2022-12-31-accounts

Reference and Administrative	details
Charity name:	The Charities Administered ICW
	The Honourable Societyofthe Middle Temple
Charity registration number:	314246
Principal office:	The Treasury,
	Middle Temple,
	London.
	EC4Y 9BT
Trustees:	Bernard Richmond,KC_(Chair from_5_October 2022)_
	Rodney Stewart Smith_(to21September 2022)_
	Jessica Simor, KC
	Araba Taylor
	Evan Price_(from 10 August 2023)_
Secretary to the Trustees:	Andrew Hopkin, BA(hons), ACMA,CGMA
	Director of Finance&Corporate Services
	The Honourable Societyofthe Middle Temple
Bankers:	The Royal BankofScotland,
	62-63 Threadneedle Street,
	London.
	EC2R 8LA
Solicitors:	Lester Aldridge LLP,
	1 King Street,
	London.
	EC2V 8AU
Auditors:	Haysmacintyre LLP,
	Queen Street Place,
	London.
	WC4R 1AG
Investment Managers:	Investec Wealth & Investment Limited,
	30Gresham Street,
	London.
	EC2V 7QN

2014	5.0%
2015	3.3%
2016	14.4%
2017	11.9%
2018	-4.3%
2019	17.1%
2020	3.5%
2021	11.7%
2022	9.04%

r I	STATEMENTOFFINANCIALACTIVITIES	STATEMENTOFFINANCIALACTIVITIES	STATEMENTOFFINANCIALACTIVITIES	STATEMENTOFFINANCIALACTIVITIES
£000s		Unrestricted	Restricted	Endowed	2022	2021
		Income	Income	Funds
	Notes	Funds	Funds
INCOMEON:
Donationsandlegacies	2	566	23		590	2,330
Investmentincomefrom Funds		378			378	397
Investmentincomefrom Rental Properties		134			134	133
Total income		1,078	23	1	1,102	2,860
IEXPENDITURE FROM:	3
.~mgFw-,d.,
Costs of generating voluntary income		11			11
Investmentfundmanagement costs		67			67	71
Investment property management costs		8			8	19
Diam~=tfr.#1,;,,-
Scholarship awards		1,169	70		1,239	1,336
Od-ier		16			16	15
Total Expenditure		1,271	70		1,341	1,441
OPERATIONAL SURPLUSl(DEFICIT) BEFORE GAIN&LOSSES		(193)	(47)	1	(239)	1,419
Net gains/(losses)oninvestements	8
Gm,-,:inirw;;,,'fment~,-
&in,-,:in in,..,,Tmenta,;e'6-		274		761	1,035	1,568
		274		761	1,035	1,568
Net income		81	(47)	762	796	2,987
Transfers_bewteen_funds
INet movements in Funds		81	(47)	762	796	2,987
Fundsbroughtforward		6,373	1,926	16,055	24,354	21,367
I
Funds as of finanical yearend	12	6,454	1,879	16,817	25,150	24,354

£000s	Notes		lOll	1011
FIXEDASSETS
Investment property	8		3,339	3,339
Investments	8		18,720	17,744
			22,059	21,083
·CURRENTASSETS
Debtors	9	44		30
Bankbalances		3,717		3,725
		3,761		3,755
CREDITORS:Amounts falling due within one year	10	671		484
NETCURRENTASSETS			3,090	3,271
NETASSETS			25,149	24,354
.FUNDS
Unrestrictedfunds
Unrestrictedincomefunds	12		6,453	6,373
:Endowmentfunds
Capitalendowmentfunds- property	12		3,339	3,339
.Capitalendowmentfunds- general			13,478	12,716
Restrictedfunds
Restrictedincomefunds	12		1,879	1,926
			25,149	24,354

StatementofCash flows
£000s		2022	2021
Cashflowsfrom operatingactivities
Net cash provided by (used in) operating activities	13	(1,615)	1,073
Cashflowsfrominvestingactivities:
Dividends, interest and rent from investments		512	463
Proceeds from saleofinvestments		4,569	2,284
Purchaseofinvestments		(4,667)	(2,481)
Gains/(losses) on investments		1,035	83
NetcashprovidedbyInvestingactivities		1,449	349
Change in cash and cashequivalentsin the reportingperiod		(166)	1,422
Cash and cashequivalentsatthe beginningofthe	reportingperiod	2,026	604
Cash and cashequivalentsat the endofthe reportingperiod		1,8601	2,0261

currentYear£000s	U11restricred	Restricted	Endowed	2022
	Income	Income	Funds	cooos
	Funds	Funds
MiddleTemplegrant	500			500
Legacies	11	11		22
Donations
Gift Aiddo11at/011~	28	9		37
No11-gil'taiddo11atio11s	18	3		22
Totaldonations	557	23		581
Taxrecovered	9			9
TOTALVOLUNTARYINCOME	566	23		590
PriorYear£000s	Unrestricted	Restricted	Endowed	2021
	Income	Income	Funds	cooos
	Funds	Funds
MiddleTemplegrant	500			500
Legacies	826	788		1.614
Donations
Gift Aiddo11atio11s	28	93		121
Non-gift aid donations	10	55		65
Totaldonations	1.364	936		2.300
Taxrecovered	7	23		30
TOTALVOLUNTARYINCOME	1,372	959		2,JJ0

CurrentVear£000s	Direct	Direct	Grant	Support	2022
	Costs	Costs	Funding	Costs	rota/
	Staff	Other			£000s
Middle Tempie TrustFunds		87	1,237	16	1,340
		87	1,237	16	1,340
Prior Vear £000s	Direct	Dirl!ct	Grant	Support	1021
	Costs	Costs	Funding	Costs	Total
	Staff	Otht!r			£000s
M idd leTempleTrustFLmds		90	1,336	15	1,441
		90	1,336	15	1441

	2022	2021
	£000s	£000s
Governance	16	15
	16	15

	£000s
Not later than One year	135
Later than oneyearbut not later than Five years; and	303
Later than fiveyears	0

ote 6: Governance costs
	2022	2021
	£000s	£000s
Audit remuneration	16	15
	16	15

ote7:Net income for the year
	2022	2021
	£000s	£000s
Thisisstated after chargingicrediting
Auditors remuneration	16	15

Note8:Investments
	2022	2021
InvestmentProperty	£000s	£000s
Market value at 1 January	3,339	3,339
Additions at cost
Unrealised gain on revaluation
Marketvalueat31December	3,339	3,339
InvestmentFunds	2022	2021
	£000s	£000s
Market value at 1 January	17,406	16,131
Acquisitions/additions at cost	4,667	2,242
Proceedsofdisposal	(4,569)	(2,535)
Netgains on disposals&revaluations	1,035	1,568
	18,539	17,406
Cash held in investment portfolio	181	338
Marketvalueat31December	18,720	17,744
The following individual investment represent5%or moreofthe aggregate
value of the charity investments:
Vanguard Funds	11.40%
	2022	2021
	£000s	£000s
AnalysisofInvestments
Investment Property	3,339	3,339
Investment Fund	18,720	17,744
TotalInvestments	22,059	21,083

	2022	2021
	£000s	£000s
Taxrecoverable	1	1
Investmentincome	43	29
TOTALDEBTORS&PREPAYMENTS	44	30

	2022	2021
	£000s	£000s
Audit & taxation	16	15
Investment management fees	17	18
Middle Temple	12	5
Accrualsfor scholarships payable	626	446
TOTALCREDITORS:amounts falling due within oneyear	671	484

CurrentYear£000s	Unrestricted	Restricted	Endowed	Total
	Income	Income	Funds	£000s
	Funds	Funds
Investment property			3.339	3.339
Investments	5,242		13.478	18.720
Net current assets	1.211	1.879		3,090
	6,453	1,879	16,817	25,149
PriorYearfOOOs	Unrestricted	Restricted	Endowed	Total
	Income	Income	Funds	£000s
	Funds	Funds
Investment property			3.339	3,339
Investments	5.028		12.716	17,744
Net current assets	1.345	1.926		3,271
	6,373	1,926	16,055	24,354

			Movement	Movement
			In	in
			Investment	investment
			property	portfo/lo	Balanceas
	Balanceas		market	market	at31
	at 1 January	Newcapital	value	value	December
ENDOWED FUNDS
£000's
AlfredHarmsworthMemorialFund	1,185			56	1,241
TheAstbury ScholarshipFund	1,360			64	1,424
MiddleTempleBenefactors'Fund	9,385			445	9,831
JulesThornFund	1,336			63	1,399
TheQueenMotherScholarships & AwardsFund	2,312			110	2,422
TheJoseph Jackson MemorialFund	477			23	500
TOTAL ENDOWED FUNDS	161055	1		761	161817

						Balanceas	at31	December				(10)	10		1	(158)			19	6,592	6,454
		Movement	in		investment		Other marla?t	experdture value				(5)		(5)	(5)	(37)	(5)	(9)	(2)	(24) 274	~ Zl4
							Property	costs								(8)					1!!l.
							Scholarship	awards				(150)		(150)	(87)	(419)	(165)	(171)	(1)	(173)	(1,166)
Net	Incoming		resources		from		Charitable	activities
							Property	income								134					134
							Investment	income				21		21	24	162	23	40	8	100	378
					M-		Temple	grant				134		134	69	10	147	140			500
								Newcapital												57	57
Drawdown		of		Unrestricted		Income funds
							Balanceas	at1 January				(10)	10						14	6,358	6,372
									UNRESTRICTED INCOME FUNDS	£000's	Alfred Harmsworlh Memorial Fund	ScholarshipReserwAccount	Bene110lentAccount	TotalAlredHarmsv.orth Memorial Fl.lld	TheAstbury Scholarship Fund	Middle Temple Benefactors' Fund	Jules Thorn Fund	The QueenMo1herScholarships & Awards Fund	TheJoseph Jackson Memorial Fund	MiddleTemple Scholarship Fund	TOTALINCOMEFUNDS

		Incoming	Incoming
		resources	resources
		from	from	Balance as
	Balanceas	Generated	Generated	at31
	at1 January	funds	funds	December
RESTRICTEDINCOMEFUNDS
£000's
Marshalling Bursaries/Access totheBar Fund	29		(6)	23
Reader's Essay Prize Fund	15	1		16
J McMullen	32		(15)	17
Sir Paul Jenkins Fund	1,620	15		1,635
MiddleTempleEmergency Assistance Fund	230	7	{49}	188
TOTALRESTRICTEDINCOMEFUNDS	1,926	23	(70)	1,879

			Movement	Movement
			in	in
			investment	Investment
			property	portfo/lo	Balanceas
	Belenceas		market	market	at31
	at 1 January	Newcapital	value	value	December
ENDOWED FUNDS
£000'5
AlfredHarmsworthMemorialFund	1,100			85	1,185
TheAstburyScholarshipFund	1,262			98	1,360
MiddleTempleBenefactors'Fund	8,711			674	9,385
JulesThornFund	1,240			96	1,336
TheQueenMotherScholarships&AwardsFund	2,146			166	2,312
TheJosephJacksonMemorialFund	443			34	477
TOTAL ENDOWED FUNDS	14,902			1,153	16,055

					_Balance_as	at31	December				(10)	10					14	6,359		_6,373
	Mo111!111enl		in		investment	market	value											415		415
						Other	expendilure				(5)		(5)	(37)	(5)	(9)	(2)	(24)		!82)
						Property	costs							(19)						(19)
						Scholarship	-ards				(192)		(192)	(350)	(118)	(290)	(11)	(210)		---~(1,171)
Net	Incoming		resources	from		Charitable	activities
						Property	income							133						133
						Investment	income				22		22	170	24	42	9	105		372
				Midde		Temple	grant				175		175	103	99	90				467
							Newcapital											871		871
Dr-down		of	Unrestricted		Income _Balance_as funds at1 January						(10)	10					167	18	5,369 (167)	5,387------
								UNRESTRICTEDINCOMEFUNDS	£000's	Alfred Harmsworth Memorial Fund	Scholarship Reser.e Account	Bene\Olent Account	TotalMredHarmS\OrthMemorial Fund	TheAstbury ScholarshipFund	MiddleTempleBenefactors' Fund	Jules Thorn Fund	TheQueenMotherScholarships&Awards Fund	TheJoseph Jackson Memorial Fund	MiddleTempleScholarship Fund	TOTALINCOMEFUNDS	.,,	I»	cc	(1)	N	en

		Incoming	Incoming
		resources	resources
		from	from	Balance as
	Balance as	Generated	Generated	at31
	at1 January	funds	funds	December
RESTRICTED INCOME FUNDS
£000's
Marshalling Bursaries/Access to the Bar Fund	32	2	(5)	29
Reader's Essay Prize Fund	15			15
J Mc Mullen	37		(5)	32
Sir Paul Jenkins Fund	822	798		1,620
TOTAL RESTRICTED FUNDS	1,079	958	!111)	1,926

	2022	2021
	£000s	£000s
Net income/(expenditure) forthereporting period(asper
thestatementoffinancial activities)	(239)	1,720
Adjustments for:
(Gains)/losses on investments	(1,035)	(242)
Dividends, interest and rent from investments	(512)	(463)
	(6)	19
(Decrease)/increase in creditors	177	(120)
Unrealised gain/(losses) on revaluation	0	159
Net cash providedby/(used in) operating activities	(1,615)	1,073
AnalysisofCash and Cash Equivalents
Cash at bank and in hand	3,717	1,924
Cash at investment managers	181	102
	3,898	2,026