THE HONOURABLE SOCIETY OF GRAY’S INN
TRUST FUND
Financial Statements
for the year to
31 December 2025
Registered Charity No. 1014798
THE HONOURABLE SOCIETY OF GRAY’S INN TRUST FUND YEAR TO 31 DECEMBER 2025
Index to the Financial Statements
| Page | |
|---|---|
| Trustees’ Report | 3 |
| Independent Auditor’s Report | 9 |
| Statement of Financial Activities | 12 |
| Balance Sheet | 13 |
| Statement of Cash Flows | 14 |
| Notes to the Accounts | 15 |
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THE HONOURABLE SOCIETY OF GRAY’S INN TRUST FUND YEAR TO 31 DECEMBER 2025
Trustees’ Report
Reference and Administrative Details
TRUSTEES Jayne Adams KC (retired 1.1.25) Denise Breen-Lawton (Retired 1.1.26) Master Roger Eastman His Honour Judge John Milwyn Jarman KC (Appointed 1.1.26) Mary Prior KC (Appointed 1.1.26) Duncan Matthews KC Sophie Lamb KC (Appointed 1.1.25; Retired 1.1.26) PRINCIPAL ADDRESS 8 South Square Gray’s Inn London WC1R 5ET CHARITY REGISTRATION NO. 1014798 AUDITORS HaysMac LLP 10 Queen Street Place London EC4R 41G PRINCIPAL BANKERS C Hoare & Co 37 Fleet Street London EC4P 4DQ SOLICITORS Hunters 9 New Square Lincoln’s Inn London WC2A 3QN SENIOR MANAGEMENT Chief Executive: Stephen Cartwright Director of Finance: Clare Johns FCA
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THE HONOURABLE SOCIETY OF GRAY’S INN TRUST FUND YEAR TO 31 DECEMBER 2025
Trustees’ Report (continued)
Structure, Governance and Management
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The Trustees who acted throughout the year are as disclosed on page 3.
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The Trustees are kept conversant with the law and the requirements of the Charity Commission, as required, by professional advisers.
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Trustees are selected by the Management Committee of The Honourable Society of Gray’s Inn (‘The Society’) and their appointments are confirmed by Pension, the ultimate policy making body of The Society.
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Day to day management of the activities of The Honourable Society of Gray’s Inn Trust Fund (the ‘Charitable Trust’) is delegated to the management staff of The Society.
Governing Document
The Charity is governed by a Deed of Covenant dated 31[st] January 1972.
Objectives and Activities
The objects of the Charitable Trust Fund are the advancement of legal education, by, inter alia, the making of donations to the Scholarships Trust for the award of scholarships, bursaries and grants and by the provision of library facilities for the purpose of enabling students of The Society from all parts of the world to study law and fulfil the conditions requisite for conferment of the degree of Barrister at law; the promotion of religion by maintenance of the Chapel; and such other charitable objects as the Trustees shall direct.
Grant Making Policy
For many years grants were made on an annual basis to the Honourable Society of Gray’s Inn Scholarships Trust (“the Scholarships Trust”) to fund scholarships and which were at a level as high as 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 years The Society made a loan of £600k to the Scholarships Trust to fund immediate cash requirements. The loan was subsequently converted into a grant. The Society made a £600k donation to the Scholarships Trust in 2022 but did not make a donation in 2023.
In an agreed change of policy, from 2024, the Society no longer makes regular donations to the Scholarships Trust as the Society will be paying Scholarships directly, partly funded by a grant from the Scholarships Trust. The impact of this change will be subject to a review at a future date.
Public Benefit
The Trustees confirm that they have considered the Charity Commission’s guidance on public benefit and are mindful of their obligations to ensure that the activities of the Trust are demonstrably for public benefit.
All students wishing to pursue careers as 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 and who satisfies the criteria, agreed between the Inns and the Bar Standards Board, to be a fit and proper person to practise as a barrister can be refused membership of the Society to partake of the legal educational facilities offered.
Members of the public are welcome to attend the Chapel’s services, the dates and times 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 historical and genealogical enquiries on behalf of members of the public for which no charge is made.
Achievements and Performance in the Year
Details of the main activities in each of the key areas of the Trust are outlined below.
The Chapel
In 2025 there were twelve Holy Communions, two Sung Eucharists, ten Mattins, nine Evensongs, one renewal of wedding vows and two memorial services held in the Chapel.
Sunday lunches have taken place throughout the year. A family service took place in April.
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THE HONOURABLE SOCIETY OF GRAY’S INN TRUST FUND YEAR TO 31 DECEMBER 2025
Trustees’ Report (continued)
Pictures, Words & Music on 10th July featured Joshua Simoes, Organist of Hampton Court Chapel on organ and the Venerable Peter Delaney MBE, Archdeacon Emeritus on the intersection of Christian faith, sublime music and impactful art.
The 2025 Mulligan Sermon was delivered by Revd Sarah Whitehouse.
Two Summer Concerts were held in June and the service of Nine Lessons and Carols took place on 15 December.
Library Services
. Collection development, Library stock and resources
Over 600 books were catalogued across the year and more than 1,630 serials received.
1,180 items from the Lauterpacht Collection have now been catalogued.
Environmental improvements to the Library Strongroom were completed, with new air conditioning and fire suppression systems installed.
Members can now access Lexis+, Westlaw and other online subscriptions via their own devices while in the Library.
Enquiries and Library use
The Library had 10,185 visitors across the year.
Staff dealt with more than 5,450 enquiries.
Approximately 5,720 books were consulted, with the international law collection accounting for 15% of
usage and closed access materials (e.g. old editions of textbooks) accounting for 6%.
The photocopiers were used for over 97,000 printing, copying or scanning jobs. There were over 64,000 page views of the Library Catalogue.
Training, communication and events
The Library delivered eight Qualifying Sessions in legal research for Bar students and GDL students. In March and September, Library staff delivered legal research training for the ICCA Bar Course and updated the ICCA Legal Research Guide.
Displays throughout the year featured subjects including music at the Inn, Hugo Grotius, historic trials, the 80[th] anniversary of the UN, and the Puritan ban on Christmas.
Visits by Lady Margaret Hall students and other groups were hosted, with items from the Lee and Lauterpacht Collections displayed.
The Archive and Records Management
The Archive handled 176 enquiries, with an equal split between external enquirers and members/staff. Research was provided for several major Inn projects, including the 400th anniversary of Francis Bacon and the Graya 100 project.
Work continued on relocating, listing and filing historic plans of the Inn’s Estate.
Progress was made on projects to identify, dispose of or update historic member records. Training in MS Teams was delivered to the Accounts department and the rollout of Teams to the Education department was completed.
Paintings
Three new paintings were acquired: Judge Abdela, Lady Rose, and a new portrait of Lord Slynn. The Coward portrait was repaired and returned for display.
The new Portrait Guide was completed and scheduled for publication in January 2026.
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THE HONOURABLE SOCIETY OF GRAY’S INN TRUST FUND YEAR TO 31 DECEMBER 2025
Trustees’ Report (continued)
Education Department
Student Admissions
In September 2025, 346 students commenced the Bar Course, which is an increase (43) on last year’s intake. This is an increase of 14.2% in student numbers. This is the fourth consecutive year of an increase in student numbers of >5%.
Call to the Bar
The Inn Called 266 students and Transferring Qualified Lawyers to the Bar this year (a decrease of 11.8% compared to the 238 Called in 2024). The higher number of students now starting the Bar Course and those still in the system with outstanding re-sits, means an increase in demand for places on Call ceremonies is expected to impact in future years. Deferred Trinity Call included our second year of offering a ‘family call day’ which allowed guests with children under 11 years of age to attend the ceremony.
Scholarships
Since January 2025 we have awarded scholarships for the Bar Course, Graduate Diploma in Law (GDL) and Pupillage, funded by the Honourable Society of Gray’s Inn and the Honourable Society of Gray’s Inn Scholarships Trust. Each scholarship applicant has been assessed against the Inn’s merit-based criteria of Academic Ability, Problem Solving, Drive and Determination, Motivation to Succeed and Advocacy Skills . The Inn awarded 99 Bar Course Scholarships in 2025, which is it’s highest number of scholarships to date – these students would have commenced the Bar Course in September 2025.
Outreach
Our Outreach programmes for schools and undergraduates continued in 2025. Our fourth cohort of undergraduate scholars, who were all graduates of the Griffin Access Programme, commenced their degree courses in September. We now have 18 undergraduate scholars, and the cohort of scholars are now eligible to apply for a Bar Course Scholarship – so far two have applied, both of whom have been successful in achieving a Bar Course Scholarship with the Inn.
Training and Education
In this reporting period 94 Student Qualifying Sessions (QS) providing over 6000 student places, including both in person and online sessions. The QS covered the following themes:
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Advocacy skills
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Ethics, standards and values
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Legal knowledge, justice and the rule of law
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Equality, diversity and inclusion
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Preparation for pupillage, career development and wellbeing
The 2025/6 Pupil Course commenced in December with 72 of the Inn’s (First Six) Pupils on the course. The Pupil Course will conclude with the Trial Exercise at the RCJ in February 2026.
The New Practitioner Programme (NPP) (barristers up to or within 3 years tenancy) trained 72 barristers in 2025
Careers Services
The Inn’s Careers Service continues to be in high demand amongst Student Members and Members who have been Called but have yet to secure an award of pupillage. A new mentoring scheme for individuals at the very start of their legal career was launched in 2025, titled Foundations – 60 aspiring barristers were paired with mentors through the scheme.
In this reporting period the Inn has continued to pair students with Judges (through our Marshalling scheme) and Barristers for pupillage application advice and mentoring.
Risk Review
The Trustees have assessed the major risks faced 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 is made in these processes to the risk management requirements of the Charitable Trust. The major risk is the continuation of support from The Society which is built into the Inn’s annual budgeting process, and confirmations of support sufficient for the charity to adopt a going concern basis have been received.
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THE HONOURABLE SOCIETY OF GRAY’S INN TRUST FUND YEAR TO 31 DECEMBER 2025
Trustees’ Report (continued)
Plans for Future Periods
The charity will continue to meet its objectives through the provision of support for the Chapel, the Education Department and the Library.
In 2026, the Education Dept will focus on developing practice area-specific courses for Pupils and New Practitioners. This will make us the only Inn with a specific pathway in Family, Crime and Civil advocacy. The Inn will also strengthen its provision for students studying outside of London through a high quality and varied online lecture programme and an increased number of regional events.
I n 2026 the Library will focus on expanding the legal research training it offers. This will include an investigation of the use of AI tools for legal research, with a view to incorporating some use of AI into standard legal research training.
The Archive will prioritise the establishment of information asset registers across the Inn and the advancement of its digital preservation practice. It will also deliver an exhibition and provide ongoing support for the Bacon 400 events.
Senior executives pay
All employees are jointly employed by the Trust and The Society. Trustees rely on The Society to determine the appropriate remuneration of senior executives taking into consideration industry and sector comparative benchmarks.
Financial Review
All revenues, supplemented by significant grants from The Society, are used for direct charitable activities. Administrative services, other than IT, are provided by The Society without charge. The Management Committee of The Society has provided undertakings to the Charitable Trust Fund to enable it to continue its activities.
During the year the Charitable Trust received donations from The Society totalling £2.56m (2023: £2.59m).
As shown on the Statement of Financial activities on page 12, operational expenditure fell by £10k compared with the previous year. Chapel costs have fallen due to 2024 having included a one-off refurbishment of the Chapel organ. The increase in Education expenditure is principally due to staff salary increases. Library and archives expenditure fell due to periods of staff vacancies and a reduction in administration recharges from the Society. Other expenditure has been maintained at 2024 levels.
At the end of the year total funds were £200k (2024: £326k).
Reserves Policy
The Trustees have considered forecasts of future expenditure of the Trust together with the commitment of The Society to provide annual donations to meet this expenditure. They are satisfied that the current level of reserves is adequate to support ongoing expenditure.
The policy of the Trust is to maintain a modest level of reserves reflecting The Society’s financial strength and formally stated commitment to fund the Trust. The trustees aim to maintain £200,000 in unrestricted reserves. At 31[st] December 2025 the Trust held £200kin unrestricted funds, having reduced them from the above target amount of £284k Held at the end of 2024.
The free reserves of the charity, that is the unrestricted reserves less the value of fixed assets were £197k at 31 December 2025 (2024: £279k).
The assets of the Trust consist of cash, which is held at a level approximately equal to the Trust’s endowment, and a current account with The Society.
Going concern
The Trustees have a reasonable expectation that the Society will continue to provide adequate resources to cover the operational expenditure of the Trust. For this reason, they continue to adopt the going concern basis in preparing financial statements. Further details regarding the adoption of the word concern basis can be found in the accounting policies.
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THE HONOURABLE SOCIETY OF GRAY’S INN TRUST FUND YEAR TO 31 DECEMBER 2025
Trustees’ Report (continued)
Statement of Trustees’ Responsibilities
The Trustees of the Charity are required to prepare for each financial year financial statements which observe the principles and methods of the Charities SORP, and which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing those financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that this basis applies.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with statutory requirements. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees on 11[th] June 2026 and signed as authorised on their behalf by:
Milwyn Jarman
His Honour Judge John Milwyn Jarman KC Trustee
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THE HONOURABLE SOCIETY OF GRAY’S INN TRUST FUND YEAR TO 31 DECEMBER 2025
Independent auditor’s report to the Trustees of The Honourable Society 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 2025 which comprise Statement of Financial Activities, Balance Sheet, cash flow statement and notes to the financial statements, including a summary of significant accounting policies. 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 and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
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give a true and fair view of the state of the charity’s affairs as at 31 December 2025 and of the charity’s net movement in funds for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Other information
The Trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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adequate accounting records have not been kept by the charity, or
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sufficient accounting records have not been kept; or
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the charity financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
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THE HONOURABLE SOCIETY OF GRAY’S INN TRUST FUND YEAR TO 31 DECEMBER 2025
Independent auditor’s report to the Trustees of The Honourable Society of Gray’s Inn Trust Fund (cont’d)
Responsibilities of Trustees for the financial statements
As explained more fully in the Trustees’ responsibilities statement set out on page 8, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a 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 misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the charity and the environment in which it operates, 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 accounts and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Charities Act 2011.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that there were no such risks. Our procedures included the following:
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Inspecting correspondence with regulators and tax authorities, and minutes of trustee meetings;
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Discussions with management including consideration of known or suspected instances of noncompliance with laws and regulation and fraud both at planning and at completion;
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Evaluating management’s controls designed to prevent and detect irregularities;
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Identifying and testing journals process by management in the preparation of the financial statements; and
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Challenging assumptions and judgements made by management in their critical accounting estimates.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement 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 regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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THE HONOURABLE SOCIETY OF GRAY’S INN TRUST FUND YEAR TO 31 DECEMBER 2025
Independent auditor’s report to the Trustees of The Honourable Society of Gray’s Inn Trust Fund (cont’d)
Use of our report
This report is made solely to the charity’s Trustees, as a body, in accordance with section 144 of the Charities 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's Trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity’s Trustees as a body for our audit work, for this report, or for the opinions we have formed.
HaysMac LLP 10 Queen Street Place Statutory Auditors London EC4R 1AG Date: 18/06/2026
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THE HONOURABLE SOCIETY OF GRAY’S INN TRUST FUND YEAR TO 31 DECEMBER 2025
STATEMENT OF FINANCIAL ACTIVITIES
| Endowment £000s Notes INCOME AND ENDOWMENTS FROM Donations and Legacies - Other grants and donations - Sub-total donations and legacies - Charitable Activities Library Services - Course Fees - Sub-total charitable activities - Bank Interest - TOTAL INCOME - EXPENDITURE ON CHARITABLE ACTIVITIES: Running and enhancing Gray’s Inn Chapel 2 - Advancement of Legal Education 2 - Library services 2 - TOTAL EXPENDITURE - NET EXPENDITURE - RECONCILIATION OF FUNDS Total funds brought forward 78 Total funds carried forward 78 The Honourable Society of Gray's Inn |
Unrestricted £000s 2,557 6 2,563 8 56 64 2 2,629 87 1,328 1,262 2,677 (48) 248 200 |
2025 Total £000s 2,557 6 2,563 8 56 64 2 2,629 87 1,328 1,262 2,677 (48) 327 279 |
2024 Total £000s 2,590 1 |
|---|---|---|---|
| 2,591 | |||
| 6 51 |
|||
| 57 | |||
| 2 | |||
| 2,650 | |||
| 114 1,282 1,291 |
|||
| 2,687 | |||
| (37) 363 |
|||
| 326 |
There were no recognised gains or losses other than those shown in the above Statement of Financial Activities.
The notes on pages 15-19 form part of the financial statements.
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THE HONOURABLE SOCIETY OF GRAY’S INN TRUST FUND YEAR TO 31 DECEMBER 2025
BALANCE SHEET AT 31 DECEMBER 2025
| Notes FIXED ASSETS Silver ornaments (Millar bequest) 3 CURRENT ASSETS Sundry debtors 7 Bank balance CURRENT LIABILITIES Creditors 8 NET CURRENT ASSETS NET ASSETS FUNDS Endowment 3 Unrestricted Funds 3 |
2025 2024 £000s £000s 3 3 290 343 80 78 370 421 (95) (98) 275 323 278 326 78 78 200 248 278 326 |
|---|---|
The notes on pages 15-19 form part of the financial statements.
Approved by the Trustees on 11[th] June 2026 and signed as authorised on their behalf by:
Milwyn Jarman
……………………………………………………………….
His Honour Judge John Milwyn Jarman KC, Trustee
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THE HONOURABLE SOCIETY OF GRAY’S INN TRUST FUND YEAR TO 31 DECEMBER 2025
STATEMENT OF CASH FLOWS FOR YEAR ENDING 31 DECEMBER 2025
| Net movement in funds Decrease in debtors Decrease in creditors Net cash provided by operating activites Increase in cash and cash equivalents in the year Cash and cash equivalents at the start of the year Total cash and cash equivalents at the end of the year |
2025 £000s (48) 53 (3) 2 2 78 80 |
2024 £000s (37) 43 (4) 2 |
|---|---|---|
| 2 76 |
||
| 78 |
The level of available funds is as follows:
| Cash Total |
1st Jan 2025 £000s 78 |
Cashlows 31st Dec 2025 £000s £000s 2 80 2 80 |
|---|---|---|
| 78 |
The notes on pages 15-19 form part of the financial statements.
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THE HONOURABLE SOCIETY OF GRAY’S INN TRUST FUND YEAR TO 31 DECEMBER 2025
Notes to the Accounts
1. ACCOUNTING POLICIES
(a) General Information
The Gray’s Inn Trust Fund is a Charitable Trust registered with the Charities Commission. It is incorporated in the United Kingdom and its registered address is: Treasury Office, 8 South Square, Gray’s Inn, London WC1R 5ET. The Charities objectives are as stated in the Trustees Report on page 4.
- (b) Basis of preparation and assessment of going concern
The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)-(Charities SORP (FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The Trust constitutes a public benefit entity as defined by FRS 102.
The Trustees consider that there are no material uncertainties about the Trust’s 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 of the Trust for at least 12 months from the date these financial statements are signed. In preparation of the accounts there are estimates relating to prepayments and accruals which are non-complex in nature. None of the estimates are material to the accounts.
(c) Grants
Grants are charged as expenditure in the year they are awarded.
(d) Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received, and the amount of income can be measured reliably.
(e) Expenditure
The expenditure of the charity is directly allocated to the charitable activity to which it relates or to the cost of generating funds or governance, as appropriate. Where support costs are incurred, these are apportioned to the appropriate headings (see Note 2 below).
- (f) Financial Instruments
The Trust only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
- (g) Cash at bank and in hand (bank balance)
Cash at bank and in hand includes cash held in a current account and funds on deposit which are available on demand. Deposits may include short-term, highly liquid investments with a maturity of three months or less at the date of acquisition. Cash is held to meet short-term cash commitments rather than for investment or other purposes.
- (h) Creditors
Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
- (i) Debtors
Short term debtors are measured at the transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
- (j) Funds
Unrestricted funds are donations and other incoming resources to be applied in meeting the broad objects of the charity. Endowment funds (unless expendable in specified circumstances) are not to be spent but retained to preserve the capital value of the original bequests. Details of the arrangements for the endowment currently held by the charity are shown in note 3.
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THE HONOURABLE SOCIETY OF GRAY’S INN TRUST FUND YEAR TO 31 DECEMBER 2025
Notes to the Accounts (Continued)
(k) Provisions
Provisions are made where an event has 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 of the obligation. Provisions are charged as an expense to the Statement of Financial Activities in the year that The Society becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
2. CHARITABLE EXPENDITURE
Expenditure on Charitable Activities, together with prior year comparative figures, is as follows:
| Direct costs Staff costs Event Costs Other Grant Funding Other grants and awards Support costs Space Costs Direct costs Staff costs Event Costs Other Grant Funding Other grants and awards Support costs Space Costs Information Technology Books and publications Information Technology Books and publications |
Chapel £000s 28 - 4 31 |
Education £000s 699 - 410 34 |
2025 Library Total £000s £000s 397 1,124 559 559 11 425 55 120 1,022 2,228 7 53 80 130 153 266 233 396 1,262 2,677 2024 Library Total £000s £000s 426 1,105 539 539 11 419 58 166 1,034 2,229 7 44 7 44 102 156 148 258 250 414 1,291 2,687 |
|---|---|---|---|
| 63 | 1,143 | ||
| - | 46 | ||
| - 24 |
50 89 |
||
| 24 | 139 | ||
| 87 | 1,328 | ||
| Chapel £000s 26 - 4 61 |
Education £000s 653 - 404 47 |
||
| 91 | 1,104 | ||
| - | 37 | ||
| - | 37 | ||
| - 23 |
54 87 |
||
| 23 | 141 | ||
| 114 | 1,282 |
All expenditure relates to unrestricted funds.
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THE HONOURABLE SOCIETY OF GRAY’S INN TRUST FUND YEAR TO 31 DECEMBER 2025
Notes to the Accounts (Continued)
Staff costs are more fully detailed in note 6.
Educational events are undertaken both within the Gray’s Inn site and at external venues. The Trustees Report includes details of events undertaken in 2025.
Support costs are allocated on the basis of the numbers of computers in use for IT and on the basis of square footage for space costs.
3. MOVEMENT IN FUNDS
CURRENT YEAR
| Millar Bequest Endowment £000s Balance at 1 Jan 2025 78 Total Income - Trust running costs - Balance at 31 Dec 2025 78 Fixed Assets Net Current Assets Balance at 31 Dec 2025 |
Millar Bequest Endowment £000s Balance at 1 Jan 2025 78 Total Income - Trust running costs - Balance at 31 Dec 2025 78 Fixed Assets Net Current Assets Balance at 31 Dec 2025 |
R Hare General Bequest Fund 2025 Unrestricted Unrestricted Total £000s £000s £000s 72 176 326 - 2,629 2,629 - (2,677) (2,677) 72 128 278 2025 Endowment Unrestricted Total £000s £000s £000s 3 - 3 75 200 275 78 200 278 |
|---|---|---|
| 78 | ||
PRIOR YEAR
| Millar Bequest Endowment £000s Balance at 1 Jan 2024 78 Total Income - Trust running costs - Scholarship donation - Balance at 31 Dec 2024 78 Fixed Assets Net Current Assets Balance at 31 Dec 2024 |
Millar Bequest Endowment £000s Balance at 1 Jan 2024 78 Total Income - Trust running costs - Scholarship donation - Balance at 31 Dec 2024 78 Fixed Assets Net Current Assets Balance at 31 Dec 2024 |
R Hare Bequest Unrestricted £000s 72 - - - |
General Fund 2024 Unrestricted Total £000s £000s 213 363 2,650 2,650 (2687) (2687) - - 176 326 2024 Unrestricted Total £000s £000s - 3 248 323 248 326 |
|---|---|---|---|
| 78 | 72 | ||
| Endowment £000s 3 75 |
|||
| 78 |
WJK Millar bequest . This was created with a bequest from the estate of William James Kinnear Millar to benefit the chapel. Income generated from the bequest is unrestricted and is used to cover chapel costs.
Rosina Hare bequest. This was created as a bequest from the estate of Rosina Hare QC. The Trustees have agreed that funds are designated for the beautification of the chapel.
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THE HONOURABLE SOCIETY OF GRAY’S INN TRUST FUND YEAR TO 31 DECEMBER 2025
Notes to the Accounts (Continued)
4. TAXATION
As a registered charity, the Charitable Trust is exempt from taxation.
5. TRUSTEES’ REMUNERATION AND RELATED PARTY TRANSACTIONS
During the year no trustee received any remuneration or expenses from the Charitable Trust Fund (2024: £nil). There were no related party transactions in the year (2024: £nil).
6. STAFF COSTS
Staff costs for the year, together with prior year comparative figures, are:
| Salaries National Insurance Pension Costs Other costs Salaries National Insurance Pension Costs Other costs |
Chapel £000s 24 2 2 1 |
Education £000s 553 64 55 27 |
Library £000s 313 34 32 18 |
2025 Total £000s 890 100 89 46 1,125 |
|---|---|---|---|---|
| 29 | 699 | 397 | ||
| Chapel £000s 23 1 2 - |
Education £000s 525 52 52 24 |
Library £000s 326 32 36 32 |
2024 Total £000s 874 85 90 56 |
|
| 26 | 653 | 426 | 1,105 |
The Average number of employees in 2025 was 20 (2024: 20). The total compensation of key management personnel was £254k (2024: £255k).
The number of employees earning in excess of £60k per annum, including their taxable benefits, in bands of £10k were:
| 2025 | 2024 | |
|---|---|---|
| no. | no. | |
| £80k- £90k | 1 | 1 |
| £100k-£110k | - | 1 |
| £110k-£120k | 1 | - |
Pension costs represent the Charitable Trust’s share of cash paid by The Society in respect of pensions for 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.
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THE HONOURABLE SOCIETY OF GRAY’S INN TRUST FUND YEAR TO 31 DECEMBER 2025
Notes to the Accounts (Continued)
7. DEBTORS
| 2025 | 2024 | |
|---|---|---|
| £000s | £000s | |
| Prepayments and accrued income | 163 |
157 |
| Sundry Debtors | 127 |
186 |
| 290 | 343 |
Sundry Debtors includes £40k (2024: £104k) due from The Honourable Society of Gray’s Inn.
8. CREDITORS
| Sundry creditors and accruals | 2025 £000s 95 |
2024 £000s 98 |
|---|---|---|
9. PENSIONS
Employees whose employment commenced before 1st April 2006 are members of The Honourable Society of Gray’s Inn Pension & Life Assurance Scheme, which is a defined benefit, noncontributory pension scheme. (Employees whose employment commenced after 1st April 2006 benefit from defined contribution pension arrangements). Employees have a joint contract 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 scheme, 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 6.
10. 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 basis that the value is not likely to be material, a value of nil has been ascribed to the donated services in these accounts.
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