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|**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|





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|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%|



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|r<br>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**|
|I**EXPENDITURE 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)**<br>**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**|||||||
|I**Net 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**|





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|**_£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**|






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|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|





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|current**Year**£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|
|TOTALVOLUNTARY**INCOME**|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|





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||**_2022_**|**_2021_**|
|---|---|---|
||**_£000s_**|**_£000s_**|
|**Governance**|16|15|
||**16**|**15**|



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||**_£000s_**|
|---|---|
|Not later than One year|135|
|Later than oneyearbut not later than Five years; and|303|
|Later than fiveyears|0|



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|**_ote 6: Governance costs_**|||
|---|---|---|
||**_2022_**|**_2021_**|
||**_£000s_**|**_£000s_**|
|**Audit remuneration**|16|15|
||**16**|**15**|



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|**_ote7:Net income for the year_**|||
|---|---|---|
||**_2022_**|**_2021_**|
||**_£000s_**|**_£000s_**|
|Thisisstated after chargingicrediting|||
|Auditors remuneration|**16**|**15**|





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|**_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**|



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||**2022**|**_2021_**|
|---|---|---|
||**_£000s_**|**_£000s_**|
|Taxrecoverable|1|1|
|Investmentincome|43|29|
|**TOTALDEBTORS**&**PREPAYMENTS**|44|30|





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||_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|



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|Current**Year**£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|



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||||**_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_**<br>**marla?t**|**_experdture_**<br>**_value_**||||(5)||(5)|(5)|(37)|(5)|(9)|(2)|(24)<br>274|~<br>_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_**<br>**_funds_**||||||||||||||||
||||||||**_Balance_**as|_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|**Middle**Temple 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**|



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||||**_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_**<br>**_Balance_as**<br>**_funds_**<br>**_at1 January_**||||||(10)|10|||||167|18|5,369<br>(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|TOTAL**INCOMEFUNDS**|.,,|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**|



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||**_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**|





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