THE HONOURABLE SOCIETY OF GRAY'S INN
TRUST FUND
Financial statements
for the year to
31 December 2020
Registered Charity No. 1014798

THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND
YEAR TO 51 DECEMBER 2020
Index to the Finsncial Statements
Page5
Trustees. Report
Independent Auditor's Report
10 -11
Ststement of Financial Activities
12
8alance Sheet
13
Statement of Cash Flows
Notes to the Accounts

THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND
YEAR TO 31 DECEMBER 2020
Trv5tees' Report
Reference and Admini5tratiY¢ D•tail$
TRUSTEÉS
The Hon Hugo Keith QC (Retired 30 April 20201
Michael Napier CBE, QC
The Hon James Lewi5 QC
Clive Osborne JP
simon clements IAppointed l May 20201
PRINCIPAL ADDRESS
8 South Square
Gray's Inn
Londo
WCIR SET
CHARITY REGISTRATION NO.
1014798
AUDITORS
Haysmacintyre LLP
10 Queen Street place
London
EC4R 41G
PRINCIPAL BANKERS
C Hoare & Co
37 Fleet StFeet
Londo
EC4P 4DQ
SOLICITORS
Hunters
9 New Squsre
Lincoln's Inn
Londo
WC2A 3QN
SENIOR MANAGEMENT
Chief Executive.. Anthony Haiking
Director of Finance.. Dermot Doughty ACA

THE HONOURABLE SOCIETY OF GRAY'S INN TRVST FUND
YEAR TO 31 DECEMBER 2020
Trust•eJ' Report (continued)
structurt. Gov¢rnanc• •nd Mana9•ment
The Trustees who acted throughout the year are as disclosed on p3ge 3.
The Trustees are kept conversant with the law 2nd the requirements of the Charity
Commission, as required, by professional aclviser5.
Trustees are selected by the Management Committee of The Honourable Soeiety of Gray's
Inn I'The Society'l and their appointment5 are confirmed by Pension. the ultimate policy
making body ol The 50¢iety.
Day to day managemerit ol the activities of The Honourable Society of Gray'5 Inri Trust Fund
(the 'Charitable Trust'l is delegated to the management statt of The Society.
Gov•rnlng Doeum•nt
The Charity is governed by a Deed of Covenant dated 31. January 1972.
obj¢¢tiv¢J and Artivities
The objects of the Charitable Trust Fund are the advancement ol legal education, by, inter alia, the
king ol donations to the Scholarships Trust lor the aw3rd of 5cholar5hip5, bv15arie5 ancl grants and
by the provision of library laeilities lor the purpose of enabling students of The Society from all parts
tsl the world to study law and lulfil the condition5 requisite for ¢onlerment ol the degiee ol Barrister
at law,. the promotion ol religion by maintenance of the chapel,. and such other charitable object5 a5
the Trustees shall direct.
Grant Poli¢y
Grants are made on an annual basis to the Honourable Society of Gray's Inn Scholarships Trust I'the
Scholarships Trvst") to fund s¢holar5hips and •re made at level which is as high a5 is affordable. No
Grant was made to the Scholarships Trust during the year since the annual grant from The Society to
the Charitable wa5 reduced as a result of the Coronavirus pandemic. The Trustees understand that
The Society made a loan of £600k to the Scholarships Trvst to fund immediate ¢ash requirements.
Public Benefit
The Trustees confirm that they have considered the charity Commission's guidance on public benefit
and are mindlul of their obligations to ensure that the aetivities of the Trust are demonstrably for
public benefit.
All student5 wishing to pursue careeTS a5 barristers must become member5 01 one of the four Inns of
Court and, after passing the requisite exams and meeting other requirements, be called by their Inn.
No Individual with the appropriate academic qualifications who applies to an Inn ol Court can be
refused membership to partake of the legal educational facilitie5 offered. The grant made to the
Scholarships Trust each year funds scholarships to students.
Members of the public are welcome to attend the chapel's services, the dates and time5 of which
are on public notice boards within the Inn and on the Inn's website.
The Library is 8vailable to all barristers and student barristers for study and researeh. In 2ddition, the
Library vnclertake5 numerou5 historical and genealo9ic31 enquirie5 on behalf of member5 of the
public for which no charge is made.
A¢hievtmtnt$ and ptrformanc• in the Ytar
The Coronavirus pandemic h85 had a 51griilicant disruptive influence on the Trust's operational
activities. Notwithstanding this the major aims have been achieved and are detailed in thi5 report.
Staff and volunteers have shown considerable adaptability and diligence throughout this period and
the Trustees would like to extend their thanks lor the work undertaken.

THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND
YEAR TO 31 DECEMBER 2020
Truste•$' R•port (Continuèd)
The Chapel
Whi15t the pandemic, Social distancing and the re5triction5 imposed on collective worship at
different times were certainly felt, Chapel strove to provicle as full a calendar of worship and event5
as it could in 2020. 3 Mattins, 4 Holy Communions, I Sung Eucharist and 2 Evensong services took
place. Social distancing and no congregational singing became necessary and Services were made
available online via Zoom as much as possible. Although the Mulligan Sermon, to be preached by The
Very Rev'd Dr. Jeffrey John. Dean of St. Alban5, had to be cancelled. the Remembrance Sunday
Service was socially distanced and the Carol Service took place online. A benefit to the in¢rea51ng
amount of online activity is of course that it can be seen and heard by those who would normally not
be able to attend chapel.
Other than dvring the tightest periods ol lockdown, the Chapel has remained open vpon request a5
place lor quiet prayer and reflection and the Preacher ha5 made himself available, in complete
confidence, for those Members, Students and Staff who need someone to listen to them.
The four Summer Concerts were all pre-recorded all took place online were then available on the
Inn's website for a limited time afterw2rds.
Master Sill clegg QC read the 'Banned chapter, from his book Under The Wig and took questions
afterwards.
Music for Organ, Christopher Bowers-Broadbent.
Music for Voice5. the Choir ol Grays InD with additional material frow the CD 'M(Jttins Music - The
choir Orgun of Gruy's Chupel,.
Music lor Piano, Paul Wee.
One memorial service took place.
Library Services
Following the outbreak of the COVID-Tg pandemic, the Library c105ed on 20 March. Staff worked
from home providing a rernote enquiry and document 5vpply service to members. Staff had remote
a¢¢ess to the Library's online services and Carried out searches on behalf of barristers, providing
material to them by email. The usual charges lor document supply were waived. Three members of
the Libr>ry team were furloughed between mid-April and mid-July.
A nutnber activitie5 had to be 5U5pended for all or part of the year, included virtually all purchasing
and receipt of new book5 and serials (resumed in mid-julyl, work on the Lauterpacht Collection, and
the project to di5P05e of non-essential hardcopy stock. It was also not possible to maintain all the
vsual record-keeping and statistlcs relating to Library services.
The Library worked closely with the other Inns of Court Libraries, pooling expertise and resources
by operating a referral system. A few weeks into lockdown, the Library was also able to bring staff
on-site one day a week in order to deal with requests lor materials only available in hardcopy. This
was done in rotation with the other Inn Librarie5. The 'on-51te' days proved extremely busy and it
was nece55ary to priorit15e reque5t5 lor material needed for use in court.
The pandetnic led to an increase in members applying lor remote access to 8ltsom5bury Professional
Online. The number of users rose to 265, with more than 6Q% ol these based outside London, in
keeping with the original aim of being able to provide library rNateria15 to members practicing on
the Circuits.
Since the March lockdown, over 70% of enqviries h)ve been to provide material for Use in courts and
tribunals, while 60% ol all requests have been lor rnaterial only available in hardcopy within the
Library. The majority of requests were for textbook5, old or obscvre fflaterials or IOT the Library's
specialist international law materials. This illustrated the enduring usefulness of the Libr3ry'5
hard¢opy and historic collections and also its role in helping barristers to continue working during
the pandemic.

THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND
YEAR TO 31 DECEMP4ER 2020
Trv$tees' Report Icontinvedl
Library Services (Continved)
In advarice ol re-opening, the Director of Library Services prepared a detailed series of Covid
measure5 covering all aspects of Library use. The Library is now considered to be a highly Covid-
secure environrnent. The Library re-opened to member5 on 20 July, on 3 weekly rota ba515 Wlth the
other Inn Libraries. This arrangement ended on I September when all four Inn Libraries re-opened
lull-time. Saturday openings resumed on 19 September. stsff working patterns were revised to 3llow
some continued home-working and later start times to avoid peak hour5 for commuting. With these
arrangements in place it was not possible to resume late night opening. Library opening hours were
reduced to 10am to 4pm, with the documerit Supply Service available until 6pm.
Following re-opening, there was a consistent flow ol visitors, though attendance was reduced
compared to pre-covid levels. There wa5 noticeable attendance by students prior to the re-
scheduled Bar exams. However, use of the document supply service increased by 700% as many
barristers continued to work Temotely and had an ongoing need for access to Library service5.
It was agreed in February that the four Inn Libraries would collaborate in delivering legal research
training for students on Part 2 of the ICCA Bar Course, due to commence in March 2021. The Director
ol Library Services will be involved in this and work is underway to cle5ign the training.
The Director ol Education and the Director ol Library Services agreed to cancel the Practical Legal
Re5ear¢h Qualifying Session$ that had been scheduled lor June and September. Iri the circumstance5
there were insufficient resources to create an online alternative to the usual lace to face workshop
in the Library. This will be re-visited in 2021.
There wa5 no postgraduate welcome fair at City Law school, normally attended by Library staff. The
Director ol Library services took part in the Inn's Introductory Talk5 lor riew student5. coriducted via
Zoom webinar. The event wa5 very successlvl, with the Q&A function encouraging a high level of
interaction from 5tudent5, including many qvestions about the Library.
The publi¢ation and supply ol law books and periodicals was 5igriilicantly impacted by the pandemic,
leading to a backlog in library acqui51tions which gradually reduced from September. PublicatlDn of
many international law titles, the Library's key specialism, was delayed until next year. Approximately
500 books were catalogued and more than 1.000 serials received. Despite the pandemic, a number
of doriations were still received from members.
The final portion of the Lauterpacht Library was collected and shelved with the rest of the Collection
in the Library's closed stack. 560 book5 from the Collection have now been catalogued. Regular
updates were posted on the Inn's social media channels, generating a favourable response.
summary progress report was also made available in J3nU3ry and a commemorative bookplate was
prodvced to identify items from the Collection.
The projeet to dispose of non-essential hardcopy Stock resumed in July, with some 600 item5
identified lor disposal via donation to tsther libraries or to members. The exercise had been
undertaken partly to free up spaee in the basement of the Treasury office in anticipation of Project
Griffin. Although the latter ha5 now been postponed, it is still an aim to reduce unneeded stock and
consolidate the remaining basement stock with the rest of the Library's closed access material.
On l May the law changed to allow certain electronic pvbli¢ations to become zero-rated lor VAT.
This should lead to Cost savings in 2021. As the Library is part of the Charitable Trust, it wa5 not
entitled to reclaim VAT paid on online subscriptions, thus signific8rTrtly increasing the cost of services
such as Westlaw and Lexis Library.
The Director of Library Service5 began investigating the feasibility and cost of digitising the Inn's 24
medieval martvscripts. The intention is to make digital copie5 of the manv5cripts available via the
Inn's website. From a conservation perspective, thi5 would also greatly reduce any need to h8ndle
the mariuscripts.
Library staff worked hard and with great flexibility throughout the year in challenging circumstances,
for which they are to be congratulated.

THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND
YEAR TO 31 DECEMBER 2020
Trustees. R•port (Continued)
The Education Department
Thi5 report cover5 the activitie5 and training for the period from 1 January to 31 December 2020
although the academic year lor the Inn begin5 in September and ends in August.
A5 a result of the pandemic physical training and education withir) the Inn and at residential training
venues stopped in micl-mafch. A5 a result, the Inn's Education Department rapidly pulled together
an online programme, with the result that all training and education continued with only minimal
disrvption. Student5 who commenced their Bar Courses in September 2020 have only experienced
tsnline delivery and have not physically visited the Inn.
M05t events within the programme have been delivered in an adapted online format, in¢ludin9
adclitional events which were initially postponed in early 2020. Students, trainers and staff have
adapted well to online delivery and there have been some notable benefits, such as the increased
involvement ol Circuit trainers and student5 in the delivery of the programme.
The Education Department has undergone a review and subsequent re-organisation in this
reporting period. Thi5 is dve, in pJrt, to the implementation OF a T)ew quality assurance framework
for the delivery ol (Lualifying Sessions Ilisi and to prepare the Department for the administration of
the Di5¢1osure and Barring Service IDBSI check for student members prior to Call. from spring 2021.
A total of 349 student members were admitted to the Inn in 2020 and a total of 81 were called to
the Bar.
In 2020 the Inn provided 1.918 individual trainirTrg places at student, Pupil and New Practitioner
level. The delivery of this lull and varied programme relie5 heavily tsn Gray's Inn members
providing guidance and training on a pro bonts basis with over 300 members contributing. The
Education Department ran four advoeacy and ethics courses for students, one of which was
adapted to an online Format. One couise incSuded the 5e¢ond round ol the moot competition,
mock trial at the Rtsyal Courts of Justice and careers advice. 121 students attended the mock
trial, One residential course took place on Circuit IBirminghaml in February 166 5tudent51.
The Education Department eontinues to engage actively in internal and external mooting with an
emphasis on training novice mooters ancl offering advanced opportunities for experienced
otsters. The Inn ran 3 practice moots for students at all leve15. We a150 trained and prepared a
team for the Vi5 Arbitration Moot competititsn, which was unfortunately cancelled in 2020 due to
the Pandemic. The team is selected from the Inn's Student Arbitration Course which commenced
in August 2020 and a new team has been select lor the 2021 lonlinel Vis Moot. The Inn, Moot
Competition had 91 entrants and, after a postponement, was concluded lon line) in March 2021.
A total of 7 prison debates were undertaken by Vocali5e rnentor5 in 2020. The ability to go ahead
with arranged debates was significantly impacted by the pandemic which Suddenly halted mentors
going into the prisons to teach. Teaching wa5 Stopped mid-way throvgh training cycles in March.
Thi5 deci510rt was t3ken for the safety of both mentors and the prisoners thernselve5.
Griffin LAW is Gray's Inn'5 vehicle for promoting social mobility at the Bar. Inn student5 introduce
secondary and sixth form students to the legal profe55ion, build their knowledge of the rule of law
and develop their skills in advocacy and persuasion. The programme was urilortunately cancelled
due to the pandemic. New mentors for both Griffin LAW and Vocalise progrHfflme5 were recruited
in September 2020 and online programme is now being delivered. The Inn also launched the
Griffin Access Programme IGAPI with 27 students from Newnham Colleglate 6th Form. GAP is a
two-year programme with Year 12 students interested in a career at the Bar who are keen to learn
about the type ol work at the Bar and experience the training, education and mentoring
opportunities available through the Inn.
The Inn'5 Outreach PrOgra￿rne with universities adapted well to online delivery. Ten online events
were held with university 8Jr Societies, featuring Barristers and Judges ol the Inn and 696 students
attended. The Inn's popular University Advocacy Day programme5 were temporarily suspended in
2020 due to the pandemic. 130 students attended an online advocacy taster dJy in September
and this new format will continue in to 2021.

THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND
YEAR TO 51 DECEMP*ER 2020
Trvstee5' Report (Cpntinuedl
Risk Review
The Trustees have assessed the major risks faced by the charity and keep them under review. All the
operational activitie5 01 the Trust are undertaken by The 50¢iety and the Trustees rely on the risk
control proce55es implemented by The Society. Specific reference 15 made in these processes to
the risk management requirernent5 of the Ch3ritable Trust. The major risk is the continuation of
support from The Society which is built into the Inn's annual budgeting proce55. and confirmations
of support svfficient for the charity to adopt a going concern basi5 have been received.
plans for Futvr• P•riods
The Trustees have no plans to change the current policy of the charity which will continue to supptsrt
the Chapel, the Education Oepartment and the Library.
Senior executive pay
All employees are jointly employed by the Trust and The Society. Trustees rely on The Society to
determine the appropriate remuneration of senior execvtives taking into consideration industry and
sector comparative benchmarks.
Financial R•vi•w
All revenues, supplemented by significant grant5 from The Society, are used for direct charitable
activities. Administrative Services are provided by The Society without charge. Pension, the ultimate
policy making body ol The Society, has provided undertakings to the Charitable Trust Fund to enable
it to continue its activitie5.
During the year the Charitable Trust received doriations from The Society tota11ing £l.9m 12019..
È2.Sml. As a result of this reduction the budgeted annuJl grant to the Scholarships Trust was not
made.
Operational expenditUTe during the year fell by 5.7%. This was primarily dve to a reduction in the
cost of education events, the majority of which were cancelled due to the pand&mic.
At the end of the year total funds were £452.832 12019.. £434,149),
A comparison with the previous year 15 set out below..
Expenditure
2020
2019
The Chapel
Education (excluding scholarships)
Library, archives and modern records
Operational Expenditvre
Grant to Gray's Inn Scholarships Trust
64,053
815,788
1,090,317
1,970.157
75,942
1,009,941
1,004,709
2,090,593
675,000
Total Expenditure
21970 157
22 765 593
Reserves Policy
The Trustees have considered forecasts of future expenditure of the Trust together with the
commitment of The Society to provide annual donations to meet this expenditure. They are satisfied
that the current level of reserves is adequate to support ongoing expenditure.
The policy of the Trvst 15 to rnJintain a modest level of reserves reflectirig The Society's financial
Strength and formally stated comniitment to fund the Trust. The trv5tÈes aim to maintain a minimum
of É200,000 in unrestricted reserve5. At 31$1 December the Trust held E374,428 in unrestricted
reserves.
The assets ol the Trust consist of cash. which is held at a level to at least equal the Trust's
endowment. and a current account with The Society.

THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND
YEAR TO 31 DECEMBER 2020
Trv5tee5' Report {Continvedl
statement of Tiust•e$' R¢sponsibiliti¢s
The Trustees of the Charity are required to prepare for each financial year financial Statements which
observe the prineiples and methods of the Charities SORP and which give a true and lair view of the
state of affair5 01 the Charity and of the incorning resources and application of resources ol the
Charity for that period. In preparing those financial statement5, the Tru5tee5 are required to..
select 5Ultable accountin9 policie5 and then apply them con515tentlyi
make judgements and estimates that are reasonable and prudent-
state whether applicable accounting 5tandard5 have been folltswed, subject to any material
departures disclosed and explained in the financial statements.,
prepare the financial statements on the going concern basis unless It is inappropriate to
presume that this basis applies.
The Trustees are responsible for keeping proper accounting record5 which disclose with reasonable
accuracy at any time the lin3rFcial position ol the charity and to enable them to ensure that the
financial statements comply with statutory requirement5. They are also Fe5pon5ible for 5alegvarding
the 255ets of the Charity and hence for taking reasonable Steps for the prevention and detection of
fraud and other irregularitie5.
Approved by the Trustees on 8TH June 2021 and Signed as authorised on their behalf by=
Trustee

THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND
YEAR TO 31 DECEMBER 2020
Independent auditor's report to the TfU5tees ot The Honourable Society of Gray'5 Inn Trust Fund
Opinion
We have audited the financial statement5 of The Honourable Society of Gray'5 Inn Trust Funds for
the year ended 31 December 2020 which comprise Statement of Financial Activities, Balanee sheet,
cash flow statement and notes to the financial 5tatement5. including a summary of significant
accounting policies. The financial repoitlllg frarnework that has been applied in their preparation 15
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 A¢ceptecl Accountln9 Practice).
In our opinion, the financial statements..
give a true and fair view ol the state of the charity's affairs a5 at 31 December 2020 and ol the
charity's net movement in funds for the yejr then ended",
have been properly prepared in accord8nce with United Kingdom Generally Accepted
Accounting Practice., and
have been prepared in accord3nce with the requirement5 01 the charitie5 Act 2011.
Ba515 for opinion
We have been appointed as auditor under section 144 01 the Charities Act 2011 and report in
accordance with the Act and relevant regulations made or having effect thereunder. We conducted
our Jvdit in accordance with International standards on Avditing IUKI IISAS IUKII and applicable law.
Our responsibilities under those standards are further described in the Auditor's responsibilities for
the audit ol the financial statement5 section of our report. We are independent of the charity in
a¢¢ordan¢e with the ethi¢Èl requirements that are relevant to our audit of the Iinan¢i31 statements
in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities
in accordance with these requirement5. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
Conclusions relating tg going concern
In auditing the financial 5taternent5, we have concluded that the Trustee5' V5e ol the going concern
basis o18ccounting in the preparation of the financial statements is appropriate.
Based on the work we have performecl. we have not identified any material un¢ertaintie5 relating to
events or conditions that, individvally or collectively, may east significant doubt on the Charity's
ability to continue as a going concerr) lor a period of at least twelve month5 from when the financial
Statements are authorised for issue.
Qvr responsibilities and the responsibilities of the Trustees with respect to going concern are
described in the relevant sections of this report.
Other information
The Trustee5 are responsible lor the other information. The other inftsrmation comprises the
information inclvded in the Trustees, Annval 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 assvrance conclusion thereon.
In connection with our audit ol the financial statements, 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 audit or otherwise appears to be materially
misstated. If we identify such material inconsistencies or apparent material tnisstatements, we are
requirecj to determine whether there is a material misstatement in the financial statements or a
material misstatement of the other information. 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.
Matter5 on which we 8re required to report by •x¢option
We have nothing to report in respect ol the following Matters in relation to which the charities
IAccovnts and Reports) Regulations 2008 require us to report to you if, in our opinion..
adequate accounting record5 have not been kept by the charity. or
sufficient accounting records have not been kept., or
the charity Financial statements are not in agreement with the accounting records and returns.
or
we have not received all the information and explanations we require lor our audit.
io

THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND
YEAR TO 31 DECEMBER 2020
Ind•p•nd•nt auditor'5 report to th• Trustees of Tht Honovrable Society of Gray's Inn Trust Fund
l¢ont'd)
Responsibilitie5 of Trustees for the finaneial statements
As explained more fully in the Trustees, responsibilities statement Set out on page 9, the Trv5tee5
are responsible for the preparation of the financial statements and for being Satisfied that they give
a true and fair view, arid for such internal control a5 the Trustees determine is nece5saiy to enable
the preparation of financi315tatements that are free from material mi5Statement, whether due to
fraud or error.
In preparing the fin3n¢ial statements, the Trustees are responsible for asse551ng the charity's 2bility
to continue a5 a going concern, disclosing, as applicable, matters related to going Concern and using
the going concern basi5 of accounting unless the trustees either intend to liquidate the charity or to
cease operations, or have no realisti¢ alternative but to do so.
Auditor's responsibilities for th• avdit of the financial statements
OUT objective5 are to obtain reasonable assurance Jbout whether the financial statement5 a5 a whole
8re free from material rni55tatement. whether due to fraud or error, and to 155ue an auditor's report
that inclucles our opinion. Reasonable assurance 15 a high level of assurance, but is not a guarantee
that an audit condu¢ted in accordance with ISAS IUKI will always detect a material misstatement
when it exist5. Misstatements can arise from Ifsud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic decision5 01 users
taken on the basis of these financial statements.
Irregularities, including fraud, are in5t3nces of non-compliance with laws and regulations. We design
procedures in line with our re5ponsibilitie5. Outlined above, to dete¢t material misstatements in
respect of irregularities, including fraud. The extent to which our procedures are capable of
detecting irregularities, including fraud is detailed below..
Based on our understanding of the charity Ènd the environTnent in which it operates. we identified
that the principal risks ol norF-compliance with laws and regulation5 related to compliance with the
Charity SORP in the preparation ol the Jccounts and we considered the extent to which non-
compliance might h3ve a material effect on the financi21 statements. We a150 corisidered those laws
and regulations that have a direct impact on the prepaT8tion ol the financial statement5 such as
Charities Act 2011.
We evaluated management's in¢entive5 and opportunities for Iravdulent manipulation of the financial
statements (including the risk of override of controls), and deterrnined that there were no such risks.
Our procedures included the following..
Inspecting correspondence with regulators and tax authorities, and minutes ol trustee meetings,.
Discussions with manJgement including consideration ol known or suspected instances ol non-
compliance with laws and regulation and Iravd both at planning and at completion.,
Evaluating management's controls designed to prevent and detect irregularities.,
Identifying and testing journa15 process by management in the preparation of the financial
5tatements,' and
Challengln9 3SSUmPtions and judgements made by mana9ement in their critical accounting
estimates.
A further description of our responsibilities for the audit of the financial statements 15 located on the
Financial Reporting Council's website at.. www.Irc.org.uk/auditorsrespon5ibilities. This description
forms part ol our auditor'5 report.
Use of our report
This report is made solely to the charity'5 Tru5tee5, as 3 bocly, in accordance with section 144 01 the
charities Act 2011 and regulations made under section 15L ol that Act. Our audit work has been
undertaken so that we might State to the charity'5 Trustees those m8tters we are required to state
to them in an Auditor's report and for no other purpose. To the fullest extent permitted by IJW. we
do not accept or 355ume respoT)sibility to anyone other than the charity's Trustees as a body for our
audit work, for this report, or for the opinioris we have formed.
Haysmacintyre LLP
10 tlueen Street Place
Statutory Auditors London
EC4R 1AG
Datt.. 22 luly2021
li

THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND
YEAR TO 31 DECEMBER 2020
STATEMENT OF FINANCIAL ACTIVITIES
2020
2019
Total
Endowment Restrictsd UfflrestrKted
Not•s
INCONE ANPENDOWNENTS FROM
Oon*ion5 and Legacies
The Honourable Societyof Gragi
Govemmeni Giant5
Other9rants and donations
1,880,000
39.580
50.812
1,3BO.QOO
59.580
50,812
2,5￿,000
32,1)01
Sub-total dts)atiOn5 and Iggacigs
1 910392
1 970 392
532.Q01
2,707
15.081
2,767
15,681
7.516
43.898
Course Fees
18,44B
18.448
S1,414
TOTAIINCOME
É1 988 84Q
El,988.8ao
É2 $84 929
EXPENDrruRE ON cHAR￿ABLE ACmVrnE5.'
Running enhancing Graw's Inn Chapel
Advancemeni olLegal Educatien
6fj,053
815,188
1.090,317
64.053
815,788
.090,317
75.942
.684.941
1,004.709
TCSTAL EXPENOITVAE
£2 705 S93
NETINCOME/EXPENIXTVRE
18.683
18,683
1180.6041
RECONCIUAfQN OFFIJNDS
Total funds brought larward
78,404
n.883
285.862
434,149
614.813
rot•lhmds Girrl•d IDrward
É78 404
E502 54S
£1￿? 852
£&54,149
There were no recognised gains or losses other than those shown in the above Statement of Financial
Activities.
The note5 on poges 15-19form port of thefinonciol stutement5.
12

THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND
YEAR TO 31 DECEMBER 2020
8ALANCE SHEET AT 31 DECEMBER 2029.
Note5
2020
2019
FIXED Assrrs
Silver ornaments (Millar beque5tl
3,200
3,200
URRENT ASSETS
Sundry debtor5
05,350
241,579
Bank balance
123,699
78,219
329,049
319,798
CURRENT ACCOUNT
The Honourable Society of Gray's Inn
205,597
196.365
CURRENT LIABILfflE$
Creditors
185.0141
185,2141
NET CURRENT ASSETS
1449,633
430,95D
NET ASSETS
£452 832
£434,149
FUNDS
Endowment
78,404
78,404
Vnrestricted
71,883
71,883
Unrestricted
302,545
283,862
£452,832
£434,149
Approved by the Trustee5 on 8th June 2021 and signed a5 authorised on their behalf by..
Trustee..
13

THE HONOVRABLE SOCIETY OF GRAY'S INN TRUST FUND
YEAR TO 31 DECEMBER 2020
STATEMENT OF CASH FLOWS FOR YEAR ENDING 31 DECEMBER 2020.
2020
2019
Net movetnent in funds
18,683
1180,6641
11.5141
166,3461
112,2581
9,017
Deduct.. interest income shown in investing activities
Decrea5e/lin¢rea5el in debttsrs
Increase in current account with GTry5 Inn
In¢rease/ldecreasel in creditors
36,229
19,2321
12001
Net cash provided by operating activites
45.480
1251,7651
Cash flows from investing activities
1,514
Iricrea5e in cash and cash equivalents in the year
45,480
1250,2511
Cash and cash equivalents at the st8rt of the year
78,219
328,470
Total cash and cash eqvivalents at the end ol the year
£123,699
É78,219
14

THE HONOURAE+LE SOCIETY OF GRAY'S INN TRUST FUND
YEAR TO 31 DECEMBER 2020
Note$ to the A¢covnts
1. ACCOUNTING POLICIES
181 Gener81 Information
The Gray's Inn Trust Fund 15 a Charitable Trvst registered with the Ch3ritie5 Commission.
It is incorporated in the United Kingdom and its fegi5tered address 15.. Treasury Office, 8
South Square, Gray's Inn, London WCIR SET.
Ibl Basis Of preparation and a5$855mgnt Of 90in9 eon¢•rn
The ac¢ovnts (financial statementsl have been prepared under the historical cost
convention with items recognised at cost or transaction value unless Otherwise stated in
the relevant notel51 to these 3ccount5. The fin3ncial statements have been prepared in
accordance with the Statement of Recommended Practice.. Accounting and Reporting by
Chaiities prepJring their a¢¢tsunts in accordance with the Financial Reporting Stand$rd
applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 and the
Financial Reportiri9 Standard applicable in the UTrited Kingdom and Republic of Ireland
IFRS 1021 and the Charitie5 Act 2011, The Trust ¢onstitutes a public benefit Èntity a5
defined by FRS 102.
The Tru5tee5 consider that there are no material uncertaintie5 about the Trust's ability to
Continue as a going concern. The Trustees have obtained confirmation from The Society
that they have the mean5 and intention ol fund the operations of the Trust lor at least 12
months from the dJte these finan¢iJl 5tJtements are signed. In preparation ol the Jccount5
there are estimates relating to prepayments and accruals which are non-complex in nature.
None of the estimates are material to the accounts.
(cl Grants
Grarits are charged as expenditvre in the year they are awarded.
Idl Expenditvre
The expenditure of the charity is directly allocated to the charitable èetivity to which it
relates or to the cost of generatln9 funds or governance, a5 appropriate. Where support
costs are incurred these are apportioned to the appropriate he2dings (see Note 2 below).
(•) Financial Instrum¢nt$
The Trust only enters into basic financial instruments transactions that result in the
recognition ol financi31 assets and liabilitie5 like trade ancl other debtors and creditors,
loan5 from barik5 and other third parties, loans to related parties and investments in non-
puttable ordinary shares.
(fl Creditor5
short term creditors are measured at the transaction price. Other financial liabilities are
me3sured initially 3t fail v3lue, net of tran5ÈCtion costs, and are measured subsequently
at amortised cost using the effective interest method.
Ig) Debtors
Short term debtor5 are measured at the transaction price. le55 any impairment. Loans
receivable are measured initially at fail value, net ol tr3risaction costs, and are fneasured
subsequently at amortised cost Using the effective interest method, less any impairment.
Ihl Provisions
Provisions are made where an event ha5 taken place that gives the Charitable Trust a leg31
or constructive obligation that probably require5 Settlement by a transfer of economi
benefit. and a reliable estimate can be made of the amount ol the obligation. Provisions
are charged as an expense to the Statement ol Financial Activities in the year that The
Stsciety becomes aw>re of the obligation, and are measured at the best estimate at the
Balance Sheet date of the expenditure required to settle the obligation, taking into
account relevant risks and uncertainties. When payments are eventually made, they are
charged to the provision carried in the Balance Sheet.
li) Government Grants
The Trust has Claimed fvnds under the Government's Coronavirus Job Retention Scheme.
15

THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND
YEAR TO 31 DECEMBER 2020
Not•$ to th• Aecovnts (Continutd)
HARITABLE EXPENDITURE
2020
Total
chap•l
Edvcation
Library
Direct C0515
Staff costs
Books 2nd publications
Event Costs
Other
22,990
505,588
355,862
519,800
884,440
519,800
165,523
101,990
1,6n.753
165,523
42,171
713,282
22,097
45.086
37,723
913,385
Grant Fvnding
The Gray's Inn Scholarships Trvst
Other grants and awards
4,950
4,950
10,950
10.950
6,000
Support ¢osts
InforTnation Technology
Space Costs
28,004
51,700
119,232
170,951
79,704
207 750
18.966
18.966
97.556
287,454
£014,053
£815 788
,090,317
£1,970,157
2019
Total
chapel
Education
Libr8ry
Dir¢¢t ¢osts
Staff costs
Books and publicat10nS
Event Costs
other
23,027
469.174
347,L08
446,863
839.609
446,863
355,967
131,044
1.773,483
355,967
63,408
888,549
,97
57,001
33,663
827,933
Grant Funding
The Gray's Inn Scholarships Trust
Other grant$ and awards
675,000
23.926
698,926
675.000
29.926
704.926
6,000
6,000
Support ¢ost$
Information Technology
Space Costs
28,004
51,700
119,076
170,776
79,704
207.480
287,183
18,942
97,1465
£75,942
£1.684,9&1
,0114,709
£2,765,593
Staff costs are more fully detailed in note 7.
Educational events are undertaken both within the Gray's Inn site and at external venues. The
Trustees Report includes details ol event5 undertaken in 2020. Additional disclosvres regarding grant
funding are given in note 6.
Support costs are allocated on the basis of the numbers of compvters in use for IT and on the basis
of square footage lor Space c05t5.
16

THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND
YEAR TO 31 DECEMP*ER 2020
Notes to the Accounts (Continued)
MOVEMENT IN FUNDS
Millar
Boquest
R Hare
G•noral
Fund
Beqvest
Totsl
alance at l Jan 2020
Total Income
Trust running Costs
Scholarship donation
78,404
71,883
283.862
1,988.840
11,970.1571
434.149
1,988,840
11.970.1571
alance at 31 Dec 2020
£78 404
£Th,883
£302,545
£452,832
R Hare
Bequest
General
Fund
Bequest
Total
alance at l Jan 2019
Total Income
Trust running costs
Scholarship donation
78,40
71.883
464,526
2.584,929
12,090,593)
1675,0001
61&,813
2,584,929
12.090,5931
1675,0001
Balance at 31 Dec 2019
£78,404
£71 883
£283,862
£434,149
This was created with a beqve5t from the estate of Williarn James Kinnear
Millar to benefit the chapel.
E￿ID￿￿￿ThiS was created as a bequest from the estate of Rosina Hare QC.
TAXATION
A5 a registered charity, the Charitable Trust is exempt from taxation.
TRUSTEES. REMUNÉRATION AND RELATED PARTY TRANSACTIONS
During the year no trustee received any remuneration or expenses from the Charitable Trust
Fund 12019.. £nill. There were no related party transactions in the year12019.. £nill
GRANTS PAYABLE
No grant was made to the Scholarships Trust to fvnd the award of scholarships to 5tudent5
12019.. £675,000).
17

THE HONOIJRABLE SOCIETY OF GRAY'S INN TRUST FUND
YEAR TO 31 DECEMBER 2020
Not•s to the Accounts (Continued}
STAFF COSTS
2020
Total
chapèl
Education
Library
Salaries
National Insurance
Pension Costs
Other costs
19,945
968
1,367
no
377.352
38,792
38,817
50.627
280,297
25,562
27,762
22,241
677,594
65,322
67,946
73,578
£22,990
£505,588
£355,862
£884,440
2019
Tgt•l
chapel
Education
Library
Salaries
National Insurance
Pension Costs
Other costs
20,160
1.028
1,274
565
339,335
36,399
25,449
67,992
263.432
26,474
22,519
34,983
622,927
63,900
49.242
103,540
£23,027
£469 174
£347 408
£859,609
The Average number of employees in 2020 was 19 12019.. 17). The tot81 compensation of key
management personnel was £211,183 12019.. £203,1611.
One employee received total employee benefits in excess of £40,000 but below £50,000. A
further employee received employee benefits in excess 01 É50,000 but below £60,000. A
further employee received benefit5 in excess of £60.000 but below £70,000. These benefits
exclude employer pension contributic>ns.
Pension costs represent the Charitsble Trust's share ol cash paid by The Society in respect ol
pen510ns For staff wholly employed on charitable Trust activities. These sums are paid either
to the Honovrable 50¢iety ol Gray's Inn Pension and Life Assurance Scheme or to 8 third party
pension provider.
DEEITORS
2020
2019
Prepayment5 and accrued income
Sundry Debtors
139.924
65.426
£205,350
172,729
68,850
£162,118
CREDITORS
2020
2019
Sundry creditors and accrua15
£85,014
E85,214
18

THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND
YEAR TO 31 DECE148ER 2020
Not95 to the Accounts (Continued)
10. FINANCIAL INSTRUMENTS
2020
2019
Winancial A55et5
¥inancial Assets measured at amortised cost
£65,426
£68,850
Kinaneial knabilitie5
Financial Liabilities measured at amortised Cost
E85,014
£85,214
Financial a55ets lat amortised costl comprise accrved income and sundry debtors. Financial
liabilities lat amortised ¢05tl comprise accrua15 and sundry creditor5.
PENSIONS
Employees whose employment comrnenced before 1st April 2006 are members ol The
Honovrable Society of Gray's Inn Pension & Life Assurance Scheme which 15 3 defined benefit,
non-eontributory pension scheme. (Employee5 whose employment cotnmenced after 1st April
2006 ber)efit from defined contribution pension arrangements). Employees have a joint
contiact ol emploiyment with The Society and the Charitable Trust. The charitable Trust has
no liability to make contribvtlOn5 or tts make good any deficit in the scheme, this being the
liability of The Society. The requirement to di5c105e information. as required by FRS102, is
therefore unnece55ary and not provided. The allocated pension contribution charge for the
year is disclosed within note 7.
12.
SUPPORT & GOVERNANCE COSTS
The Society provide5 all support ar)d governance services but makes no charge.
practical to quantify the value of these donated services. On the basis that the valve 15 ntst
likely to be material, a value of nil ha5 been ascribed to the donated services these accounts.
13.
POST BALANCE SHEET EVENTS
The Trustees have received eonlirmation from The Society that they can and will meet all
operational c05t5 of the Trusts for the foreseeable future.
19