THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND Financial Statements for the year to 31 December 2022 Registered Charity No. 1014798
THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND YEAR TO 31 DECEMBER 2022 Ind¢x tp the Financial Statements Pag¢5 Trustees, Report Independent Auditor's Report 10-12 Statement of Financial Activitie5 13 Balance sheet Statement ol Cash Flows 15 Notes to the Accounts 16-20
THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND YEAR TO 31 DECEMBER 2022 Trustees. RÈport Reference and Administrative Details TRUSTEES Michael Napier CBE. KC The Hon James Lewis KC Clive Osborne JP Simon clements PRINCIPAL ADDRESS 8 Sovth Square Gray's Inn London WCIR SET CHARifY REGISTRATION NO. 1014798 AUDITORS Haysma¢intyre LLP 10 Queen Street place London EC4R 41G PRINCIPAL BANKERS C Hoare & Co 37 Fleet Street London EC4P 4DQ SOLICITORS Hunters 9 New Square Lin¢oSn's Inn London WC2A 3QN SENIOR MANAGEMENT Chief Execvtive.. Stephen Cartwright Director ol Finance.. Oermot Dovghty ACA
THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND YEAR TO 31 DECEMBER 2022 Tru5tees' Report (continued) strurfvre, Governance and Management The Tru5tee5 who acted throughout the year are a5 di5c105ecl on page 3. The Tru5tee5 are kept conversant with the law and the requirements of the Charity Commission, as required, by professional advi5er5. Trv5tees are selected by the Management CoFnmittee of The Honovrable Society of Gray's Inn I'The Society'l and their appointments are confirmed by Pension, the ultimate policy making body of The Society. Day to day mar)agement of the activities of The Honourable Society of Gray's Inn Trust Fund (the 'charitable Tru5t'l 15 delegHted to the tnanagement staff ol The Society. Governing Docvment The Charity Is governed by 2 Deed of Covenant dated 31, January 1972. Objectives and Activities The objects ol the Charitable Trust Fund are the advancement of legal education, by, inter alia, the m3king of donation5 to the Scho13rship5 Trust lor the award of scholarships, bursaries and grants and by the provision ol library facilitie5 lor the purpose ol enabling 5tudent5 01 The Society from all parts of the world to study law and fulfil the conditions requisite for conferment ol the degree ol B3rrister at18w,' the promotion of religior) by maintenance of the Chapel., and such other charitable object5 as the Trustees shall direct. Grant Poli¢y For many years grants were made on arn annual basis to the Hc>nourable Society ol Gray'5 Inn Scholarship5 Trust I'the Scholarships Trust'l to fund scholarships and which were at level 3s high a5 is affordable. No Grant was made to the Scholarships Trvst in either 2020 or 2021 a5 the Charitable Trust's Income from the Society had been reduced due to the Coronavirvs pandemic. The Trustees understand that in each ol these years The Society made a loan of £600k to the Scholarships Trust to fund immediate cash requirement5. In Ivture the CharitJble Trust will not be rnaking a regular donation to the Scho13rships Trust a5 the Society will be making doF)ations directly. Public Benefit The Trvstees confirm that they have considered the Charity Commission's guidance on public benefit and are mindful ol their obligations to ensure that the actlvlfies ol the Trust are demonstrably for public benefit. All studeF)t5 wishing to pursue careers as barristers must become members ol one ol the four Inns of Court and, after pa5Slng the requisite exams and meeting other requirements, be called by their Inn. No individual with the appropriate academic qualifications who applies tts an Inn of Court can be refused membership to partake of the 18gal educational facilities olfered. The grant mJde to the Schol8r5hip5 Trust each year funds 5cholarship5 to student5. Members ol the public are welcome to attend the Ch3pel's services, the dates and time5 01 which are on public notice board5 Wlthin the Inn and on the Inn's web51te. The Library Is available to all barristers and student barristers lor study and research. In addition, the Library undertakes numerous historical and ger)ealogical enquiries on behalf ol member5 of the public for which no charge is made. A¢hievement$ and Performance in the Year The activities ol the Trust largely returned to ntsrmal ltsllowing the pandemi¢ which had a significant impact on operations in 2021. The Education department returned to in person teaching and the Library ollered a normal level of service.
THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND YEAR TO 31 DECEMBER 2022 Trustees. Report {Continvedl Th¢ chap¢l In 2022 in Chapel and there were 9 Holy Communions, 2 Sung Euchar1Sts, 10 Mattins and 8 Evensor)gs. There was a very well attended Evensong on 15 September commemorating the life and work ol Her MHje5ty Queen Elizabeth 11. There were three baptisms, seven wedding5 and two memorial services. Words & Music on 6th April featurod Richard Harries (Lord Harries ol Pentregarthl, lorm&r Bishop ol Oxford. Sunday lunches have taken place throughout the year and the Festive Mattin5 and Picnic took place on 17 July. The 202? tr4vlligaTr Sermori wa5 delivered by The Rev Prof Philip Mccormack MBE, Principal c)f Spurgeon's Cc>llege on 15 May. Four SvrTrmer Concert5 were planned although one had to be cancelled due to industrial action o the railways. Library Services Over 500 books were catalogued and 1,767 serials were received. As ever, welcome donations were received from members. 955 items from the L3Vterpacht Collection have now been 3t3logued. In response to a gradu31 increase in reque5t5 from members lor content from the service, the Library took out a subscription to Lexis PSL. A rival product to Practical Law, Lexis PSL is less well- established at the Bar. In addition to a competitive price. the pvbli5her permitted the Library to offer personal remote acce55 to the 5ervi¢e lor vp to 200 members. It has proved popular so far, with 85 members having signecl up, more than a third ol whom work outside London. Over the summer, È wÈek-long project took place to re-shelve all law reports and journals in the main part of the Library into alphabetical order of title. following the practice of most universities and13w 5¢hools. The previov5 arrangement had not followed a consistent order. Over 400 metres of books were moved. There was no further progress with the project to di9ltise the 1nn's mediev31 mar)uscript5. The seryice provider, N3tion31 Conservation Services INCSI had problems with their equipment and have so lar been unable to replace it. Other digitisation service5 are available, but at a much higher cost. NCS offered the best price and is al50 the only provider qvalified in rare book handling. However, it 15 likely Bnother provider will need to be found In 2023. Limited Ivnding wa5 awarded f(>r the digitisation of the back issues ol Graya and Graya News. As the Inn's journals of record, these are key sources ancl often consulted lor historical research or to support events and communication5. Digitisation will take place in early 2023. Library staff dealt with 5,100 enquirie5, including 396 document supply request5. The Library had over 5,100 visitor5 Student attendance appeared comparatively low, partly due to the ICCA course being based at Lincoln's Inn and Inner Temple this year. and partly due to the departure OF City Law School Irofn Gray's Inn. 5,OOD books were con5vlted. OF which 10% came from the interriational law collectitsn and 9% frotn the Library's closecl stacks. such as old editions of textbooks. The Library photocopiers were used lor 46,100 printing, copying or scanning Jobs. There were 33,370 page views of the Library Catalogue. Library staff took part in introductory talks and welcome event5 lor London and Circvit students and thc>se starting Part 2 c>1 the Bar Course. Presentations on usir)g the Inn Libraries were also given to students at the University of Law, alongside librarians from the other Inns. Working with the other Inn Libraries. staff delivered leg31 resear¢h training 35 Part ol the ICCA Bar Course. The regular Pr3¢tical Legal Re5eÈrch QS was delivered in Narch, June and September. Following the Inn's introduction of Qua15fying Sessions lor GDL students, a legal research QS was devised for GDL students and delivered ir) September. A number ol bespoke or)-to-one training sessions were also given, on topics including international law, legal referencing and online search 5trategie5. Feedback continve5 to be highly lavourable for all Libr3ry training events.
THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND YEAR TO 31 DECEMBER 2022 Tru5tees' Report Icontinvedl Library Service$ Icontinvedl A new edition of the Library Guide was produced lor the first time since the pandemic anol 15 available on the websitÈ and in hord¢opy in the Library. The new Guide draw5 on the format ol the Inn's Student Pr05pectus. The Archivist & Records Manager worked on a number ol front5 to estab115h the new facility at 9 Gray's Inn Square as a working Archive and to develop records management poli¢ies and processes. The Archive wa5 fortnJlly opened to visitors and hosted a number of researchers from within the Inns ol Court and kjeyond. Work continued in liaison with NCS. a5 the Inn'5 conservation consultants, to optimise the environment ol the new facility in term5 of preserving the physical archive, including fflonitoring temperature 8nd huTTiidity ol all area5 where physical record5 are stored. Formal back-vp procedures were put in place, using members the Libiary tÉ3m to ensure continuity of acce55 to the ArChve during peritsds when the Archivist Is unavailable. A significant weakness of the Archive had been the lack ol a single, complete or up-to- date atalogue. With 5UPPOrt from Library staff, work was done to collate legacy catalogues and finding aids and check these against the ¢ontent5 of the v3vlt5, leading to the creation of a master Excel document. The data is now ready to be imported into a new cloud-ba5ed catalogve in early 2023. Pro¢e5ses vrfere ¢re3ted for accessioning new material from Internal and external source5 3ncl accessions data was created for the 42 new ¢ollections ol physic31 and digital records. Acqvisitions ir)cluded'. a programme marking the unveiling of the Francis Bacc>n statve in 1912,. a selection ol corre5ptsndence of Master Adrian 8arr)es c.2000-2012 and the papers ol the Gainslord Trust. A Structure wa5 drawn up setting out Pfiorities and workflow lor digital copies and born-digit31 record5 to be saved into Preservica. the Inn's digital preservation platform. Core records, inclvding Call Lists from 2004 - 2022 were organi5ed, collected and saved into Pre5ervic8. The Archivist contributed to the project to cleanse and improve data helcl in the Inn'5 Tnembership database, MAGIC. Core member data collate¢J by the previous Archivist was identified, tÈsted, and shared in order to fill existing gaps on MAGIC. A particular objective w35 to ensure the Inn Ivlfilled its fegulatory obligation of recording members, academic qualifications. The Archivist oversaw the work ol srudent members hired to transfer inlorm4tion from the Irin's paper file5 into MAGIC. Some 140 2rchiv813nd historical enquiries were dealt with, ranging from file requests by colleagues to detailed historical questions from member5 and external re5e3rcher5. The Archivist a150 carried out historical research supporting a number ol events organised by the Inn. including visits by Ambedkarite org3nisations, the Arllity trip to the USA. receptions celebrating the independence ol Pakistan and India, royal visits to the Inn in July and November, and the Inn'5 response to the death of the Queen. An exhibition was created, showcasing archive m2terials Connected to Queen Elizabeth 11, to mark the platinvm Jubilee. The exhibition was displayed through May and June. Work was carried out relating to the lrtn's pictures 3nd ch3tte15, including.. arranging lor the digit15atiofj of the Inn's unique, hand-tinted photograph of Queen E112abeth 11 watching the Graya Gestorum,. making up framed copies (>1 thi5 im3ge a5 P3rt ol the Inn's activities marking the death ol the Queen.. arranging conservation treatment ol the portrait ol Lord Uthwatt, now returned to the Large Pension Room," 3rranging a new valuation of the Inn's Pictures and Chattels. All ol the InTr'5 non- portrait paintings were also adcled to the Paintings lftventory. The web and social media presence of the Archive wa5 re-vitalised. Cc>ntributions to the Inn's Social media campaigns included material on nc>table female members ol the Inn and Black History Month. The exi5tlng Archive and History pages ol the Inn's website were reviewed, with recommendations made ltsf 3 future direction to be implemented with the Digital team in 2023. Additional biographies of the Inn's WW2 fallen member5 were a150 added to the website lor Remembrance Day. The Archivist supervised colleagues iri the Libiary team in listing non-current Edv¢ation records and architectural plans ol the Estate stored in the Treasury Attic. The aitn was to ensure ¢¢>mpliance with clata protection law, improve knowledge of these materia15, and to store them more appropriately.
THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND YEAR TO 31 DECEMBER 2022 Tru$t•ts' Report Icofttinuedl The Education Department This report covers the activities and tr3iriing lor the period from l January to 31 December 2022. General. Folltswing the etnergence in 2021 01 a hybrid appr03ch to our Education ancl Training programmes, we have continued to deliver a range ol seminars and lectures In both hybrid or online lorm3t5 in 2022, to support improved accessibility and reduce costs for students. where more educationally appropriate, training events are delivered lace-to-face - lor example. small grovp advocacy skills training. Admi55ion5. The Inn admitted 345 student members in 2022 which is è incrÈasÈ c>1 rc>ughly 10.5% on the 2027 entry. The following aclditional information relates to the Inn's 2022 student membership intake.. 57% of Student members are female,. 42% are male,. 1% are non-binary or have not declared. 51% are white-Brit15h or White lot4erl. The other 49% 15 comprised of 14 1151 different ethnic backgrour)ds. Il% ol students declared a disability. Call. In 2022, 253 student members were Called to the Bar, which is a 10.2% increase on 2021. Mooting. In 2022 many external mooting Competitions were Still being delivered online. Gray's nn once again participated In the Willem C. Vis Internat10rn21 Commercial Arbitration Moot but unfortunately did not proceed p3St the initial stage5. addition to the Vis, Gray's Inn part5ClPated in the following Externol Moot5. Jessup, Helga Peder5en IEuropean Humar) Rights), rrB Kingslan¢J Cup, Michael Corkery (LC, Nuremberg ICC, Oxford Ip, L Pump Court Pride Moot, Price Med53 Moot The Inn's Noot Competition was delivered online for the first and secorid rovnds and in person lor the semi-final and final. The final for the problem was writtert by previou5 Winr)er, Katie Ayre5. Training and Education. In 2022, the Inn provided over 3000 individual training places at StLidÈnt level. 57 Pupils succe55fully cornpleted the Pupil Course. 54 junior barristers completed the New Practitioner Training Programme. The delivery of this full and varied programme relied on Giay'5 Inn rnember5 providing guidance and training on a pro bono basis, with over 300 members Contributing. We delivered a very succe5$1vl 'Education Day. in Birmingharn in May 2022 which was supported wonderlully by our trainers and judge5 ori the Nidland5 Circuit. It IS On the back of thi5 success that we will be running two circuit residential events in 2023, once again in Birmingham and in 8 new venue, Wyehwood Hall in Crewe. We have welcomed the return ol in person training but have cor)tinued to deliver some parts ol our programme online. Online training helps US to remain engaged with the circuits, but also, in the case of the pupil course, it lightens the commitment for both pupils and trainers. Outreach. 22 studènts from Newham Collegiate 6th Form 2nd Joseph Charnberlain College completed the Griffin Access Frogramme IGAPI. The Inn introduced and awarded an UndergrèduatÈ Scholarship to 5 graduate5 01 thi5 progr>mme. A new partnership was also established with star Academies, È multi-academi¢ trust b3sÈd in the North-west. We received 627 3pplicatlOnS to attend the Inn's flagship university outreach initiative, th& University Advocacy Day, with 218 invited to attend two events. Schol?rship5. The Inn had 286 applications for Bar Course scholarship and 83 were Èwarded. 64 students applied lor the Inn's GDL Scholarship and 22 were awarded. £1.3M in scholarship funding was agreed by the Trustees lor disrribution.
THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND YEAR TO 31 DECEMBER 2022 Trustees, R¢port (Continued) Ri$k Review The Trustees have a55e55ed the major risks faced by the charity ancl keep them urlder review. All the operational activities of the Trust are undertaken by The Society and the Trustees rely on the risk control proce55es implernented by The Society, Specific reference 15 made in these pro¢e55e5 to the risk management requirements ol the Charitable Trust. The major risk is the continuation ol support from The Society which is bvilt into the Inn'5 annu81 budgeting process, and confirmati(>n5 of 5vpport sufficient for the ch2rity to adopt a going concern kjasis have been received. Plans for Future Periods The Trv5tees have no plans to change the Cvrrent poli¢y ol the charity which will continue to suppc>rt the Chapel, the Education Department and the Library. Senior ¢xe¢vtiYe pay All employees are jointly employed by the Trust and The Society. Trustees rely on The Society to dÈtÈrminÈ the appropriate remuneration ol senior executives taking into Consideration industry and sector comparative benchmarks. Financial Review All revenues, supplemented by signif1¢3nt gr3nts from The Society, are used lor direct charitable activities Administrative services are provided by The Society without charge. Per)sion, the ultimate policy making body ol The Society, has provided undertakirigs to the Charitable Trust Fund to enable it to continue its activities. During the year the Charitable Trvst received donations from The Society totalling £2.25rn 12021.. £2.Oml. Operational expenditure during the year rose by 1.5%. There wa5 an iricrease in the cost of educational events as normal activities fesumed after the pandemic. ollsetting thi5 expenditure o the Library was lower than in 2021. At the er)d of the year tot21 fund5 were £310,222 12021.. £266,698). A compBri50n With the previous year is set out below.. Expenditure 2022 2021 The Chapel Education (excluding scholarships) Library, archives and modern records 76,000 1.124,051 1,052.793 75,056 950,330 1,195,415 Total ExpenditLtre £2 252 844 £2.220.802 Reserves Policy The Trustees have considered loiec3st5 of future expenditure ol the Trust together with the ommitwent of The Society to provide annual donations to meet thi5 expenditure. They are satisfied that the current level ol reserves 15 adequate to 5UPPOrt ongoin9 expenditure. The policy of the Trust is to maintain a modest level of reserve5 reflecting The Society's financial strength and lorrnally stated commitment to fund the Trust. The trustees aim to fn3intain £200,000 in unrestricted reserves. At 51" December 2022 the Trust held £231,818 in unrestricted reserves. The assets ol the Trust COn515t ol cash, which Is held at a level approximately equal to the Trust's endowment, and a current account with The Society.
THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND YEAR TO 31 DECEMBER 2022 Trustee5' Report Icorjtinued) statement of Tru$t¢¢s' R¢$p¥nsibilitie5 The Trustees of the Charity are required to prepare lor each financial year financio15tatements which obsÉrvÈ the principles and ethodS of the Charities SORP and which give a true and fair view of the state ol affairs of the Charity and of the incoming re50urce5 and application OF resources of the Charity lor that period. In preparing those financial statements, the Trustees are reouirÈd to.. select suitable accounting policie5 and then apply them consistently,. make judgements and estim2tes that are re2s0nable 4nd prudent., state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial 5tatement5', prepare the financial statements on thè going contern basis unless it is inappropriate to presume that thi5 basis applies. The Trustees aTe responsible for keeping proper accounting records which disclose with reasonable ccur3cy at any time the financial p051tion of the Charity and to en3ble them to erisure that the financial statements comply with statutory requirements. They are also responsible lor safeguarding the assets of the Charity and hence loi t3king rea50n3ble 5tep5 for the prevention and detection ol fraud and other irregularities. Approved by the Trustees on 16, June ?023 and signecl as authorised on their behalf by.. Trvstee
THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND YEAR TO 31 DECEMBER 2022 Independent auditor'5 report to the Tru5tee5 of The HonovrablÈ So¢i¢ty of Gray's Inn Trust Fvnd Opinion We have audited the financial 5t3tement5 of The Honourable Society of Gray's Inn Trust Funds for the ye3r ended 31 DÈcÈmber 2022 which compfise Staternent ol Finsncial Activities, Balance sheet, cash flow st2tement and notes to the finarici31 5t3tement5, including a summary ol significant accounting policies. The financial reporting framework that has been applied their preparation is pplicable law and United Kingdom Accounting Standard5, including Financial Reporting Standard 102 The Fir)ancial Reporting St3nd3rd applicable In the UK and Republic of Ireland (united Kingdom Generally Accepted Accounting Practice). In our opinion, the financial 5tatement5'. give a true and lair view ol the state of the charity'5 affairs a5 at 31 December 2022 and of the charity's net movement in funds for 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 ol the Charities Act 2011. Basis for opinion We have been appointed as auditor under section 144 of the Charities Act 2011 and repoit In acc¢>rdance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with Intern3tiortal standards on Auditin9 IUKI IISAS IUKII and appli¢Jble law. Our re5ponsibilitie5 Under those staF)dards are further described in the Auditor's resporisibilities lor the audit ol the financial statements Section ol ovr report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit c>1 the financi21 statements in the VK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical respor)sibilities in accordance with these reqvirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis lor our opinion. CoTrclv5ion5 relating to going ¢on¢¢rn In 3vditing the financial statements, we have concluded that the Trvstees, use of the going concern basis of accounting in the preparation ol the finan¢ial statements is appropriate. Based on the work we have performed, we have not identified any m•tÈri31 uncertainties relating to event5 or ctsnditions that, individually or collectively, may ¢asr significant doubt on the charity's ability to continue as a going concern ftsr 8 period ol at least twelve rnonth5 frotn when the linan¢ial statement5 are avthorised for Issue. Our responsibilities and the respon5ibi1itie5 01 the Trustees with respect to going coricern 3re described in the relevant section5 01 this report. other information The Trustee5 are responsible lor the other information. The other information Comprises the information included In the Trustees, Annual Report. Our tspinion on the financial statements does not cover the other informatiori and. except to the extent otherwise explicitly stated ir) our report, we do not expre55 any form of assurance conclusion thereon. ln connection with our audit ol the financial statement5, our responsibility is to read the other information and, in doing so. consider whether the other information is m8terially inconsistent with the lirianci315tatefflents or our knowledge obtained in the audit or otherwise appèars to be materially misstated. Il we identify such material incon515tÈncies or apparent material misstatemeDt5. we are required to determine whether there is a material misstatement in the financial 5t3tements or a m3terial misstatement of the other information. Il, based on the work we have performed, we conclvde that there 15 a material misstatement of this Other inforrnation, we 4re required to report that fact. We h3ve nothing tci report in this regard. Matters on which we are required to report by exception We have nothing to report In respect of the following rnatters in relati¢Jn to which the Charities (Accounts and Reports) Regulations 2008 require us to report to ytsv il, In our opinion.. adequate accounting records have not been kept by the charity, or sufficient accovnting records have not been kept., or the charity linan¢ia1 statements are not in agreerNerit with the accounting records and returns., or we have not received Jll the information and explanations we reouire for our audit. io
THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND YEAR TO 31 DECEMBER 2022 Independent auditor'$ report to the TfU5tees of The Honovrable So¢i¢ty of Giay's Inn Trust Fund l¢ont'dl Respon5ibilit1¢5 of Trurtee$ for the financial statements As explained mor& lully in the Trustees, responsibilities statement set out on page 9, the Trv5tees are responsible lor the preparation ol the financial statements and for being sat15fied thÉt they give a true and lair view, and lor such internal control as the Trustees determine is necessary to enable the preparation ol financial 5tatement5 that are free from materi31 misstatÈment, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible Ioi a55e55iDg the charity's ability to continue as a going concern, disclosing, as applicable. rTlJtters re13ted to going concern and USiTig the going concern basis ol accounting vnless the trustees either intend to liqvidate the ¢h2rity or to cease operation5, or have no realistic alternative but to do 50. Auditor'5 re5POn5ibiliti¢$ fttrr the avdrt of the financial Statements Our objectives are to obtain reasonable a5svran¢e about whether the financial statement5 a5 a whole are flee from material mi55t3tement, whether due to fraud or error, and to Issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assvrance, but is not a gu3rantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Mi55tatÈmÈnts can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expe¢ted to influence the ecoriomic decisions of user5 taken on the basis of these fin8ncial statements. Irregularities, irtclvding fraud, Ère instances of non-complian¢e with laws and regulations. We design procedures in line wirh our responsibilities. outlined above, to detect material mis5tatefflent5 in respect of irregularities, including fraud, The extent to which our procedure5 are c3pablÈ ol detecting iriegularities, including fraud is detailed below.. Based on our understanding ol the charity and the environment In which it operates. we identified that the principal risks ol non-compliance with13W5 and regulatlOn5 relatecl to cornplian¢e with the Charity SORP in the preparation ol the accounts and we considered the extent to which non- compliance tnight have a material effect on the financial statements. We also con51dered those law5 ènd regulations th3t have a direct impact on the preparation of the financial statements such as Charities Act 2011. We evaluated management'5 incentives and opportunities for Iravdulent manipulation ol the financial statements lincluding the risk of oveiride ol ¢onrrolsl, and detertnined that there were no such risks. Our procedures included the following". Inspecting ¢orrÈspondence with regulator5 and t3x authorities, and minutes of trustee meetings. Discussions with management including consideration ol known or 5VSP&¢ted instances ol non- compliance with 13ws and regulation and fraud both at planning and at completion., Evaluating management's controls designed tc> prevent and detect irregvlarities,. Identifying and testing journals process by mar)agement in the preparation ol the financial 5tatement5", 3nd Challenging assumption5 3nd judgements made by management in their critical accounting estimate5. Because ol the inherent limitations of an audit, there 15 a risk that we will not detect all Irregularitie5, including those leading to a material tni55t3tement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater re9arding irregularities occurring due to fraud rather than error, 25 fraud 5nvolve5 intentional ctsncealmènt, forgery, collusion, omission or misrepre5ent2tion. A further description ol our responsibilities lor the audit OF the financial statements is located on the Financial Reporting Council's website at.. www.frc.org.vk/auditorsresponsibilities. This description ftsrms part ol our auditor's report. li
THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND YEAR TO 31 DECEMBER 2022 lrtdepÈndent auditor's report to the Tru5tet$ ol The Honovrable Society of Gr8y'5 Inn Trust Fund {cont'dl Use of ovr report This report 15 made 501ely to the Charity's Trustees. 35 a body, in accordance with section 144 01 the Charities Act 2011 and regulations made undÈr section 154 01 that Act. Our audit work has been vnclertaken so that we might state to the charity's Trustees those mÈtters we are required to state to them in an Auditor's report and for no other purpose. To the lulle5t extent permitted by13w, we do not accept or assume responsibility to anyone other than the charity's Trustees as a body for our audit work, lor this report, or for the opinions we have formed. ysmo6irtyf6 LLP Haysmacintyre LLP 10 Queen Street place Statutory Auditors London EC4R IAG Date: l August 2023 12
THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND YEAR TO 31 DECEMBER 2022 STATEMENT OF FINANCIAL ACTIVITIES 2022 Total 2021 Totsl Endowment Unrestricted Note$ INCOME AND ENDOWHENTS FROM DonatlOn5 and Legacies The Honoyr?ble Society ofGray'5 IDn oiheT granrs and don¥iiofts 2,250,000 1,700 2,250,000 1,700 2,000.000 5.915 Sub-total doDation5 and Segacies ?,251 700 2.251,700 2005 915 5,846 38,770 5,846 38.770 1,969 26,784 Covrse Fees 44.616 44,616 28,753 nk Interest 52 52 TOTAL INCOME E2 296 368 F2 296 368 E?.034.668 ExpENDuRE ON CHARrrABLE A¢fNtriES.. Running 3nd enhancing Gray's Inn Chap$l Advancement of Legal Edueation Library 5ervice5 76.000 1,124.051 1,05?,793 76,000 1,124,051 1,052.793 75,056 950,330 1.195,415 TOTAL EXPENDuRE £2 959 844 £& 252 844 E2 220 802 NET INCOME/ExPENDuRE 43,524 43.524 RECONCIUATION OF FUNDS Total fund5 brought forward 78,404 188,294 266,698 452,832 Tot41 fiJnd¥carrigd forward £231 818 ÈJIO 222 £206,69B There were no recognised gains or losses other than those shown in the above Statement ol Fin3ncial Activitie5. rhe note5 on pages 16-2Oforrn part of the finuncicTI stcTternents. 13
TPIE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND YEAR TO 31 DECEMBER 2022 BALANCE SHEET AT 31 DECEMBER 2022. Notes 2022 2021 FIXED ASSETS Silver ornaments (Millar bequest) 3,200 3,200 CURRENT ASSETS Sundry debtors 196.018 120,772 Bank balance 75,251 75,199 271,269 195,971 CURRENT ACCOUNT The Honourable Society ol Gray's Inn 128,926 153,872 CVRRENT LIABILfflES Creclitors 11 193,1731 186,3451 NETCURRENT ASSETS 307,022 263,498 NET ASSETS É310,222 £266,698 FUNDS £Ddowment 78.404 78,404 Unrestricted 71,883 71,883 Unre5tri¢ted 159,935 116,411 £310,222 £266,698 Approved by the Trustees on 1 une 2023 and signed a5 authorised on their behalf by.. TrustÈe'..... 14
THE HONOURA8LE SOCIETY OF GRAY'S INN TRUST FUND YEAR TO 31 DECEMBER 2022 STATEMENT OF CASH FLOWS FOR YEAR ENDING 31 DECEMBER 2022. 2022 2021 Net movement in funds 43,524 175,2461 24,946 6,828 1186,1341 84,578 Ilncrea5Èl/decrease in debtors Decrease in current account with Grays Inn Increase in creditor5 51,725 1,331 Net cash provided by operating activites 52 148,5001 Increase in Cash and cash equivalenis in the year 52 Ilk8.5001 Cash and c35h eqvivalent5 at the start of the year 75,199 123,699 Total cash and cash equivalents at the end ol the year £75,251 S75,199 Is
THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND YEAR TO 31 DECEMBER 2022 Notes to the Accounts 7. ACCOUNTING POLICIES (al General Information The Gr3y's Inn Trust Fund is a Charitable Trust registered with the Charities ComTnission. It 15 incorporated in the United Kingdom and its registered Hddre55 is.. Trea5vry office. South Square, Gray's Inn, London WCIR 5Er. Ibl Basis of preparation and assessment of 90in9 concern The accounts (financial statements) have been prepared under the historic21 cost convention with item5 recogni5ed at cost or tr3n53Ction value unless Otherwise 5t3ted in the relevaT)t notelsl to these accounts. The financial statements have been prepared in ac¢ordan¢e with the St3tement of RecoThmended Practice.. A¢¢ounting and Reporting by charities Pfeparing their accounts in accordance with the Financial Reporting St3ndard applicable in the UK and Republic ol Ireland IFRS 1021 i55ued on 16 July 2014 (second edtIOn October 20191 and the Finan¢i21 Reporting Standard Èpp1icable in the United Kingdoffl and Republic of Ireland IFRS 1021 and the Charities Act 2011. The Trust constitutes a public benefit entity a5 defined by FRS 102. The Trustees eonsider th2t there are no material uncertainties about the Trv5t'5 ability to continue as a going concern. The Trustees have obtained confirmation from The Society that they have the means and intention of fund the operations ol the Trust for at least 12 months from the date these financial statements are signed. In preparation ol the accounts there are estimates relating to prepayments and accrLJals which are non-complex in nature. None ol the estimates are material to the accounts. {cl Grants Grants are charged as expenditure in the year they are awarded. Idl ExpendFture The expenditure ol the charity is directly allocated to the charitable activity to which it relates or to the cost ol gener3ting Ivnds or governance, a5 appropri3te. Where support costs are incurred these are apportioned to the appropriate headings Isee Note 2 below). lel Financial Instrument5 The Trust only enter5 into basic financial instruments transaction5 that result In the recognition of financial assets and liabilities like trade and other debtors and Creditors. If) Creditors Short term creditors are mea5vred at the transaction price. Other financial liabilities are measured initially at fair v8lve, net of transaction costs, and are measured 5ub5equently at amort15ed cost U5in9 the ellective interest method. Igl DÈbto¥$ Short term debtors are measured at the transaction price, less any Impairment. Loèns receivable are measured initially at Fair value, net of transaction costs, and are mea5urÈd subsequently at amortised Cost using the effective interest method, less any impairment. Ihl Provt$ion$ Provisions ère made where an evÈnt h35 taken place th3t give5 the Charit3ble Trust a legal or constructive obligation that probably requ.'res settlement by a transfer ol e¢on¢>fflic benÈlit, and a reliable estimate can be made ol the amount of the obligation. Provisions are charged as an expense to thÈ Statement tsl Financial Activities ifj the year that The Society becomes aware ol the obligation, and are measured at the best estimète at the Balance Sheet d3te of the expenditure required to Settle the obligation, taking into account relevant risks 2nd vncert8lnties. when payment5 are eventually made, they are charged to the provision carried in tne Balance sheet. 16
THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND YEAR TO 31 DECEMBER 2022 Notes to th¢ Accounts Icontinuedl CHARITABLE EXPENDITURE Expenditure on charitable Activitie5, together with prior year comparative figure5. is as follows.. 2022 Total Chapel Edueation Library Direct ¢ost$ Staff cost5 Books and publications Event Costs Other 26,423 584,136 370,098 419,078 11,034 22,607 825,417 980,657 419,0/8 360,827 86,941 1.848,102 3,552 ?6,023 55,997 340,241 38,311 968,688 Grant Fvnding Other grant5 and awards Svpport ¢ost$ Information Technology Space Cost5 28,500 6,500 35,000 53,510 73,352 126,863 97,130 125 747 222,876 150,640 219,102 369,742 20,003 76,000 1,121k,051 1,052,793 2,252,844 2021 Total Chapel Edu¢ètion Library Direct costs Stall cost5 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 1,800,176 3,543 26,299 54,997 178,584 45.323 761,430 Grant Funding Gray'5 Inn Scholarships Trust Other grant5 ènd awards 48,500 20,100 68,600 48,500 26,600 75,100 6,500 6,500 Support C05t5 Information Technology Space Costs 46,740 73.560 120,300 79,062 126 103 125,802 219,723 345,525 20,060 205,166 £75,056 £950,330 ,195,415 £2,220,802 Staff costs are more fully detailed in note 7. Educational events are undertaken both within the Gray's Inn 51te and at external venues. The Trustees Report includes detai15 of Èvents undertaken in 2022. Additional disclosures regarding grant funding are given Ir note 6. Support costs are allocated on the basis of the numbers ol computers in use for IT ancj on the basis ol square footage lor space Costs. 17
THE HONOVRABLE SOCIETY OF GRAY'S INN TRUST FUND YEAR TO 31 DECEMBER 2022 Notes to the Accovnts (Continued) MOVEMENT IN FUNDS RHare General Fund Beqvest eqvest Total Balance at l Jan 202 Total Income Trust running Costs 78,404 71,883 116,411 266.698 2,296,368 .296,368 12,252,845) 12,252,845) Balance at 31 Oec 2022 £78,&04 £71 883 £159,955 £310,222 Endowment Unrestricted Totsl Fixed Assets 3,200 75,204 £78,404 3.200 307,022 £310,222 Net Current Assets B21ance at 31 DÈC 2022 231,818 E231,818 R Hare General Fund Bequest Bequest Total Balance at l Jan 2021 Total Income Trust running costs S¢ho13r5hip donation 78,404 71,883 302,545 452,832 2,034,068 2,034,668 12.220,8021 12,220.8021 Balance at 31 De¢ 2021 £78,404 £71,883 £116 411 £266,698 Endowment Unrèstricted Total Fixed Assets Net Current Assets Balance at 31 Dec 2021 3,200 75,20 £78,&04 3,200 263,498 £266,698 188,294 £188,294 K Millar be This was created with a bequest from the estate of William James Kinnear Millar to benefit the chapel. This was created as a beqvest from the estate of Rosina Hare QC. TAXATION As a registered charity, the Charitable Trust is exempt from taxation. TRUSTEES, REMUNERATION AND RELATED PARTY TRANSACTIONS During the year no trustee received any remuneration or expense5 from the Charitable Trust Fund12021.. £nill. There were no related party transaction5 in the year 12021.. £nill GRANTS PAYABLE No 9rant wa5 rnade to the Scholarships Trvst to fund the award ol scholar5hip5 to 5tvdents 12021". £&8,5001. 18
THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND YEAR TO 31 DECEMBER 2022 Notes to the Account5 (Continued) STAFF COSTS Staff c05t5 for the year, together with prior year ¢omp3rative figures, 3re'. 2022 Tot81 chap¢l Edu¢ation Library Salaries National Insuranee Pension Costs Other costs 21,620 1,352 1,335 2,116 425,339 47,056 143,379 74,362 285,020 27,135 29,862 28,081 731,979 69,543 74,576 104,559 £26,423 £584,136 É370,098 £980.657 2021 Total Chapel Edvcation Library Salaries National Insurance Pension Costs Other costs 21,825 1,374 1.403 552 422,763 38.643 42,707 33,411 262,409 4,054 28,235 48,733 706,997 64,070 72.345 82,696 £25,154 £537,523 £363,430 £926,107 The Average number of employees in 2022 was 2012021.. 201. The total coTnpensation of key Tn3nagement personnel was £226,931 12021.. £210,680). One employee received total employee benefits in excess of £ioo,000 but below £llO,000. A further employee received employee benefits in exce55 OF £80,000 but below E90,000. These benefits e¥clude employer pension contributiOn5. Pension costs represent the Charitable Trust's share ol cash pèid by The Society in respect of pension5 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 provider. DEBTORS 2022 2021 Prepayment5 and a¢¢rved income Sundry Debtor5 129,323 66,696 £196,019 49,236 71,536 20,772 CREDITORS 2022 2021 sundry creditors and a¢¢ruals £93173 £86,345 19
THE HONOURABLE SOCIETY OF GRAY'S INN TRUST FUND YEAR TO 31 DECEMBER 2022 Note5 to the Accounts (Continued) 10. NET DEBT RECONCILIATION The level ol available funds is as follows.. 1st Jan 2022 Ca$hlow$ J1st Dtrc 2022 Cash Current account with Gray'5 Inn 75,199 153,872 52 75.251 128,926 124,9461 Total £229,071 £124,8941 £204,177 FINANCIAL INSTRUMENTS 2022 2021 Financial Assets Financial Assets measured at amort15ed Cost £66,695 £71,536 Yinan¢Tal Liabilities Financial Liabilities measured at amtsrtised cost 193,173 £86,345 Financial assets lat amortised costl comprise accrued income and suncjry debtor5. Financial liabilities 12t amortised c05tl cornpri5e 3ccruals 3nd sundry creditor5. 12. PEN510NS Employees whose Èmployment commenced before 1st April 2006 are members ol The Hor)ourable Society of GrÈy's Inn Pension & Life Assurance Scherne which 15 3 clefined benefit, n¢>n-contributory pen5iori scheme. (Employees whose employment commenced alter 1st April 2006 b&nelit from defined contribution pension arrèngement51. Employees have 3 joint contract ol 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 scheme, thi5 being the liability of The Society. The requirement to disc105e Inlormatior), as requ5red by FRS102, is therefore unnecessary and not provided. The allo¢ated pen5i0n contribvtion charge lor the year is disclosed within note 7. 13. SUPPORT & GOVERNANCE COSTS The Sc>ciety provide5 811 support 3nd governance service5 but make5 no charge. practic81 to quantify the value ol these donated services. On the ba51S that the value is not likely to be material. a value ol nil has been ascribed to the dorTrated services these account5. POST BALANCE SHEET EVENTS The Trustees have received ctsnlirmation from The Society that they can and will meet all operational costs of the Trusts for the foreseeable future. 20