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 De￿mber 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 ex￿eded 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 AC￿pted 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 reSoU￿s, 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 cOn￿M 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 AC￿pted 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 Un￿rtaIntieS relating to events or
conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going
con￿rn 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 othe￿iSe 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 prO￿dureS
in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities,
including fraud. The extent to which our prO￿dureS 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 SUS￿ptib1e 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 COn￿M.
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 fO￿ard
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 ServI￿S 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 re￿iVed 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 re￿ived.
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