Charity number: 313524 THE INNS OF COURT AND BAR EDUCATIONAL TRUST FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 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 Trustees. Report Independent Auditors. Report on the Financial Statements Statement of Financial Activities Balance Sheet Notes to the Financial Statements 10-16
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 2024 Trustees Duncan Matthews KC, Chair Mr Justice Martin Griffiths Edward Cousins William East Colin Edelman KC Benjamin Wood HHJ Lynn Margaret Tayton KC 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 Patemoster House 65 St Paul's Churchyard London EC4M 8AB Investment Managers Rathbones 2 Gresham Street London EC2V 7QP Page 1
THE INNS OF COURT AND BAR EDUCATIONAL TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 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 2024. 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 accordan 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 (CLEI 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 Secretsry to ICBET. The Trustees review the risk facing the Charity at regular meetings. The following individuals served as Trustees during the year.. Edward Cousins Mr Justice Martin Griffiths William East Colin Edelman KC Benjamin Wood HHJ Lynn Margaret Tatyon KC Kiril Waite Duncan Matthews KC Imran Benson 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 Dember 2018 the objects of the Charity are "for the benefit of the public to further the due administration of Justi 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 2024 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 perforniance ICBET is reliant upon income from its investments. These instruments generated £62,578 (2023 - £53,466) during the year. The investment income was distributed in grants to the Circuits and the Free Representation Unit. Grants to an aggregate value of £119,670 (2023 - £90,000) were made during the year to 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. The appointment of Investec as fund managers was again reviewed at the Trustees, meeting in October 2021 and after careful consideration the decision was taken to continue to retain Investec in the role. This decision was reconfirmed at the Trustees, February 2022 meeting after an additional review of Investec's fees. Investec have continued to act as Investment Manager throughout 2024. 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 2024, the value of the investment Fund was £2.058m (2023 £2.013m). Combined reserves totalled £2.070m (2023 - £2.011 m) 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 exeded this amount. Plans for future periods The Trustees, present intention is to continue its activities on the existing basis until there is any further future significant change in the position of the Trust. In that context the investments of the Trust are stable generating income available for distribution. If as intended, grant expenditure is to continue at the current underlying level this will involve dipping into unrestricted accumulated capital funds to sustain those awards and may ultimately necessitate approval being obtained from the Bar Council and COIC to meet grants out of endowment funds. Page 3
THE INNS OF COURT AND BAR EDUCATIONAL TRUST TRUSTEES. REPORT (CONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2024 Plans for future periods (continuedl The Trustees initially received an inquiry from COIC as to the possibility of making further capitsl funds available in support of the ICCA Bar Course.. however this was ultimately not pursued further as it ceased to be required. The Trustees then received a revised and very preliminary approach from COIC as to other potential uses of the Trust's funds, but this approach was also not pursued. More recently, the Bar Council with the support of COIC has made a further approach which is in the early stsges of consideration. There is no present commitment to, let alone timeline for, making any such further capital grant. Statement of Trustees, responsibilities The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally ACpted 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 stste of affairs of the Charity and of its incoming resources and application of reSoUs, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to= select suitable accounting policies and then apply them consistently., obseNe the methods and principles of the Charities SORP (FRS 102)., make judgments and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards {FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going cOnM basis unless it is inappropriate to presume that the Charity will continue in business. 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 hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of infomiation to auditors Each of the persons who are Trustees at the time when this Trustees, report is approved has confirmed that.. so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware of, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information. Approved by order of the members of the board of Trustees and signed on their behalf by: Duncan Matthews KC Trustee Date: 29 October 2025 Page 4
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 2024 Opinion We have audited the financial statements of The Inns of Court and Bar Educational Trust (the 'charity') for the year ended 31 December 2024 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 ACpted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 December 2024 and of its incoming resources and application of resources for the year then ended., have been property prepared in accordan with United Kingdom Generally A¢pted Accounting Practice- and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) IISAS {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 concem In auditing the financial statements. we have concluded that the Trustees, use of the going concem 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 UnrtaIntieS relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going conrn for a period of at least e1ve 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 otheiSe 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 5
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 2024 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 rf. in our opinion- the information given in the Trustees, Report is inconsistent in any material respect with the financial statements; or sufficient accounting records have not been kept,. or the financial ststements are not in agreement with the accounting records and returns., or we have not received all the information and explanats'ons we require for our audit. 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 ststements that are free from material misstatement, whether due to fraud or error. In preparing the financial ststements, 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 ststements 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 Influen the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-complian with laws and regulations. We design prOdureS in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our prOdureS 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 noncomplian with laws and regulations, we considered the ft)Ilowing: The nature of the sector and impact on financial and operating performan and policies., Enquiries of management, including obtaining and reviewing supporting documentation, concerning the charity's policies and procedures relating to= Identifying, evaluating and complying with lavrfs and regulations and whether they were aware of any instances of non-compliance Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud., and The internal controls established to mitigate risks related to fraud or non-complian of laws and regulations., and Discussions among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. The engagement team includes audit partners and staff who have extensive experien of working with charities in similar sectors and this experience was relevant to the discussion about where fraud risks might arise. 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 2024 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 regulats'ons 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 SUSptib1e to misstatement due to irregularities, including fraud were in respect of going concern. Our procedures to respond to risks identified included the following.. Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements., Enquiring of management concerning actual and potential litigation and claims., Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.. Reading minutes of meetings of those charged with governan", Reviewing correspondence with potential beneficiaries to assess the status of any additional fijnding requests and the impact this could have on going COnM. 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.o .uklauditorsres onsibilities. 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 accordan 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.
ocE FIML Uf Lubbock Fine LLP Chartered Accountants & Statutory Auditors Paternoster House 65 St Paul's Churchyard London EC4M 8AB Date: 29 October 2025 Lubbock Fine LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 7
THE INNS OF COURT AND BAR EDUCATIONAL TRUST STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Endowment funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income and endowments from: Investments 62,578 62,578 53,466 Total income and endowments 62,578 62,578 53,466 Expenditure on: Investment management costs Charitable activities 17,057 17,057 130,276 16,784 101,568 130,276 Total expenditure 130,276 17,057 147,333 118,352 Net gains on investments Net movement in funds before other recognised gainslllosses) 143,906 143,906 93,360 (67,698) 126,849 59,151 28,474 Net movement in funds {67,698) 126,849 59,151 28,474 Reconciliation of funds: Total funds brought fOard Net movement in funds 257,373 (67,698) 1.753,432 126,849 2,010,805 59,151 1,982,331 28,474 Total funds carried forward 189,675 1,880,281 2,069,956 2,010,805 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 10 to 16 fom part of these financial statements. Page 8
THE INNS OF COURT AND BAR EDUCATIONAL TRUST BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Fixed assets Investments 2,057,759 2,013,045 Current assets Debtors Cash at bank and in hand 1,609 25,404 1,037 10,975 27,013 12,012 Current liabilities Creditors.. amounts falling due within one year (14,816) 114,252) Net current assets I liabilites 12,197 (2,240) Total assets less current liabilities 2,069,956 2,010,805 Charity funds Endowment funds 1,880,281 189,675 1,753,432 257,373 Unrestricted funds Total funds 2,069,956 2,010,805 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Duncan Matthews KC Trustee Date" 29 October 2025 The notes on pages 10 to 16 form part of these financial statements. Page 9
THE INNS OF COURT AND BAR EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 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 IFRS 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 furtheran 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 capitsl) 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 ServIS are induded within the financial statements where the benefit provided is quantifiable. The services provided by the Trustees are not induded 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 10
THE INNS OF COURT AND BAR EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies {continued) 1.5 Expenditure Expenditure is recognised On 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 Charitys grant making activities, including support costs and costs relating to the govemance of the Charity apportioned to charitable activities. Grants payable in the furtheran of the Charity's objects are included during the financial year that the awards are made by the Trustees. Governan costs are those incurred in connection with administration of the Charity and complian with constituts'onal and statutory requirements. All expenditure is accounted for on an accruals basis. All expenses including support costs and governan 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 ft)rm of basic financial instrument and are initially recognised at their transaction value and subsequentiy measured at their fair value as at the balance sheet date using the closing quoted market pri. 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 reiVed 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 reived. Accnjals are valued based on the estimated amount to be paid. Page11
THE INNS OF COURT AND BAR EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Investment income Unrestricted funds 2024 Total funds 2024 Investment income and bank interest 62,578 62,578 Unrestricted funds 2023 Total funds 2023 Investment income and bank interest 53,466 53,466 Charitable activities 2024 2023 Grants payable North Eastem Circuit Northem Circuit Midland Circuit Western Circuit 17,400 17,400 17,400 17,400 17,400 32,670 12,000 12,000 12,000 12,000 12,000 30,000 Wales and Chester Circuit Free Representation Unit Total Grants 119,670 90,000 Support costs 10,606 11,568 Total 130,276 101,568 Page 12
THE INNS OF COURT AND BAR EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Support Costs Unrestricted funds 2024 Total funds 2024 Audit and accountancy fees Other administration expenses 10,600 10,600 Total 2024 10,606 10,606 Unrestricted funds 2023 Total funds 2023 Audit and accountancy fees Other administration expenses 11,560 11,560 Total 2023 11,568 11,568 Included within audit and accountancy fees are audit fees (governance cost) totalling £9,000 (2023- £9,900) and other fees of £1,600 (2023 - £1,660). 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. Net Gains on Investments 2024 2023 Realised gains on investments Unrealised gains on investments 6,158 137,749 61,144 32,216 143,907 93,360 Page 13
THE INNS OF COURT AND BAR EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Fixed asset investments Listed investments Cash held by broker Total Cost or valuation At 1 January 2024 Additions 2.005,752 315,947 (408,667) 137,749 7,293 2,013,045 315,947 (408,667) 137,749 {315) Disposals Revaluations Cash Movements (315) At 31 December 2024 2,050,781 6,978 2,057,759 Debtors 2024 2023 Due within one year Prepayments and accrued income 1,609 1,037 1,609 1,037 Creditors: Amounts falling due within one year 2024 2023 Other creditors 4,116 10,700 4,252 10,000 Accruals 14,816 14,252 Page 14
THE INNS OF COURT AND BAR EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Statement of funds Statement of funds - current year Balance at 31 Gainsl December (Lossesl 2024 Balance at 1 January 2024 Income Expenditure Unrestricted funds General Funds 257,373 62,578 (130,276) 189,675 Endowment funds Endowment Fund 1,753,432 (17,057) 143,906 1,880,281 Total of funds 2,010,805 62,578 (147,333) 143,906 2,069,956 Statement of funds - prior year Balance at 31 Gainsl December (Losses) 2023 Balance at 1 January 2023 Income Expenditure Unrestricted funds General Funds 305,475 53,466 (101,568) 257,373 Endowment funds Endowment Fund 1.676,856 (16,784) 93,360 1,753,432 Total of funds 1,982,331 53,466 (118,352) 93,360 2,010,805 Page 15
THE INNS OF COURT AND BAR EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted Endowment funds funds 2024 2024 Total funds 2024 Fixed asset investments Current assets 177,478 27,013 (14,816) 1,880,281 2,057,759 27,013 (14,816) Creditors due within one year Total 189,675 1,880,281 2,069,956 Analysis of net assets between funds - prior period Unrestricted Endowment funds funds 2023 2023 Total funds 2023 Fixed asset investments Current assets Creditors due within one year 259,613 12,012 (14,252) 1,753,432 2,013,045 12,012 (14,252) Total 257,373 1,753,432 2,010,805 11. Related party transactions There were no related paty transactions during the current or prior year. Page 16