THE HONOURABLE SOCIETY OF GRAY'S INN
TRUST FUND
Financial Statements
for the year to
31 December 2021
Registered Charity No. 1014798

THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND
YEAR TO 31 DECEMBER 2021
Index to the Financial statements
Page5
TfU5tee5' Report
Independent Avditor's Report
10 -11
Statement of Financial Activities
12
B81ance sheet
15
Statement of Cash Flows
14
Notes to the Accounts

THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND
YEAR TO 31 DECEMBER 2021
Trustees, Report
Reference and Administrative Details
TRUSTEES
Hichael Napier CBE. QC
The Hon James Lewis QC
Clive Osborne JP
Simon Clements
PRINCIPAL ADDRESS
8 South Square
Gray's Inn
London
WCIR SET
CHARITY REGISTRATION NO.
1014798
AUDITORS
HJy5macintyre LLP
10 Queen Street place
London
EC4R 41G
PRINCIPAL BANKERS
C Hoare & Co
37 Fleet Street
London
EC4P 4DII
SOLICITORS
Hunters
9 New Square
Lincoln'5 Inn
London
WC2A 3QN
SENIOR MANAGEMENT
Chief Executive.. Anthony Harking
Director of Finance.. Dermot Doughty ACA

THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND
YEAR TO 31 DECEMBER 2021
Trv$tee$' Report (continued)
strveturo, Governance and Management
The Trustees who acted throughout the year are 85 disclosed on page 3.
The Trustees are kept conversant with the law and the requirements of the Charity
Commission, as required, by profession31 adviser5.
Trustees are selected by the Nanagement Committee of The Honour2b1e Society of Gray's
Inri I'The Society'l Jnd their appoiritments are confirmed by Pension. the ultimate policy
making body of The Society.
Day to day management ol the activities of The Honovrable Society of Gray's Inn Trust Fund
(the 'Charitable Trust'l is delegated to the rHariagement staff of The Society.
Gov•rning Document
The charity 15 governed by a Deed of Covenant dated 31SI January 1972.
objective5 and Activities
The objects ol the Charitable Trust Fund ale the advancement of legal edvcation, by, inter alia, the
making of donations to the Scholarships Trust for the award of 5¢holarships, bvrsaries and grant5 and
by the provision of library facilities lor the purpose of eriabling students of The Society from all parts
c>1 the world to study law and Ivlfil the condition5 requisite for conferment of the degree of Barrister
at law,. the promotion of religion by maintenance of the Chapel,. and such other chJritable object5 as
the Trustees shall direct.
Grant Policy
For many years grants were made on an annual basis to the Honourable Society OF Gray's Inn
Scholarships Trust I'the Scholarships Tru5t"I to fund scholarships and which were at level as hi9h a5
is affordable. No Grant was made to the Scholarships Trust in either 2020 or 2021 as the Charitable
Trust's income from the Society had been reduced due to the Coronavirus pandemic. The Trustees
understand that in each of these year5 The Society made a loan of £600k to the Scholarships Trust
to fund immediate c35h requirements. In future the Charitable Trust wi15 not be making a regular
donation to the Scholarships Trvst as the Society will be making donations directly.
Public BÈnÈfit
The Trustees confirm that they have considered the Charity Commission's guidance on public benefit
and are mindful of their obligation5 to ensure that the activities of the Trust are dernonstrably for
public benefit.
All students W15hing to pursue career5 a5 barristers must become members of 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 3pplie5 to an Inn of Court ean be
refused membership to partake of the legal edv¢ation31 Facilities offered. The grant made to the
Scholarships Trust each year funds scholarships to students.
Members ol the public are welcome to attend the Ch3pel'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 available to all barristers and student barristers for Study and research. In addition, the
Library Undertakes numerous historic31 arid 9enealogical enqviries on behalf of members of the
public for which no charge is made.
Achievements and Performance in the Year
The Coronaviru5 pandemic has had a 5ignilicant disruptive influence on the Trust's operation31
activities. Notwithstanding this the major aims have been achieved and are detailed in this report.
Starf and volunteers have shown considerable adaptability and diligence throughout this period and
the Trustees would like to extend their thanks for the work undertaken.

THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND
YEAR TO 31 DECEMBER 2021
Trvstees. Report Icontinvedl
Th* chapel
The pandemic eontinued to have an impact on Chapel throughout the year with the first several
months seeing Evensongs and Holy Communions cancelled. Online Services resumed at the start of
2021 and the Preacher, Organist and Dean ol Chapel pre-recorded 50tne Services which were Shown
via Zoom with another onlir)e space being used to allow people to socialize èfter the Service. 10
Mattin5. 7 Holy Communions. 2 Sung Eucharist5 and 8 Evensong Services took place, in a mixture of
recorded, online only, hybrid and in person only formats as the year progressed.
It was in March thst Holy Communion covld begin in person again with communicants standing in
socially-distJnced queue to receive.
The 2021 Mulligan Sermon w3s delivered in person by the Right Reverend stephen Conway, Bishop
of Ely. on 16 May though there was no lunch aftepNards.
The first Summer Concert was cancelled but three more took place, with Words & Music on 22 June
m3rking the 426th anniversary of the martyrdom ol Henry Walptsle. 29 June was the Bar Musical
Society coricert, 06 July was Paul Skinner on flute and 20 July the Gray's Inn choir. Sunday lynch
returned after Morning Choral Services in October.
The Preacher ha5 continued to make himself available, in complete confidence, for those Member5.
Students and Staff who need someone to listen to them and as far a5 possible the Chapel was open
to those who wished to access it.
One memorial service. four weddings and four baptisms took place.
Library 5ervi¢es
Following the re-introduction of stricter Covid measvres in January 2021, the LibrJry again closed to
members and reverted to rewote services as during the first lockdown. The Library re-opened on 12
April with reduced opening hours, as in the latter part 012020. Saturday opening on a rota basis with
the other Ir)ns resumed in May. Charges for the Docutnent Supply service were reinstated on 19 July,
having been waived during lockdown. On 27 September, the Library resumed its normal opening
hours o19..00 - 20..00 and staff returrted tts working on-51te lull-time.
After 35 year5 of service, the Deputy Librarian, MG Jones. retired Jt the end of January. A revised role
of Library Manager was created, to act as operations manager of the Library, deliver legal rese3rch
training programmes and to depvtise for the Director of Library Services. Andy Horton was
appointed and started on 19 July. Having beer) interrupted by the pandemic, the usual practice was
re5vmed ol employing two gradvate trainees on fixed term contracts, providing 2 'foundation year.
lor those interested in librarianship as a profession.
1,000 books were catalogued and over 1,900 serials receivecl. A5 ever, welcome donations were
made by members. Notably, this Included 150 books on international law from the personal collection
of the late M35ter Brownlie, given by his widow Lady Brownlie.
Cataloguin9 of the Lauterp8cht Collection continued, with over 900 items now added to the Library
Catalogue. Sever31 periodical runs from the Collection were also moved to open access 2$ part ol
the Library's collection of international law jourrials. Titles included the Yearbook of the United
Nations, the ICSID Review and the Iran-united States Claims Tribunal Report5, many of the latter
being bound with Master Lavterpacht's initials on the spine. A booklet Commemorating the reception
held to mark the arrival of the Collection was added to the website. The Library also received copie$
ol the lavishly Illustrated book, Sir Elihu Lauterpacht.. a Life in International Law. a photo-biography
produced by Master Lauterpacht's daughter G3briel Cox.
Cat31oguing of the Francis Bacon Collection was completed and a lull inventory published on the
website, in¢lvding many first editions and several historical 8rTd critical Studies addressing Bacon's
cipher and the theory of Shakespe3ri3n 3Uthoiship. A project was also initiated to ¢)talo9ue the rare
book holding5 kept in the Library Strongroom, including many legal books from the 16th 2nd 17th
centuries. Over 200 item5 h3ve been catalogued so lar.

THE HONOURABLE SOCIETY OF GRAY'S INN TRusf FUND
YEAR TO 31 DECEMBER 2021
Tivstèe5' Report Icontinvedl
Libtary Service5 {Continued)
The cli5posal of non-essential hardcopy stock continued, arid the weeding of the basement closed
stack wa5 completed. Weeding of the North Library wa5 also carried out, creating space for the
Lauterpacht materi315. 800 books were donated to other libraries or given to ¢h¥rity.
As noted last year, the law changed to allow certain electronic publications to become zero-rated
ftsr VAT. All publishers have now implemented this change, resulting in cost 5aving5 on service5 such
as Westlaw and Lexi5 Library.
The pandemic led to an increase in requests for remote access to BIoom5bury Professional, with
almost 300 members now signed up for the Service. The Library subscribed to the Kluwer Arbitration
Service to complement its hardcopy collection of iriternatior)al arbitr8tion materials. The service will
be offered to svpport member5 taking the Inn's Introduction to Aibitration course in 2022.
The project to digitise the Inn's medieval manuscripts proceeded. Trial digitisation of Gray'5 Inn MS
10 (the Roman de la Rosel was carried out. Initial results were mixed and another attempt will be
rnède in the new year.
After re-opening, attendance by members was initially low, reflecting the fact that many barristers
continued to work Irorn horne. However, attendance gr•du3lly increased, with 2,500 visitors over
the last six months, ineluding regular use by students. Usage, as opposed to attendance, remained
relatively healthy throughout. Staff dealt with 4.000 enquirie5 and around 4,500 books were vsed. of
which 13% came from the international law collection and 12% from the Library's c105ed stacks, such
as old editions of textbooks. The Library photocopier5 were used For over 29,000 printing, Copying
or scanning jobs. There were over 32,900 page views of the Library Catalogue.
Working with librarians from the other Inns, staff wrote and delivered legal research training for
students on the ICCA Bar Course and produced the 100-page ICCA Legal Research Guide. The Guide
has since been published on the Inn's website and is also available in hardcopy from the Library.
The Practical Legal Research (Lualifying Session wa5 delivered face-to-face in Septetnber. Training
materi815 are being revised to cover new topics ol particular relevance to barristers, e.g. criminal
and family law. One-to-one bespoke legal research training was re-introdvced ancl proved popular
with student5 anol recently qualified barrisier5. Topic5 ir)cluded how to update legislation, effective
Searching of ease law, research strategies, sources in intÈrnation31 law, civil procedure, and
preparatitsn For mooting. Westlaw 835ic and Advanced certification for members wa5 clelivered
retnotely by Thomson Reuters while Lexis Library held remote refresher sessions for members.
Staff took part in student events, including.. a Library tour and 'treasure hunt, for ICCA student
members ol Gray's Inn.. presentations on the Inn Librarie5 to the other Bar providers, delivered with
stall from the other Inn Libraries,. and a virtual fresher's fair at the Univer51ty of Law. The Director of
Library Services and the Library Manager gave presentations at the Inn's introductory events for
London and Circuit students re5pectiveSy.
A display centred the Library's sports law speci¥li5m wa5 created, tying in with the summer'5
Olympics and Paralympics. The Women in Law display outside the Library entrance was also updated
with new material.
National Conservation Servi¢e INCSI inspected the new Archive facility at 9 Gray's Inn Square and
provided a favourable interim report on the environmental cor)ditions, though monitoring continues.
The Inn's oldest and most fragile surviving records rerTTain in the Library strongroom for the time
being.
Line management of the Inn'5 Archives psssed to the Director of Library Service5 on 6 September.
The Inn's Archivist, Artdrew Mussell, retired tsn 4 November. Katherine Gwyn was appointed a5 the
new Archivist & Records Manager and started on 6 December. The Library and Archives will now
operate as a single department and work as team as far as possible. Library staff will assist in
answering enquiries and with listing the contents of the Archives and other tasks as needed.

THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND
YEAR TO 31 DECEMBER 2021
Trv5tee5' Report (Continvedl
The Education Department
Thi5 report covers the activities and training for the period from 1 J)nv)ry to 31 De¢ember 2021.
General. As a result of the pandemi¢ physical training and edvcstion within the Inn the was
disrupted from January- July 2021. From September there w35 3 return to in-per50n trairiing,
however there were many students still undertaking Bar Training remotely and s hybrid
programme emerged. This continues to be the case with lecture and skills training being
offered in-person and to online group5.
Admissions. The Inn admitted 380 student members in 2021 which is an increase of 9.5% on
the 2020 entry. The following additional information relates to the Inn's 2021 student
membership intake..
59% of student member$ are female,. 39% are male,. 0.9% are non-binery and 8 stvdethts
did not declare at admission.
49.8% stated the white-Brit15h or White lotherl. The other 50_2% compri5e5 tsf 15
different ethnic backgrovnds. 21.8% of students are from a British-Asian background
and 13% of 5tuclents are from a British Black Csribbean or Brit15h 81ack African
8ackground.
Thirty Students dec12red a disability. Eleven student5 declared a condition which
Could impact teaching and learning with reasonable sdjustment.
Call. The Inn 3150 returned to in-person Call ceremonies and 279 student members were
Called to the Bar in 2021. As the Inn Called approximately 100 fewer students in 2020 dve
to the pandemic, this led to a higher dem3nd for Call in 2021. From Trinity Call 2021 all
students being Called to the Bar require a Ois¢losure and Barring Service IDBSI check, both
lor UK arid internationally (where applicable).
Hooting. Most external mooting competitions were delivered online. Gray's Inn won the
UK finals of the Je5sup Moot and reached the last 16 of the Willem C. Vis International
Commercial Arbitration Moot. The Inn's Moot Competition was delivered 501ely online and
in 2021 Gray's Inn also hosted the Inter-lnn moot competition - Gray's Inn finished runners-
up to Niddle Temple.
Trainin9 and Education. In 2021 the Inn provided >3000 individual training places at Student
level. 54 Pupils su¢ce5slully completed the Pupil Course. 84 junior barristers lol less than
five ye8r'5 Call) completed the New Praetitioner Training Programme. The delivery of this
full and varied programme relied on Gray's Inn members providing guidance and training on
a pro bono basis, with over 300 members contributing. Some events within the programme
were delivered in an adapted online format, including addition31 event5 which were initially
Postponed In early 2020. Student5. trainer5 and staff have 8d8pted well to online delivery
and there have been some notable benefit5, such as the increased involvement of Cir¢vit
trainers and student5 Ir) the delivery ol the programme. Some degree of online delivery will
endure because of the flexibility and acce55ibility online formats provide.
Outr¥ach. The Inn expanded the Griffin Access Programme (GAP) with 27 stvdents from
Newham Colle918te 6th Form completing the prtsgrJmme arid a new cohort of 50 students
(Newham Collegiate and Joseph Chamberlain College in Birmingham) starting the
prograrnrne in November 2021. University Outreach is also now delivered as a hybrid
programme, but the Inn's flagship University Advocacy Day returned to in-person delivery-
318 undergradvate5 applied for a place at three University Advocacy Days and 257 were
selected to attend.
Scholarships. The Inn had 303 applications for 8ar Course Scholarship ar)d 84 were awarded.
74 students applied for the Inn's Graduate Diploma in Law Scholarship and 34 were awarded.
£1.3M in scholarship funding was agreed by the Trustees for distribution.

THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND
YEAR TO 31 DECEMBER 2021
Tru5tees' Report {Continuedl
Risk R¢vigw
The Trustees have assessed the major risks lacecl by the charity and keep them Under review. All the
operational activities of the Trust are undertaken by The Society and the Trustees rely on the risk
control processes implemented by The Society. Specific reference 15 made in these processes to
the risk management requirements ol the Charitable Trust. The major risk is the continuation of
support from The Society which is built into the Inn's annval budgeting process. snd ctsnfirmations
ol support sufficient lor the charity to adopt a going concern basis have been received.
Plan5 for Future Periods
The Trv5tee5 have no plans to change the current policy Of the charity which will continue to support
the Chapel, the Edv¢ation Department and the Library.
Senior exe¢vttve pay
All employees are jointly employed by the Trust and The Society. Trustee5 rely on The Society to
determine the appropriate remuneration of senior executives taking into consideration industry and
secior comp¥r3tive benchmarks.
Financial Review
All revenue5, supplemented by signif1cant grants from The Society, are used for direct charitable
activitie5. Adwnillistrative services are provided by The Society without ch3rge. Pension. the ultimate
policy making bocly of The Society, has provided vndertakings to the Charitable Trust Fund to enable
it to continue its activities.
During the year the Charitable Trust received donations from The Society totalling £2.Om 12020..
£1.9ml.
Operation21 expenditure during the year rose by 12.7%. This was primarily dve to an increase in the
number tsf education events as normal a¢tivitie5 resumed afterthe par)demic. The level of operational
expenditure in 2020 was artificially low.
At the end of the year total funds were £266,69812020= £452,832).
A comparison with the previous year is set out below..
Expenditurt
2021
2020
The Chapel
Education (excluding scholarships)
Library, archives 2nd modern records
75,056
950,330
1,195,415
6&,053
815,788
1,090,317
Total Exp¢nditvro
£2 220 802
EI.970.157
Reserves Policy
The Trustees have Considered forecasts of future expenditure ol the Trust together with the
commitment ol The Society to provide annual donation5 to meet this expenditure. They are satisfied
that the cvrrent level of reserve5 is adequate to support ongoin9 expenditure.
The policy ol the Trust is to maintain a modest level of reserve5 reflecting The Society's financial
strength and formally stated commitment to fund the Trust. The trustees aim to fflaintain £200,000
in unrestricted reserve5. At 31" December the Trust held £188,294 in unrestricted reserves.
The assets of the Trust consist of Cash. which 15 held at a level approximately equal tts the Trust's
endowment, and a Current account with The Society.

THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND
YEAR TO 31 DECEP4BER 2021
Trv5tees' Report Icontinvedl
Statement of Trvstee$' R¢sponsibilitie5
The Trustee5 01 the Charity are required to prepare lor each financial year financial statements which
observe the principles and method5 of the Charities SORP and which give a true and lair view of the
state of affair5 01 the Charity and of the incoming resources and application of resource5 ts1 the
Charity for that period. In prepÈring those linanci315tatements. the Trustees are required to=
select 5Vltable accounting policies and then apply them con515tently',
make judgements and estimates that are reasonable and prudent.,
state whether applicable accounting standard5 h3ve been Followed, subject to 2ny material
departures disclosed and explained in the financial st8tements',
prepare the financial statements on the going concern basis unle55 It is inappropriate to
presume that this basis Jpplie5.
The Trustees are responsible for keeping proper a¢covnting record5 which disclose with reason8ble
accuracy at any time the financial position ol the Charity and to enable them to ensure that the
financial statements comply with Statutory requirements. They are also responsible For 58feguarding
the a55et5 01 the Charity and hence for taking reasonable steps for the prevention and detection of
fraud and other irregularities.
Approved by the Trustees
201h June 2022 and signed as authorised on their behalf by..
Trustee

THE HONOURABLE SOCIEfY OF GRAY'S INN TRUST FUND
YEAR TO 31 DECEMBER 2021
Independent auditor's report to th• Trvsto•$ of Tho Honourabl• Soeioty of Gray's Inn Trust Fund
Opinion
We have audited the financial statements of The Honourable Society of Gray's Inn Trust Funds for
the year ended 31 December 2021 which comprise Statement of Financial Activities. Balance sheet.
cash flow statement and notes to the finJncial Statements, including a summary of significant
accounting ptslicies. 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 2nd RÈpubli¢ of Ireland (United Kingdom
Ger)er8lly Accepted A¢¢ounting Practice).
In our opinion, the financial statements..
give a true and fair view of the state of the charity's affair5 as at 31 December 2021 and of the
¢h3rity's net movement in funds lor the year then ended.,
have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practice., and
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opiAiL)n
We have been appointed J5 auditor under section 144 of the Charities Act 2011 and report in
accordance with the Act and relevant regulations made tsr having effect thereur)der. We conducted
our audit in accordance with International St2nd2rds on Auditing IUKI IISAS IUKII and applicable law.
Our re5POn5ibilities under those standards are Ivrther described in the Auditor's responsibilities lor
the audit of the financial statements section ol our report. We are independent of the ¢h¥rity in
accordance with the ethical requirement5 th3t are relevant to our audit ol the financial statements
in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities
ir) accordance with these requirement5. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for ovr opinion.
Conclvsions relating to going concern
In auditing the firiaDcial statements, we have concluded that the Trvstees. use of the going concern
basis ol accounting in the preparatiori of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertsinties relating to
events or conditions that, individu311y or collectively, may ¢¥st significant cloubt on the charity's
ability to continue as a goin9 concern for a period ol at least twelve months from when the financial
statements are authorised lor issue.
Our responsibilities and the responsibilities of the Trustees with respeet to going concern Jre
described in the relevarit sections of this report.
Other information
The Trustees are responsible for the other information. The other information comprises the
information included in the Trvstees, Annual Report. Our opinion on the financial statements does
not cover the other information and, ex¢ept to the extent othepNise explicitly stated in our report,
we do not express any form of assurance 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 15 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 mi55tatements, we are
reouired to determine whether there is a rnateri?I mi55t3temerit in the financial statements or a
tnaterial mi55tatement ol the other information. If, based on the work we have performed, we
conclude that there is a material misstatement of this Other infortnation, we are required to report
that fact. We have nothing to report in this regard.
Matters on whi¢h w• ar• required to report by e¥¢eption
We h¥ve nothing to report in respect of the following matters in relation to which the Charities
IA¢covnts ancl Reports) Regulations 2008 require u5 to report to you if, in our opinion=
adequate accounting records have not been kept by the charity, or
sufficient accot5nting recoTd5 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 intormation and explanations we require for our audit.
io

THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND
YEAR TO 31 DECEMBER 2021
Indep*nd•xt audttor'5 report to the Trustees of The Honourable Society of Gray's Inn Tryst Fvnd
{¢ont'dl
Responsibilities of Trustees frjr the finan¢i>l ststements
A5 explained more lully in the Trvstees, responsibilities statement set out on page 9. the Trustees
are respon51ble lor the preparation of the financial statemènts and for being sat15fied that they give
true and fair view, and for such internal control as the Trustees determine is necessary to enable
the preparation of financial statements that are free from material mi5Statement, whether due to
Ir3ud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charity's ability
to continue a5 a going concern, disclosing, as applicable, matters related to going concern and using
the going concern basis ol accounting unless the trustees either intend to liquidate the charity or to
ce3se operations, or have no realistic alternative but to do so.
Avditor'5 re$ponsibilities for the avdit of the finan¢ièl st•tement5
Our objectives are to obtain re350nable assurance about whether the fi'nanci315tatements as a whole
¥re free from material misstatement. whether due to fraud or error, and to issue an auditor's report
Ihat include5 our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit Conducted in accordance with ISAS IUKI will alway5 detect a material misstatement
when it exists. Misstatements Can 3ri5e frow fraud or error and are considered material if. individually
or irt the aggregate, they could reasonably be expected to influence the economic deeisions of users
taken or) the basis of these financial statements.
Irregul3ritie5, including Fraud, are inst2nces ol non-compli3nce with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to detect material misstatements In
respect ol irregularities, including fraud. The extent to which our procedures are c3pable of
detecting irregvlarities, including fraud is detailed below..
Based on our understanding of the charity and the environment in which it operate5, we identified
that the principal risks of non-compliance with laws and regulations related to compliance with the
charity SORP in the preparation of the accour)ts and we considered the extent to which non-
compliance might have a material effect on the financial statements. We also considered those laws
and regvlation5 that have a rjirect impact on the preparation o* the financial statements such as
Charities Act 2011.
We evaluated management's incentives and opportunitie5 for fravdulent manipul3tion of the fir)ancial
statements (including the risk ol override of controls), and determined that there were no such risks.
Our procedures included the following..
Inspecting correspondence with regulator5 and tax authorities, and minutes of trustee meetings.,
Discussions with management including consideration ol known or suspected instances of non-
compliance with laws and regulation and fraud both at planning and at completion.,
Evaluating management's ¢ontro15 designed to prevent 8nd detect irre9ularities,'
Identifying and testing journals process by management in the preparation of the financial
statements-. ar)d
Challenging assumption5 and judgements made by m3nè9ement in their critical accounting
estimates.
A further description of our re5PDnsibilities for the audit of the financial statements is located on the
Financial Reporting Council's website at.. www.Irc.org.uk/auditorsresponsibilities. This description
forms part ol ovr auditor's report.
Use of our report
This report is made solely to the ¢harity'5 Trustees, as a body, in accordance with section 14Q of the
Ch3ritie5 Act 2011 and regulations made under section 154 of that Act. Our audit work has been
undertaken so that we might state to the charity'5 Trustees those matter5 we 3re required to State
to them in an Auditor's report and for no other purpose. To the hJlle5t extent permitted by law, we
do not accept or a55ume responsibility to anyone other than the charity's Trustees a5 a body for our
audit work, lor this report, or lor the opinions we have formed.
Haysmacintyre LLP
10 fiueen Street Place
Statutory Auditor$ London
EC4R 1AG
Date: 21 June 2022
li

THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND
YEAR TO 31 DECEMBER 2021
STATEMENT OF FINANCIAL ACTIVITIES
2021
Totsl
2020
Tgtsl
Endowment Restri¢ted Unrestricted
Notes
INCONE AND ENDOWNENTS FROM
Donations and Legacies
The Honourable Societyol Grdyslnn
Govemment Granis
Othergront5and d￿¥tiOnS
2.0th1,000
2.WO,000
1.880.000
39.580
50.812
5,915
5,915
Sub-total don*ions and legacies
2MSg15
2 OOS 91S
1970.392
Library SÈrvicps
Course Fees
1,969
26.784
2.767
26,784
28.753
28,753
18,448
TOTAL INCOME
É2 034 668
E2 034.068
,988,8fy0
EXPENDmJrtE ON CH*RThA6LE 4CTivmES:
Rurtnin9 and eThhèncing Gi3y's Inn Chapel
dvart¢¢ment ol Legal EdvC*lOrt
75,0S6
950,330
7S.OS6
9S0.330
64,055
1.090,317
T0TALExPEN￿TURÉ
£2.220,802
£2 220.802
9701S7
NETINCOME/EXPENDrruRE
I186,1￿}
1186.1J41
RECONCIUATfoN OF FIJN05
Total fvndsbroughi Iryward
78,404
n,885
283,6è2
452,832
43&.149
rotalfvnds¢arrled lorward
t71￿04
£71,885
£200.098
£452.852
There were no recognised gains or losses other than those shown in the above Statement of Financial
Activities.
The notes on puges YS-79form part of thefinc7nciol statements.
12

THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND
YEAR TO 31 DECEMBER 2021
BALANCE SHErf AT 31 DECEHBER 2021.
Notes
2021
2020
AXED ASSETS
Silver orr)aments IMi112r bequest)
3,200
3,200
CURRENT Assrr5
Sundry debtors
120,772
205,350
Bank balance
75,199
123,699
195,971
329,049
CURRENT ACCOUNT
The Hontsurable Society of Gray'5 Inn
153,872
205,597
CURRENT LIABILITIES
Creditors
186.3451
185.0141
NET CURRENT ASSETS
263,498
449,633
NET ASSETS
£266,698
£452,832
FUNDS
Endowment
78,404
78.404
Unrestricted
n,883
71.883
Unrestricted
116.411
302,545
£266,698
£452,832
Approved by the Trustee5 0
oth Jyne 2022 and signed as authori5ed on their behalf by..
Trustee..
13

THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND
YEAR TO 31 DECEMBER 2021
STATEMENT OF CASH FLOWS FOR YEAR ENDING 31 DECEMBER 2021.
2021
2020
Net rnovement in funds
Decrease in debtor5
1186,1341
84,578
51,725
18,683
36,229
19.2321
12001
IITicreasel/decre8se irt current account with Grays Inn
Increase/ldecreasel in creditors
1,331
Net cash provided by operating activites
148,5001
45,480
Increase in cash and cash equivalents in the year
148.5001
45.480
Cash and cash equivalents at the start of the year
123,699
78.219
Total cash and cash equivalents at the end o* the year
£75,199
123,699
14

THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND
YEAR TO 31 DECEMBER 2021
Notes to the A¢¢ount5
1. ACCOUNTING POLICIES
{al General Information
The Gray's Inn Trust Fvncl is a Charitable Trust registered with the Charities Commissitsrt.
It 15 incorporated in the United Kingdom and its registered addres5 15.. Treasury Office. 8
South Square, Gray's Inn, London WCIR SET.
Ibl Basis of preparation and assessment of gotng Concern
The a¢¢ovnts (financial st8tementsl have been prepared under the historical cost
convention with item5 recognised at cost or tran53Ction value unless otherwise ststed in
the relevant notelsl to these account5. The financial statetnent5 have been prepared in
accordance with the Statement of Recornmended Pr3etice". A¢¢ounting ancl Reporting by
Charities preparing their accounts in a¢¢ordance with the Financial Reportlllg Standard
applicable in the UK and Republic of Ireland IFRS 1021 issued or) 16 July 2014 lse¢ond editio
October 20191 and the Financial Reporting Standard applicable in the United Kingdom
and Republic of Ireland (FR5 1021 and the Charities Act 2011. The Trust constitutes a public
benefit entity as defined by FR5 102.
The Trustee5 consider that there are no material vncertaintie5 about the Trvst's ability to
ontinue as a going concern. The Trustees have obtained confirmation from The Society
that they have the means and intention of fund the operatlOn5 01 the Trust for at least 12
months from the date these financial statements are signed. In preparation of the accounts
there are estim2tes rÈlatln9 to prepayments and accruals which are non-complex in nature.
None of the estimates are material to the accounts.
(el Grants
Grants are charged as expenditure in the year they are 3warded.
Idl Expenditure
The expenditure of the charity is directly allocated to the charitable a¢tivity to which it
relates or to the cost of generating fund5 or govern8n¢e. a5 appropriate. where support
Costs are incvrred these are apportioned to the appropriate heaclings15ee Note 2 below).
lel Financial In$trument5
The Trust only enter5 into basic financi31 instruments transactions that result in the
recognition of financial a55ets and liabilities like trade and other debtors snd creditors,
108ns frorn banks and other third parties, loans to related partie5 and investments in non-
puttable ordinary share5.
In Creditors
Short term creditors are measured at the transaction price. Other fin2rncial li¥bilitie5 are
measured initially at fair value, net of transaction costs, and are measured subsequently
at amortised cts5t using the effective interest method.
{g) Debtors
short term debtors are me35vred at the transaction price, less any impairment. Loans
receivable are measured initially at fair value, net of transaction costs, and are measured
subsequently at èmortisÈd cost V5ing the effective interest method, less any impairment.
Ihl Provisions
Provisions are made where an event ha5 taken place that gives the Charitable Trust a legal
or constructive obligation that probably requires settlement by a transfer of economic
benefit. and a reliable estimate can be made of the amount DI the obligation. Provisions
are charged as an expense to the Statement of Finar)cial Activitie5 in the year that The
Society becomes aware of the obligation, and are measured at the best estimate at the
¥lance Sheet date of the expenditure required to settle the obligation, taking into
account relevant risk5 and uncertainties. When payment5 are eventually made, they are
charged to the provision Carried in the Balance Sheet.
lil Government Grants
During 2021 The Trust did not claim any funds under the Government's Coronavirus Job
Retention Scheme 12020.. £39,580).
15

THE HONOVRABLE SOCIETY OF GRAY'S INN TRUST FUND
YEAR TO 31 DECEMBER 2021
Notes to the Account$ (Continuod)
CHARITABLE EXPENDITURE
Expenditvre on Charitable Activities, together with prior year comparative figures, is as
follows..
2021
Total
Chapel
Education
Library
Direct cost5
Staff costs
Books and publications
Event Costs
Other
25,154
537,523
363.430
572,315
10,692
37,313
983,750
926.107
572,315
192,819
108,935
1,800,776
5,543
26,299
54,997
178,584
45,323
761,430
Grant Funding
The Gray's Inn Scholar5hip5 Trust
Other grants and awards
48,500
20,100
68,600
48,500
26.600
75,100
6,500
6,500
Svpport costs
Information Technology
Space Costs
46,740
73,560
120.300
79,062
126,103
20S,166
125,802
219,723
345,525
20,060
20,060
£75,056
£950,330
1,195,415
£2.220,802
2020
Total
chapel
Education
Library
Direct ¢ost$
Staff costs
Books and public3tions
Event Costs
Other
22,990
505.588
355,862
519,800
884.440
519,800
165,523
101,990
1,671,753
165,523
42,In
n3,282
22,097
45.086
37,723
913,385
Grant Funding
The Gray's Inn Scholarships Trust
Other grants and awards
4,950
4.950
6.000
6,000
10,950
10.950
Support ¢osts
Inlorm3tion Technology
Space Costs
28,004
69,552
97,556
51,700
119,232
170,931
79,704
207,750
287,454
18,966
18,966
£64,053
£815.788
EI,090,517
£1,970,157
Staff costs are more fully detailed in note 7.
Educational events are undert2ken both within the Gray's Inn site snd at exterr)al venues. The
Trustee5 Report Includes detai15 01 events undertaken in 2021. Additional disclosures regarding grant
funding are given in note 6.
Support costs are allocated on the basis of the nuwber5 01 computers in use for IT and on the ba515
of square footage for space c05t5.
16

THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND
YEAR TO 31 DECEMBER 2021
Notes to the A¢count$ (Continued}
MOVEMENT IN FUNDS
R Hare
B¢qu¢st
General
Fund
Bequest
Total
8alance at l Jan 2021
Total Income
Trust running costs
78,404
71,883
302.545
2,034,668
12,220,802)
452,832
2,034.668
12,220.8021
Balance at 31 Dec 2021
£78,404
£71883
16,411
£266,698
Millar
eqv95t
R Hère
(3¢neral
Fund
Bequest
Total
Balance at l Jan 2020
Total Income
Trust running Costs
Scholarship donation
78,404
71,885
283,862
1,988.840
11,970,157)
434,149
1,988,840
11,970,157)
Balsnce at 31 Dec 2020
£78.404
E71,883
£302,545
£452,832
Kmill
This was created with a bequest from the estate of William James Kinnear
Millar to benefit the chapel.
Rosina Hare
t. This was created a5 a bequest from the estate of Rosina Hare QC.
TAXATION
As a registered charity, the Charitable Trust 15 exempt from taxation.
TRUSTEES, REHUNERATION AND RELATED PARTY TRANSACTIONS
During the year no trustee received any remuneration or expenses from the Charitable Trvst
Fund 12020.. £nill. There were no related party transactions in the year 12020.. £nill
GRANTS PAYA8LE
A gr3nt of £48,500 was made to the Scholarships Trust to fund the award of scholarships to
students 12020.. £nill. This grant was made possible following the receipt of a legacy
lamounting to £45,479) from the Estate of the late HPLI Grazebrook
17

THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND
YEAR TO 31 DECEMBER 2021
Notes to the Accounts Icontinvedl
STAFF COSTS
Staff Costs for the year. together with prior year comparative figures, sre..
2021
Total
ch3pel
Edvcation
Library
Salaries
National Insurance
Pension Costs
Other c05t5
21,825
1,374
1,403
552
422,763
38.643
42,707
33,411
262A09
24,054
28,235
48,733
706,997
64,070
72,345
82,696
£25,154
£537,523
£363,430
£926,107
2020
Total
Chapel
Edvcation
Library
Salaries
National Insurance
Pension Costs
Other costs
19,945
968
377,352
38,792
38,817
50,627
280,297
25,562
27,762
22,241
677,594
65,522
67,946
73.578
1,367
710
£22,990
£505,588
£355,862
£884,440
The Average number of employees in 2021 wa5 20 12020.. 191. The total compensation of key
management personnel wa5 £210,680 12020.. £211.1831.
One employee received total employee benefits iri excess of £90.000 but below £100,000. A
further employee received employee benefits irt ex¢e55 of £70.000 but below £80,000. These
benefit5 exclude employer per)sion contributions.
Pension cost5 represent the Charitable Trust'5 share of cash paid by The Society in respect of
pensions lor staff wholly employed on Charitable Trust activities. These sums are paid either
to the Honourable Society of Gray's Inn Pension and Life Assurance Scheme or to a third party
pension provicler.
DEBTORS
2021
2020
Prepayments end accrued income
Sundry Debtors
49,236
71.536
£120 772
139,924
65,426
£205550
CREDITORS
2021
2020
Sundry creditor5 and accruals
£86,345
£85,014
18

THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND
YEAR TO 31 DECEMBER 2021
Not¢s to the A¢¢ounts (Continued)
10. FINANCIAL INSfRUMENTS
2021
2020
inan¢tal Ass*ts
Financial Assets measured at amortised cost
E7l,536
É65,426
inancial ￿abilItieS
Inancial Liabilities measured at amortised cost
£86,345
£85,014
Financial assets lat amortised costl comprise acerued income and sundry debtors. Winancial
li3bilities13t ¥mort15ed costl comprise accrua15 and sundry creditors.
11. PENSIONS
Employees whose employment commenced before Ist April 2006 are members of The
Honourable Society ol Gray's Inn Pension & Life Assurance Scheme whieh is a defined benefit,
non-contribvtory pension scheme. (Employees whose employment commenced after Ist April
2006 benefit Irc)m defined contribution pension 3rrangements1. Employees have 8 joint
ontr3Ct of employment with The Society and the Charitable Trust. The Charitable Trust has
no liability to make contributions or to make good any deficit in the 5¢heme, this being the
liability of The Society. The requirement to disclose information, as required by FRS102, is
therefore unnecessary and not provided. The allocated pension contribution charge for the
year is disclosed within note 7.
12.
SUPPORT & GOVERNANCE COSTS
The Society provides all support and governance services but makes no charge. It is not
practical to quantify the value of these donated services. On the ba515 that the value is not
likely to be material, a value of nil ha5 been ascribed to the donated 5ervice5 in these account5.
13.
POST BALANCE SHEET EVENTS
The Trv5tees have received confirmation from The Society that they car) and will meet all
operational costs ol the Trusts for the foreseeable future.
19