statements 6 - 8
Statement of Financial Activities 9
Balance Sheet 10
Notes to the Financial Statements 11 - 17

THE INNS OF COURT AND BAR EDUCATIONAL TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS

FOR THE YEAR ENDED 31 DECEMBER 2021

Trustees Duncan Matthews QC, Chair
Edward Cousins
Rory Phillips QC
William East
Colin Edelman QC
Benjamin Wood
HHJ Lynn Margaret Tayton QC
Kiril Waite
Imran Benson
Charity registered
number
313524
Principal office
9 Gray's Inn Square
London
WC1R 5JD
Independent auditors
Lubbock Fine LLP
Chartered Accountants & Statutory Auditors
Paternoster House
65 St Paul's Churchyard
London
EC4M 8AB
Investment Managers
Investec
2 Gresham Street
London
EC2V 7QP

Page 1

THE INNS OF COURT AND BAR EDUCATIONAL TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2021

The Trustees present their annual report together with the audited financial statements of The Inns of Court and Bar Educational Trust (the Charity) for the year ended 31 December 2021. The Trustees confirm that the Annual Report and financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Structure, governance and management

The Council of Legal Education (CLE) was founded in 1852. On 31 January 1997, under a deed of agreement of the same date, net assets amounting to £3,011,765 were transferred from the CLE to a newly incorporated Charity, the Inns of Court School of Law (ICSL). On 1 February 1997, the CLE was reconstituted as the Inns of Court & Bar Educational Trust (ICBET) retaining investments of £2,747,702. The constitution of ICBET has been amended in subsequent years: approved by the Council of the Inns of Court (COIC) in October 2001 and by the General Council of the Bar in November 2001.

However, in October 2018 doubts arose as to the validity of the constitution and the Trustees applied to the Charity Commission for a cy pres scheme. On 3 December 2018 the Charity Commission made a scheme in respect of ICBET. On 3 July 2019 the scheme was, with the prior consent of the Charity Commission, COIC and the Bar Council, amended by a resolution of the Trustees. The selection and appointment of Trustees was governed by paragraphs 3 and 5 of ICBET's constitution, and the appointment of the Trustees was confirmed by paragraph 5 of the scheme.

The Chairman of Trustees is nominated by the President of COIC following consultation with the Chairman of the General Council of the Bar. Four Trustees are nominated by COIC and four Trustees are nominated by the General Council of the Bar. Each of the Trustees serves a term of three years and may be nominated for re appointment. The Secretary to COIC is the Secretary to ICBET.

The Trustees review the risk facing the Charity at regular meetings.

The following individuals served as Trustees during the year and since the year end:

Duncan Matthews QC (appointed 1 January 2022) Edward Cousins Rory Phillips QC William East Nicholas Vineall QC Colin Edelman QC Benjamin Wood HHJ Lynn Margaret Tayton QC (appointed 1 February 2021) Kiril Waite (appointed 1 February 2021) Imran Benson (appointed 1 February 2022) Mrs Justice Tipples DBE (retired 1 January 2022) Richard Latham QC (retired 31 January 2021) Rachel Spearing (retired 31 January 2021)

Objectives and Activities

Formerly, ICBET formulated and implemented policy in relation to all aspects of education and training for the Bar. On 1 February 1997, the constitution was changed to support education and training for the Bar.

Paragraph 3 of the scheme provided that from 3 December 2018 that the objects of the Charity are “for the benefit of the public to further the due administration of justice and to advance legal education in each case by the provision of education and training to students aspiring to be called to the Bar of England and Wales or persons who having been so called are in pupillage or who have held a practising certificate for three years or less and accordingly are in need of further education”.

Page 2

THE INNS OF COURT AND BAR EDUCATIONAL TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

Objectives and Activities (continued)

ICBET's objectives are achieved through the award of grants and the Trust holds funds to be applied in the support of education and training for the Bar. In particular, its funds are designed to support the activities of organisations engaged in the further education of pupils and young and recently qualified barristers.

The policy in regard to grant making is to distribute as much of the investment income as is prudent to organisations engaged in the education and training of pupil barristers and the continuing education of young and recently qualified barristers.

On 4 December 2018 the Trustees unanimously resolved to make a grant of £2 million towards the costs of establishing the new structures proposed by COIC for student education, subject to the necessary approval of the structures by the Bar Standards Board. The making of this grant out of capital was approved by COIC on 3 December 2018 and by the Bar Council on 12 January 2019.

In setting the objectives and planning the activity of the Charity, the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit.

Achievements and performance

ICBET is reliant upon income from its investments supplemented by accumulated unrestricted funds as required. These instruments generated £56,059 (2020 - £54,125) during the year. A portion of this was distributed in grants to the Inns, the Circuits, and the Free Representation Unit. Grants to an aggregate value of £85,000 (2020 - £70,000) were made during the year to four Inns, five Circuits and the Free Representation Unit (FRU). A breakdown of the individual grants is shown in Note 3 of the financial statements.

Financial review

The Trustees set out the general policy of the Trust. The Investment Manager has delegated power to buy and sell investments for the Trust in accordance with the Trust's investment policy. This appointment is reviewed regularly and the Investment Manager reports to the Trustees at their meetings. Every three years the Trustees review their policy statement.

In 2014 a working group shortlisted four investment managers and invited each to make a presentation to them and an independent investment adviser. Investec were appointed and an agreement appointing them was signed in July 2014. Investec have continued to act as Investment Manager throughout 2021.

ICBET's investments consist of a number of different types of investment such as fixed interest, equity and alternatives. The investment objective is to seek to provide an agreed annual income whilst maintaining the capital value of the Fund in real terms over the long term. As at 31 December 2021, the value of the investment Fund was £2.3m (2020 - £2.1m). Combined reserves totalled £2.33m (2020 - £2.17m) at the balance sheet date.

The Trustees consider it prudent to retain sufficient reserves to cover the annual costs of running the Charity which are approximately £100,000. At the balance sheet date unrestricted reserves exceed this amount.

Plans for future periods

On 24 September 2018 ICBET received an application to provide funds for the new Bar Professional Training Course to be provided by the Inns of Court College of Advocacy (the ICCA Course). This project was felt to be of sustainable long term benefit to the profession and on 4 December 2018 the Trustees agreed to make a grant of £2 million towards the costs of establishing the new structures proposed by COIC for student education, subject to the necessary approval for the structures by the Bar Standards Board. The award was approved by COIC and the Bar Council and on 13 February 2020 the grant of £2 million was paid to COIC.

Page 3

THE INNS OF COURT AND BAR EDUCATIONAL TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

Plans for future periods (continued)

On 28 January 2020 COIC indicated that it might be seeking a further substantial grant from ICBET to go towards the ICCA course, with an offer that it would give undertakings to continue the support which ICBET had historically given to the Circuits and FRU. On 14 February 2020 the Trustees wrote to COIC asking for further detail inter alia about the amount of any further grant requested and why it was sought, why COIC was looking to ICBET to provide funds and whether any other sources of funding were available, whether there was any updated information to provide about the ICCA Course and about the proposed undertakings. At meetings on 6 July 2020 and 31 July 2020, the trustees considered a letter which had been sent by COIC to the Trustees on 25 June 2020 providing a response to the questions posed by the Trustees on 14 February 2020. In response, COIC had explained that it believed it had a duty to explore the possibility of recouping expenditure made on the ICCA Course by the Inns, and so facilitate the Inns’ support of the profession. On 8 September 2020, the Trustees wrote to COIC stating that they had been advised by leading counsel, Christopher McCall QC, that that purpose (i.e. recouping the Inns’ expenditure), however worthy, was not within the purposes of ICBET (and indeed not wholly charitable). The letter sought further information as to the nature of the commitment the Inns had made to COIC or ICCA to fund the set-up costs of the ICCA Course. The letter also sought up-to-date information about the ICCA Course. On 15 October 2020, the President of COIC responded stating that COIC would not any longer be pursuing its request for a further grant.

The ongoing COVID 19 pandemic has adversely impacted global markets, and this adversely affected the value of the investments held by the Charity and income generated from these investments. The extent of the impact on the value of investments held by the Charity will depend on future developments, including the duration and spread of the outbreak, related advice and restrictions and the impact of COVID 19 on the financial markets and the overall economy, all of which remain highly uncertain and cannot be predicted. If the financial markets and/or the overall economy are impacted for an extended period, the Charity’s results may be materially adversely affected and this could have an impact on the valuation of the Charity’s investments and the income generated from these investments. The Trustees are being kept up to date on the performance of the investment portfolio and will take the necessary steps to mitigate any significant adverse impact on the value of investments and income generated from these investments.

Statement of Trustees’ responsibilities

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 4

THE INNS OF COURT AND BAR EDUCATIONAL TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Approved by order of the members of the board of Trustees and signed on their behalf by:

Duncan Matthews QC

Trustee Date: 20 October 2022

Page 5

THE INNS OF COURT AND BAR EDUCATIONAL TRUST

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE INNS OF COURT AND BAR EDUCATIONAL TRUST

FOR THE YEAR ENDED 31 DECEMBER 2021

Opinion

We have audited the financial statements of The Inns of Court and Bar Educational Trust (the 'charity') for the year ended 31 December 2021 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied 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 Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial 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 information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 6

THE INNS OF COURT AND BAR EDUCATIONAL TRUST

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE INNS OF COURT AND BAR EDUCATIONAL TRUST (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:

Page 7

THE INNS OF COURT AND BAR EDUCATIONAL TRUST

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE INNS OF COURT AND BAR EDUCATIONAL TRUST (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

We also obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on provisions of those laws and regulations that had direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Charities Act, Charities SORP and FRS 102.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the charity's ability to operate or to avoid a material penalty.

As a result of these procedures, we considered the particular areas that were susceptible to misstatement due to irregularities, including fraud were in respect of going concern. Our procedures to respond to risks identified included the following:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 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 Auditors' 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 its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Lubbock Fine LLP

Chartered Accountants & Statutory Auditors Paternoster House 65 St Paul's Churchyard London EC4M 8AB 26 October 2022 Date:

Lubbock Fine LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 8

THE INNS OF COURT AND BAR EDUCATIONAL TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2021

Note
Income and endowments from:
Investments
2
Total income and endowments
Expenditure on:
Investment management costs
Charitable activities
Total expenditure
Net gains on investments
Net income/(expenditure) before
other recognised gains and losses
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward
3
5		 Unrestricted
funds
2021
£
56,059
56,059
-
95,253
95,253
-
(39,194)
(39,194)
371,595
(39,194)
332,401		 Endowment
funds
2021
£
-
-
17,899
-
17,899
214,863
196,964
196,964
1,798,555
196,964
1,995,519		 Total
funds
2021
£
56,059
56,059
17,899
95,253
113,152
214,863
157,770
157,770
2,170,150
157,770
2,327,920		 Total
funds
2020
£
54,125
54,125
16,672
80,251
96,923
14,907
(27,891)
(27,891)
2,198,041
(27,891)
2,170,150

All activities relate to continuing operations.

The comparative figures for income and expenditure were unrestricted with the exception of investment management costs and net gains on investments, which related to the endowment fund.

The notes on pages 11 to 17 form part of these financial statements.

Page 9

THE INNS OF COURT AND BAR EDUCATIONAL TRUST

BALANCE SHEET

AS AT 31 DECEMBER 2021

Note
Fixed assets
Investments
6
Current assets
Debtors
7
Cash at bank and in hand
Creditors: amounts falling due within one
year
8
Net current assets
Total assets less current liabilities
Charity funds
Endowment funds
9
Unrestricted funds
9
Total funds		 2,262
38,078
40,340
(28,920)		 2021
£
2,316,500
11,420
2,327,920
1,995,519
332,401
2,327,920		 2,572
72,667
75,239
(23,910)		 2020
£
2,118,821
51,329
2,170,150
1,798,555
371,595
2,170,150

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Duncan Matthews QC

Trustee Date: 20 October 2022

The notes on pages 11 to 17 form part of these financial statements.

Page 10

THE INNS OF COURT AND BAR EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been 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 (FRS 102) effective 1 January 2019, Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011.

The Charity constitutes a public benefit entity as defined by FRS 102.

The Inns of Court and Bar Educational Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

The expendable endowment fund income (and with the approval of the Bar Council and Inn's Council, the capital) shall be applied by the Trustees in, or towards, the support of education and training for the Bar of England and Wales of pupils and the continuing education of young and recently qualified barristers.

Investment income, gains and losses are allocated to the appropriate fund.

1.3 Income

Investment income is accounted for on an accruals basis.

Gifts of services are included within the financial statements where the benefit provided is quantifiable. The services provided by the Trustees are not included within the financial statements as their value is not easily quantifiable. Similarly, the services of the Inns' staff in supporting ICBET are also not included within the financial statements as their value is not easily quantifiable.

1.4 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the Bank.

Page 11

THE INNS OF COURT AND BAR EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1. Accounting policies (continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Investment management costs are costs paid to the Charity's investment managers for the management of the Charity's endowment fund.

Charitable activity costs are costs incurred on the Charity's grant making activities, including support costs and costs relating to the governance of the Charity apportioned to charitable activities.

Grants payable in the furtherance of the Charity's objects are included during the financial year that the awards are made by the Trustees.

Governance costs are those incurred in connection with administration of the Charity and compliance with constitutional and statutory requirements.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings.

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

1.6 Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.

1.7 Debtors

Debtors are recognised at their recoverable amount.

1.8 Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.9 Creditors and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation.

Trade and other creditors are recognised at the settlement amount after any trade discount received. Accruals are valued based on the estimated amount to be paid.

Page 12

THE INNS OF COURT AND BAR EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2. Investment income

Investment income and bank interest
Investment income and bank interest
3.
Charitable activities
Grants payable
The Honourable Society of Gray's Inn
The Honourable Society of Lincoln's Inn
The Honourable Society of Inner Temple
The Honourable Society of Middle Temple
North Eastern Circuit
Northern Circuit
Midland Circuit
Western Circuit
Wales and Chester Circuit
Free Representation Unit
Total Grants
Support costs
Total		 Unrestricted
funds
2021
£
56,059
Unrestricted
funds
2020
£
54,125
2021
£
5,000
5,000
5,000
5,000
10,000
5,000
10,000
10,000
10,000
20,000
85,000
10,253
95,253		 Total
funds
2021
£
56,059
Total
funds
2020
£
54,125
2020
£
5,000
(5,000)
5,000
5,000
10,000
10,000
10,000
10,000
10,000
10,000
70,000
10,251
80,251

The grant awarded to The Honourable Society of Lincoln's Inn in 2019 was cancelled during 2020 and no further awards were made in 2020.

Page 13

THE INNS OF COURT AND BAR EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

4. Support Costs

Audit and accountancy fees
Other administration expenses
Total 2021
Audit and accountancy fees
Other administration expenses
Total 2020		 Unrestricted
funds
2021
£
10,020
233
10,253
Unrestricted
funds
2020
£
10,140
111
10,251		 Total
funds
2021
£
10,020
233
10,253
Total
funds
2020
£
10,140
111
10,251

Included within audit and accountancy fees are audit fees (governance cost) totalling £8,700 (2020 - £8,700) and other fees of £1,320 (2020 - £1,440).

None of the Trustees received any remuneration or reimbursement of expenses in either the current or prior year.

There were no staff employed by the Charity in either the current or prior year.

5. Net Gains/(Losses) on Investments

Realised gains on investments
Unrealised gains on investments		 2021
£
5,299
209,564
214,863		 2020
£
365
14,542
14,907

Page 14

THE INNS OF COURT AND BAR EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

6. Fixed asset investments

Cost or valuation
At 1 January 2021
Additions
Disposals
Revaluations
Transfers intra group
At 31 December 2021
Debtors
Due within one year
Prepayments and accrued income
Cash movements		 Listed
investments
£
2,098,935
346,695
(374,220)
209,564
-
2,280,974		 Cash held
by broker
£
19,886
-
-
-
15,640
35,526
2021
£
2,262
2,262		 Total
£
2,118,821
346,695
(374,220)
209,564
15,640
2,316,500
2020
£
2,572
2,572

7. Debtors

8. Creditors: Amounts falling due within one year

Other creditors
Accruals
Grants payable		 2021
£
4,620
9,300
15,000
28,920		 2020
£
4,370
9,540
10,000
23,910

Page 15

THE INNS OF COURT AND BAR EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

9. Statement of funds

Statement of funds - current year

Balance at
Balance at 1 31
January Gains/ December
2021 Income Expenditure (Losses) 2021
£ £ £ £ £
Unrestricted funds
General Funds 371,595 56,059 (95,253) - 332,401
Endowment funds
Endowment Fund 1,798,555 - (17,899) 214,863 1,995,519
Total of funds 2,170,150 56,059 (113,152) 214,863 2,327,920
Statement of funds - prior year
Balance at
Balance at 31
1 January Gains/ December
2020 Income Expenditure (Losses) 2020
£ £ £ £ £
Unrestricted funds
General Funds 397,721 54,125 (80,251) - 371,595
Endowment funds
Endowment Fund 1,800,320 - (16,672) 14,907 1,798,555
Total of funds 2,198,041 54,125 (96,923) 14,907 2,170,150

Page 16

THE INNS OF COURT AND BAR EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

10. Analysis of net assets between funds

Analysis of net assets between funds - current year

Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2021
£
320,981
40,340
(28,920)
332,401		 Endowment
funds
2021
£
1,995,519
-
-
1,995,519		 Total
funds
2021
£
2,316,500
40,340
(28,920)
2,327,920

Analysis of net assets between funds - prior year

Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2020
£
320,266
75,239
(23,910)
371,595		 Endowment
funds
2020
£
1,798,555
-
-
1,798,555		 Total
funds
2020
£
2,118,821
75,239
(23,910)
2,170,150

11. Related party transactions

There were no related party transactions during the current or prior year.

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