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 ArCh￿ve
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
ExpEND￿uRE 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 EXPEND￿uRE
£2 959 844
£& 252 844
E2 220 802
NET INCOME/ExPEND￿uRE
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 ed￿tIOn
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