THE GRAY'S INN
SCHOLARSHIPS TRUST
Financial Statements
for the year to
31 December 2020
Registered Charity No. 313604

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 310ECEMBER 2020
Index to the financial 5tatem•nts
Page5
Trustees, Report
Independent Auditor's Report
Statement of Financial Activities
12
Balance Sheet
13
Cashllow
14
Notes to the Accounts
15-22

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMBER 2020
Trv$tees' Report
Reference and Administrativ• D8tai15, Tru5tee5 and Advi$ers
TRUSTEES
Nichola5 Blethyn Elliott QC (retired April 20201
Philip Baker QC
The Hon Nathalie Lieven
Timothy Corner QC l&ppointed April 20201
PRINCIPAL OFFICE
8 South Square
Gray's Inn
Londtsri WCIR SET
CHARITY REGISTRATION NO.
313604
GOVERNING INSTRUMENT
Charity Commissiori Scherne dated 2nd May 1995
AUDITORS
Hay5m3cintyre LLP
10 Queen Street place
London EC4R IAG
SOLICITORS
Hunters
9 New Square
Lincoln's Inn
London WC2A 3QN
PRINCIPAL BANKERS
C Hoare & Co
37 Fleet Street
London EC4P 4DQ
INVESTHENT HANAGERS
Willi5 Towers Watson
Midcity Place
71 High Holborn
Loridon WCIV 6TP
CCLA Investment Management
Senator House
85 Queen Victoria Street
London EC4V 4ET
SENIOR MANAGEMENTTEAM
Chief Executive
Director of Finance
Antony Harking
Dermot Doughty

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMBER 2020
Trvstees, Report (Continued)
Structvre. Governance and Management
The Gfay's Inn Scholar5hip5 Trust I'the Tlust'l 15 a charitable Trv5t registered with the Charity
Commission. Trustees who acted throughout the year are disclosed on Page 3.
The Trustees are kept conversant with the law and the requirements of the Charity Commission, as
required, by professional advisers.
The Trustees receive reports of the two key meetings of the Scholarships Committee. They approve
the amount of rnoney to be divided between the Common Profe55ional Exatnination ICPEI, Bar
Course Jnd pupillage award5 and they approve the list ol those who should receive scholarships.
The selection is undertaken by other Masters ol the Bench, members of Hall and staff of The
Hontsurable Society of Gray's Inn I'the Society").
Trustee5 are selected by the Iqanagement Committee of The Society 3nd their appointments are
confirmed by Pension, the ultimate policy and decision making body of The Society. The day-to-
day management of the Trust is delegated to the management staff of The Society and there are
regular meetings of the Trustees.
Fvnds
plunk
The Hebe Plunkett Funcl wa5 initially registered with the Charity Commission as a separate charity
but, with the approval ol the Commission, it was transferred to this Trvst on 31 December 2003.
The original governing document required that the income and, if considered proper by the
Trustees in the light of exceptional circumstances, the capital should 311 be applied in advancing
le9al education by a5515ting per50ris with defective eyesight Iri the study of law iri such manner 35
the Trustees thought fit and in particular land without prejvdice to the generality of the forgoing)
by providing Èqyipment The So¢iety's library.
To the extent that the income was not applied, it wa5 to be accumulated for the 21 year period from
11 February 7989. The Trustees had discretion to spend the income so accumulated.
Following the expiry of the 21 year period of permitted accumulation on 11 February 2010, the
Tru5tee5 have discretion to apply the income lor such purp05e5 of an educational nature connected
with The Society to the extent that the specified original objective ¢annot be achieved.
The Tru5tee5 resolved at their meeting on 21 September 2010 that thi5 fund Should continue as
separate and discrete fund Jnd the original objective5 adhered to J5 lar as possible.
Th
The income arising on the enclowment is available as a scholarship open to member5 of The Society
who are barristers ol riot more than one year's call, or students, and who are practising or intending
to practice at the Bar of England and Wales. Preference is to be given to candidate5 practising or
intending to practice on the Midland Circuit.
This fund is expendable and is to be applied in funding an annual essay prize in Administrative Law
for those who are applying for pupillages.
eBin
m Fund
This 15 Shown separately in an unrestricted fund while fund raising continues. It is hoped that il the
fund reaches £1,500,000. 5 scholar5hip5 of £10,000 will be awarded annually in memory of the12te
Lord Bingham. A Bingham scholarship was awarded in 2020.
Th h rnl
This award is made, on merit, to a high potential candidate lor the Graduate Diploma in Law.

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMBER 202Q
Trvst••$' Report (Continued)
The Ann Godclard Fund
A total beqve5t ol £1,503.833 is invested in a separate portfolio and the ir)corne 3rising therefrom is
to be used to a5SlSt barristers during their pupillage with preference being given to those seeking to
practice at the criminal bar.
Risk Revi¢w
The Trustees have asse55ed the fflajor risks faced by the charity and keep them under review. All
the oper2tional activities of the Trust are undertaken by the Honovrable Society ol Gr3y'5 Inn and
the Trustees rely or) their risk control processes. Specific reference is made in these processes to
the risk management requirements ol the Trust, The key risks relate to the performance of the
investment portfolio (see "Investment performance" in the Trvstees Report for more detail) and the
coritinvation of support from the Society via the Honourable Society of Gray'5 Inn Charitable Trust
fund I'the Gray's Inn Charitable Trust'l. Trustees monitor these risks regularly by re¢eiving updJtes
from investment managers on the performance of the portfolio and maintaining regular dialogue
with the Society. The impact of the Coronavirvs pandemic on the Trust 15 disCU55ed in the
'Investment Performance" and "Plans for the Future" sections of this report.
obje¢tiv¢$ and Activities
The principal charitable objective of the Trust is the advancement of education in the 13w for
stvdents and members ol the Society and this 45 )¢hieved by awarding scholarships to all with
ability. To that end, scholarship interviews are held separately for those taking the CPE and Bar
Course exams and those Seeking pvpillage award5 following their Call to the Baf. Details of the
grarit policy and the scholarships are given below.
Grant Policy
The grant policy 15 to ideritily able 5tuderit5 and to aS5i5t them to complete their Studies and to be
called to the Bar. In order to attract the brightest students to The Society, the awbrd5 macle rllust
be competitive with the other Inns of Court. The Scholarships Committee considers application5
from Students on an annval basis. These award5 are avsi13ble to cover each year of a student's study
the Common Professional Examination ICPEI, the Bar Professional Training Course IBPTCI and
during pupillage. In additiori, there is a special fund within the charity, The Hebe Plunkett Fund, to
provide additional assistance to handi¢apped students with a prelerenee for those with a visual
irnpairment.
Publi¢ Benefit
The Trustees confirm that they have considered the Charity Commission's guidance on public
benefit. The Trust's sole activity is the awarding of scholarship5 to 5tudent5 to enable thern to pursue
careers as barristers. This function is delegated to the Scholarship5 Committee which is guided by a
policy document designed to èchieve and to demonstrate that all awards are m3de on non-
discriminatory bases.
Information about the scholarships is made publicly available through The Society's website and the
Scholarships Hanclbook which 15 155ved to all new Students or those interested becoming students
of The Society. Awards are monitored to ensure that the charitable objectives of the Trust are being
achieved.
The public benefit derived from the Trust's activities is two-fold. Firstly it offers legal edvcational
opportunitie5 to all of ability irrespective of background. and Secondly it help5 to maintain the
highest 5tandard5 required and expected of the legal profession by members of the public.

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 51 DECEMBER 2020
TruJt•e$' Report IContinu•dl
Achievement5 and Performance in the year
Scholarship awards cover all or part of ttsition and living costs. During the year the Trvstee5 awHrded
scholarships to member5 of The Society in their CPE year. their Bar Course year or their pupillage as
follows..
2020
2019
Scholarships and prizes awarded (see note 41
£1,271,161
£1,241,475
Number of scholarships and pri2es awarded
132
133
Average value
£9,630
f9,3
The aggregate amount of Scholarships awarded has increased slightly during the year, despite the
reduced funding from the Society, reflecting the determination of the Trustees to ensure that
sufficient funds are available to enable well qualified 5tudent5 to qualify a5 barri5ter5.
Student Accommodation
During the year the Society increased the amoullt of student aC¢Otnmodation available from twelve
to lovrteen rooms. Each student, who is awarded accommod3tiOn as a scholarship, sign5 an eleven
month Assured Shorthold Tenar)cy agreement at a nil rent with the Society. The Scholarships Trust
pays a market related rent for the a¢comodJtion to the Society and this amount is included in the
total of the value of the scholarships awarded in the year. The cost of this is borne by the Trust. The
total amount paid Under these arrangement5 in 2020 was £150k.
Financial Review
The Statement ol Financial Activitie5 on page 12 disc105e5 the following
2020
2019
Income received
Gains /ILossesl on investments
Expenditure incurred
Surplus for the year
397,832
1,185,987
,234,9721
£348 847
981.640
1,324,825
11,247,586)
,058,884
The donation from the Grays Inn charitable Trust was gnil 12019.. £675,000).
The funds available as at 31 December amounted to,.
2020
2019
Unrestricted Fund5
Restricted Funds
Endowment Funds
0,983,941
123,003
9,627,937
È16,734,881
7,279,182
150,303
8,959,549
£16,389.0
D5Pite the elimination of the annual donation from the Gray's Inn Charitable Trust the Trv5t saw a net
iricrea5e in the value ol it5 fund5 largely because of a large increase in the Value of its investments.
To compensate for the reduced Grant from the Charitable Trust, without liqvidating high perfomaing
investments or reducing the level of Scholarships, the Trustees borrowed £600k from the Society.
Thi5 loan is interest free and repayable with three months notice.

THE GRAY'5 INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMBER 2020
Trv5tee5' Report (Continued)
Investment Performance
Details of irive5tments are given in Note O. The Goddard legacy (amounting to £l,7m at the end of
20201 1$ invested in a separate account within the charites Irive5tment Fund I COIF") managed by
CCLA.
There is a further investment in COIF amounting to É3.6m at the end of 2020. This is an investment
of part the endowment reserves of the Trust.
Funds with WillisTowersWatson I'WTW") arnountecl to £11.9m at the end of 2020 and are invested
with the aim achieving re31 return5 of at least 5% pa averaged over five year rolling periods with hall
the volatility of equity markets.
The medium term intention 15 to invest all the endowment reserves of the Trust in COIF with the
Unrestricted and restricted reserves being invested in WTW. Thi5 policy, which is driven by the fact
that COIF gives J regular income whilst WTW generates c3PIt31 growth only, is gradually being
implemented over a number ol years. The income generated by COIF assets in 2020 represented a
3.5% return on the opening balances held.
The Coronavirus pandemic generated significant market volatility in the first half of 2020. However
matters stabili5ed in the second half. 8y the end of the year the Trusts financial investment5 had
shown a capital gain of £i.Im17.3%1.
R•s•rYos Policy
It is the long term aim to preserve the real value ol the awards made together with a reducing
dependence on the fluctuating sums that the Society is able to provide. Thus, the reserves policy is
to retain suffi¢ient Ivnding to eStabl￿sh a strong investment portfolio to ensure continuity and
certainty in providing future award5. As 8t 31 December 2020 total reserves were £16.7m, of which
É9.6m was endowed for specific purposes and held in investment5 to generate an income out of
which grants will be made in future periods. A further £O.Im was restricted for specific purposes and
the remaining £7.0rn was unrestricted, but held in investment5. Trustees are eontent that the current
level ol reserves are sufficierit to meet existing strategic plans of the Charity.
Inve$tment Pow•rs and Policy
The Trustees have broad powers of inve5ttnent. The policy is to preserve and grow the real value of
the portfolio over the longer term.
plan$ for Fvture Period5
The continuing aim remains to give schol8rships to able Students, irrespective of b8ckgFovnd, to
enable them to achieve csreers as barristers
The Trust has received substantial grants from the Charitable Trust over many ye3r5 and this has
contributed to the creJtion ol financial reserves in addition to the payment of scholarships. As
result ol the pandemic the Society has adopted a cautious policy in respeet ol its charitable funding
and this has redvced the annual grarit to the Charitable Trust and, by extension, to the Trust. The
Tru5tee5 have borrowed funds from the Society in order to realise its financial goals in 2020. It 15
likely that thi5 policy will be repeated in 2021 although there is the possibility that the Society may
be in a position to resume higher levels of charitable donJtion5 and these will, in futvre. be paid
direct to the Trust rather than via the Charitable Trust. The Trustees envisage scholarships continuirTrg
at cvrrent or improved levels lor the forseeble Ivtvre.
The process for awarding scholarships to stuclent5 Starting their courses in September 2021 has not
been impeded by the Coronavirus pandemic and the aggregate amount ol Scholarships awarded is
in line with amounts budgeted.

THE GRAY'S INN SCHOLARSHIPS TAUST
YEAR TO 31 DECEMBER 2020
Trvst••$' R•port (Continued)
statement of Tru5tees' Responsibiliti•$
The Trustee5 are required to prepare, for each financial year, financial statements which observe the
principles and method5 of the Charities SORP and which give a trve and fair view ol the state tsl
affair5 01 the Charity and of the incoming resources and application ol resources of the Charity for
that period. In preparing those financi31 statements, the Trustees are required to..
Select 5Ultable accounting policies and then •pply them consistently.,
make judgements and estimates that are reasonable prudent,.
state whether applicable accounting standards have been followed, $ubje¢t to any material
departures disc105ed and explained in the financial statement5', and
prepare the financial statements on the going concern basis unless it is inappropriate to
presume that this ba515 applies.
The Trustees are responsible for keeping proper a¢¢ovnting record5 which disclose with reasonable
accuracy at any time the fillancial position ol the Charity and to enable them to ensure that the
rinancial statements comply with statutory ieqvirements. They are also responsible for safeguarding
the assets of the Charity and hence for taking rea50riable 5tep5 lor the prevention and detection of
fraud and other irregularitie5.
Approved by the Trustees on 15Lh lune 2021 and signed as Juthorised on their behalf by..
Trustee

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECE148ER 2020
Independent avditor's report to the trustee$ of The Gray's Inn S¢holarships Trust
Opinion
We have audited the firiancial statement5 01 The Gray's Inn Scholarships Trust for the year ended 51
December 2020 whieh ¢ompri5e Statement ol Finan¢ial Activitie5, Balan¢e sheet, cash flov4
statement and note5 to the financial statement5, including a summary of significant accounting
policies. The financial reporting framework that ha5 been applied in their preparation is applicable
law and United Kingdom Accounting Standards, including Financial Reporting 5t8ndard 102 The
Financial Reportiri9 Standard applicable in the UK and Republic of Ireland (United Kingdom
Generally Accepted Accounting Practice).
In our opinion, the financial 5tatements'.
give a true and fair view of the state ol the charity's affairs as at 51 De¢ember 2020 and of
the charity's net movement in funds lor the year then ended,.
have been properly prepared in accordance with United Kirigdom Generally Accepted
Accounting Practice,. and
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
a¢cordanee with the Act and relevant regulations made or having effect thereunder. We
conducted our audit in accordance with International Standards on Aucliting IUKI IISAS IUKII and
applicable law. Qur responsibilitie5 under those 5t3ndards are further described in the Auditor'5
responsibilities for the audit of the financial statement5 section of our report. We are Independent
of the charity in accordance with the ethical reqvirements 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 avdit evidence
we have obtained is sufficient and appropriate to provide a ba515 for our opinior).
conclusions relating to going con¢ern
In auditing the financial statefflents, we have concluded that the trustees use ol the going concern
basis ol accounting in the preparation of the financial statements is appropriate.
8ased on the work we have performed, we have not identified any material uncertainties relating
to event5 or condititsns that. individually or collectively, may cast significant doubt on the charity's
ability to continue as a going concern lor a period of at least twelve months from when the
financial statements are authorised for issue.
Our respon5ibilitie5 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 re5POn5ible for the other information. The other information comprises the
information in¢luded in the Trustees, Annu31 Report. Our opinitsn tsn the findnci315tatements doe5
not cover the other information and, except to the extent otherwise explicitly stated in ovr report,
we do not expre55 any fortn of assur3nce conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to reèd the other
information and, in doing 50. consider whether the other informatlon Is materially inconsistent with
the linanciJl statements or our knowledge obtained in the audit or otherwise appears to be
materially misstated. If we identify such material inconsistencies or apparent material
mi55tatements, we are required to cletermine whether there is a material misstatement in the
financial statements or a material misstatement ol the other information. Il, based on the work we
have performed, we conclucle 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.
Matt¢r$ on which w• ar• r•qvir•d to r•port by •xe•ption
We have nothing to report in respect ol the following matters in relation to which the Charities
(Accovnts 3nd Reports) Regulations 2008 require us to report to you if, in our opinion..
)deqvate )c¢ounting re¢ord5 have not been kept by the charity, or
sufficient accounting records have not been kept., or
the Charity financial Statements are not in agreement with the accounting records and returns., or
• we have not received all the information and explanations we require for ovr audit.

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMBER 2020
Ind•p•nd•nt Èvditor'5 report to the trustees of The Gray's Inn S¢holar$hips Trust Icont'dl
Re5pon5ibilitres of trv5tee5 for the financial $tatement$
As explained more Ivlly in the trv5tee5' responsibilities Statement set out on page X, the trustees
are responsible for the preparation of the financial statement5 and for being s8tlsfied that they give
a true and fair view, and for such illternal control as the trustee5 determine is necessary to enable
the preparation ol financial statements that are free from material mi55tatement, whether dve to
fraud or error.
In prep8ring the finan¢iJl statement5. the trustee5 are responsible for 85sessing the charity's ability
to continue a5 a going concern, diselosing, as applicable, matter5 related to going concern and
using the going concern basis of accounting unle55 the trustees either intend to liquidate the
charity or to cease operations, or have no realistic alternative but to do $0.
Auditor'5 responsibilrties for the audit of the financial st•tem¢nt$
Our objectives are to obtain reasonable assurance about whether the financial statement5 a5
whole are free from material misstatement, whether c5ue to fraud or error, and to issue an auditor's
report that include5 our opinion. Reasonable assurance is a high level of assurance, but is not
guarsntee that sn audit conducted in accordance with ISAS IUKI will always detect a material
misstatement when it exists. M155taternent5 can arise From fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the
e¢onomi¢ decision5 of useis taken on the basis of these financial statements.
Irregularitie5, ineluding fraud, are instènces of non-compliance with laws and regulations. We
design procedures in line with our respon5ibilitie5, Outlined above, to detect material
misstatements in respect uf irregularitie5. including fraud. The extent to which our procedures Jre
capable of detecting irregularities, including fraud is detailed below..
Based on our understanding ol the charity and the environment in which it operate5, we identified
that the principal risks of non-compliance with law5 and regulation5 related to compliance with the
Charity SORP in the preparation tsf the accounts and fund accounting. and we considered the
extent to which non-compliar)ce might have a material effect on the financial statement5. We also
considered those laws and regulations that have J direct impact on the preparation of the financial
statement5 such as Charities Act 2011.
We evaltsated management'5 illcentives and opportunitie5 lor fraudulent manipulation ol the
lirTrancial statements lincluding the risk ol override ol controls), and detertnined that there were no
such risks.
Our procedures included the following..
Inspecting correspondence with regulators and tax authorities, and minutes of trustee
meetings.,
Di5cussion5 Wlth management including consideration of known or suspected instarices of
non-compliance with laws and regulation and fraud both at planning and at completion.,
Evaluating mans9ement's contro15 cle519ned to prevent and detect irregularities.,
Sample testing the allocation of expenditure to restricted funds.,
Identifying and testing journals process by management in the preparation of the financial
statements., and
Challenging assumptions and jvdgements made by mansgement in their critical
accounting e5timate5.
A fvrther description of our responsibilities for the audit of the financial statements is located on
the Financial RePort￿ng Council's website at.. www.Irc.org.uk/auditorsresponsibilities. Thi5
description form5 part of our auditor's report.
io

THE GRAY'S INN SCHOLARSHIPS TRUST
YUR TO 31 DECEMBER 2020
Independent •udit0￿$ r•port to the trustee5 of The Gr8y'5 Inn Scholarships Trust ICc*nt'dl
Use of our report
Thi5 report 15 made solely to the charity's trustees, as a body, in accordance with Section 144 of the
Charities Act 2011 and regulatior15 made under section 154 of that Act. Our audit work ha5 been
undertaken so that we might state to the charity's trustees those matter5 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 a¢¢ept or assume responsibility to anyone other than the charity's trustees as a body For our
audit work. for this report, or for the opinion5 we have formed.
Hay$ma¢intyre LLP 10 Qve•n Street Place
Statutory Auditors London
EC4R 1AG
D•t•.' 22 July 2021

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMBER 2020
STATEMENT OF FINANCIAL ACTivrriES
Unrestricted R•¥trrcted Ehdowrnent
Fund$
Funds
Fund$
2020
2019
Total
Total
Not•$
INCOME AND ENDOWMENTS FROM:
Donations and legacies
Investments
275.747
72,089
347,836
275.747
122,085
397,832
904,700
76,946
987.646
49,990
49,996
Totsl
EXPENDITURE ON:
h•rit•bl¢ •¢tiviti*$
Education of law student5
Other
Totsl
1,150,061
4,41T
1.154,472
80,500
1,230,561
4,411
1,2Y4,972
1,230,475
80.500
1,247,586
NET INCQMING RESOURCES
1806.6361
130.5041
1837,1401
1265,91401
Net Ilosse5l/gains on inve$tment$
NET INCOME/EXPEP4DITUAE
514,396
1292,2401
3,204
127,3001
668,388
668,388
1,185.987
348,847
1,324,825
1.058,884
RECONCILIATION OF FUNDS
Total Funds brought forward
7,276,182
150,303
8,959,549
10,386,034
75.327.150
TOTAL FUNDS CARRIED FORWARD
£6.985.942
£123.003 É9.627.937
É10.734,881 £16,386,034
There were no recognised gains or losses other than those shown in the above Statement of Financial
Activities.
The notes on poge 75- 22form purt of thefinonciol stotements.
12

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMBER 2020
ALANCE SHE￿ AT 31 DECEMBER 2020
2020
2019
Notes
AXED ASSETS
InvÈstments
17,163,047
16,181,132
CURRENT ASSETS
Cash and dep051ts in tran51t
Debtors
125,770
130050
253,820
155.202
175700
330,902
CREDrroRS:
Sundry ereditor$
Borrowing Irorn Gray's Inn
181,9861
1600,0001
1681,9861
1126,0001
1126,0001
NET CURRENT ILIABILITIE51 / ASSETS
1428,1601
204,902
NET ASSETS
E 16.734,881
£ 16.386,034
FUNDS
Unrestricted
Restricted
Endowrnenis
10
io
io
0,983.941
123,003
9,627,937
7,276,182
150.303
8.959,549
£16 734 881
E16 386 034
Approved by the Trustees on 15th June 2021 and signed as avthorised on their behalf by=
Tru5tee'.
13

THE GRAY'5 INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMBER 202Q
CASH FLOW STATEMENT
2020
2019
Net movement in funds
Deduct investment gains
Deduct.. investment income shown in investing activities
Increase iri curient account with Gray'5 inn
Ilncre35el/decrease in debtor5
Incre35e/lde¢reasel in creditor5
348,847
11,185,987)
1122,0851
1501
45.700
144,0141
1,058,884
11,324,825)
176,91461
ioo
125,2001
58,000
Net cash provided by operating activite5
1957,5891
1309,9861
Cash flows from investing activities
Investment income
(Additions tol/ withdrawals from investments
122,085
204,133
76,946
169,3511
326,218
7.595
Cash flow5 from financing activitie5
Short term Loan from Gray's Inn
600,000
IDecreasel/ift¢rease in cash and cash equivalents in the year
131,4311
1302,3911
Cash and cash eqvivalents at the start of the year
155,202
457,593
Total ¢a$h and cash equivalents at th• •nd of the year
£123,770
£155,202
14

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMBER 2020
Note5 to the Accounts
I. ACCOUNTING POLICIES
lal G•n•ral Information
The Gray's Inn Scholarships Trust is a UK Based Charitable Trust registered with the Charity
Commission. It's registered address i5'.Treasury Office, 8 South Square, Gray's Inn, London WCIR SET.
Ibl Ba515 of preparation and 855e55ment of going eone•rn
The accounts Ifinanci81 statements) have been prepared Under the historical cost convention with
items recognised at cost or transaction valve unless otherwise stated in the relevant notelsl to these
account5. The financial statement5 have been prepared in accordance with the StatetTTrent ol
Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in
accordance with the Finan¢iJl Reporting Standard applicable in the UK and Republic of Ireland IFRS
1021 issued on 16 July 2014 and the Financial Reportln9 Standard applicèble in the United Kingdom
and Republic of Ireland IFRS 1021 and the Charities Act 2011.
The Trust constitvtes a public benefit entity as defined by FRS 102.
The Trustees consider that there are no tnaterial uncertainties about the Trust's ability to continue
as a going concern.
In prep3r3tion OF the accounts there are estimates relatiny to prepayments and accruals which are
non-complex in Datvre. None ol the estimate5 are material to the accounts.
{¢) In¢om¢
All income is recognised once the Trust has entitlement to the income, it is probable that the income
will be Teceived and the amount of income receivable can be measured reliably.
Id) Donation5. Lega¢i•$ ènd Covenant
Donations, legacies and covenant5 are accounted for when received except if the receipt relates to
scholarships specifically granted to named individuals when the receipt is re¢ogni5ed in the period
in which the Scholarship is granted.
(•) Scholarships
S¢holarship$ are accounted For as they are awarded.
(fi Investments
Investments are stated at market value. Realised and unrealised gains and10$5e5 during the year are
taken to the statement of Financial Activities.
{y} Fund$
Unrestricted funds are donation5 and other incoming re50urce5 to be applied in meeting the broad
object5 of the charity. Restricted funds repre5erit the unexpended income to be applied for specific
pvrp05e5. Endowment funds (unless expendable in Specified circumstances) are not to be spent but
retained to preserve the capital value ol the original bequest5.
Ihl Expenditur•
The expenditure ol the Trust 15 directly allocated to the charitable activity to which it relate5 or to
the governance of the Trust.
lil Financial Instruments
The Trust only enter5 into basic financial instrument5 transaction5 that result in the recognition of
financial assets and liabilities like trade and other debtors and creditor5, loan5 from banks and other
third partie5, loans to related partie5 and inve5tTnents in non-puttable ordinary 5hare5.
til 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 v$ing
the effective interest method.
15

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMBER 2020
Not•$ to the Accounts IContinv*dl
Ik) D•btor5
Short term debtors are Thea5UTed at the transaction price. les5 any impairment. LoJns receivable are
messured initially at fair valve, net of transaction costs, and are measured subsequently at amort15ed
cost Using the effective interest method, less sny impairment.
11} Provision$
Provision5 are made where an event has taken place that gives the Trust a legal or constructive
obligation that probably require5 settlement by a transfer of economic benefit, and a reliable
estimate Can be made of the amount ol the obligation. Provisions are charged as an expense to the
Statement ol Financial Activities in the year that the Society becomes aware ol the obligation. and
are measured at the best estim3te at the 8alance 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. DONATIONS AND LEGACIES
Unrestricted
Fund5
R•stricted Endowment
Funds
Fvnds
2020
Total
General Donations and legacies
Bingham Appeal
Hon Soc of Gray's Trust Fund
237,615
38.132
237,615
38,132
£275 747
£275,747
Unrestri¢ted
Funds
R•striet•d Endowment
Fvnd5
Fund$
2019
Total
General Donations and legacies
Bingham Appeal
Hon Soc of Gray's Inn Trust Fund
183,253
36,447
675,000
£894,700
io,000
193,253
36,447
675,000
£904,700
3. INCOME FROM INVESTMENTS
Unr•strict8d
Funds
Restricted
Fund5
Endowment
Funds
2020
Total
E72,089
£49,996
£122.085
Investment portfolio
Unrestricted
Funds
Restricted Endowrnent
Fvnd5
Fund$
2019
Total
Investment portfolio
£7,000
£69,946
£76,946
l6

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMBER 2020
Notes to the Aeeounts {Continvedl
CHARITABLE EXPENDITURE
2020
2019
S¢holarship5 awarded for th¢ educatlon of law 5tudent$
General Fund
Unrestricted Fund
Awards not taken and written baek
1.180,661
140 6001
1,140,061
io,000
io,000
1,145.851
iii,0001
1,134,851
13.000
8ingham Fund
charnley Fund
Smedley Fund
Hebe plvnkett Fund
Ann Goddard Fvnd
The Troy Trust IBelolf Ess>y Prize)
3,000
7,000
71,624
1,000
,230,475
1,500
69,000
£1,230,561
Total Scholarships awarded in year
Awards not taken and written back
Net cost of scholarships awarded in year
1,2n,161
140,6001
,230,561
1,241.475
111,0001
£1,230,475
The Tiust employs no merNber5 of staff and hence there are no staff costs or key management
personnel costs to disclose.
Included in the abDve is the sum of £150,461 12019 £145,291) representing the rental paid by the
Trust to the Society lor rental of accommodation offered to students who were awarded residential
5cholar5hip5.
5. OTHER COSTS
Unr•stri¢ted
Fund$
Restricted Endowment
Funds
Funds
2020
Total
Investment ffl8nagement lees
Other costs
4,411
£4.411
£4,411
Unr*stri¢t•d
Funds
Restricted
Funds
Endowmtnt
Fund5
2019
Total
Investment management fee5
Other costs
527
1,433
,960
15,962
1,301
E17,263
16,493
2,745
£19,238
£15
The Trust receives support Services donated by The Society. These relate entirely to it'5 sole
charitable activity., the education of law students. It is not practicable to quantify the valve of
donated services with any clegree of precision. On the basis that the valve is likely to be material,
value of nil ha5 been ascribed to the donated service5 in these accounts
17

THE GRAY'S INN SCHOLARSHIPSTRUST
YEAR TO 31 DECEMBER 2020
Not•$ to the Accovnts (Continued)
O. INVESTHENrs
2020
2019
Market valve at l January
Cash Introdu¢ed/ Iwithdrawr))
Investment gains/ Ilossesl
Market value at 31 December
C05t at 31 December
1,500.655
11,583,222)
82,567
F4arket value at l January
Capital introdv¢ed/lwithdrawnl
Investment gains/ Ilossesl
Market value Jt 31 Oecember
12,689,569
11,704,133)
903 008
£11,888,504
13,286.301
11,718,000)
1,121,267
£12,689,569
Cost at 31 December
E5,253,065
£6,074,183
Narket value at l Janvary
Capital introduced/lwithdr8wnl
Investment gains/ Ilossesl
Market value at 31 December
1,873,888
1,500,000
179459
£3,553,347
1,800,000
73,888
,873,888
C05t at 31 December
,300,000
,800,000
Market value at l Janvary
Capital introdueed/lwithdrawnl
Investment gains/ Ilossesl
Market V31ue at 31 December
1,617,676
1,570,573
103 460.85
£1,721 137
£1,617,676
Cost at 31 December
£1.570,573
,570,573
Market value at l January
C2Pltal introduced/lwithdrawnl
Investment gains/ 110sse51
Harket value at 31 December
16,181,132
1204.1331
1,185,987
7,162,987
14,786,957
09,351
1,324,825
E16 T81,132
Cost at 31 December
0,123,639
£9,444.757
18

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMBER 2020
Not85 to the A¢count$ (Continued)
6. INVESTMENTS- eontinved
2020
2020
2019
2019
Over5e25 Equitie5
UK Equities
Infrastructure and Operating Assets
Cash and near cash
Property
Contractual & other Income
Private Equity
Fixed Interest
Total rtTrafket value of investments
3,622,515
475.758
476,813
213,617
206,232
154,542
104,962
20,043
£5.274 483
69%
9%
2.037.677
436,445
387,564
220,667
176.673
141,757
77,164
73.617
3.491.564
58%
13%
4%
2%
0%
loo%
700%
Equities
Credit
Private Market5
Diversifying
Cash
Total market value of investments
4,969,420
1,521,736
2.758,147
2,317.081
320,991
£11.888 564
42%
13%
23%
19%
4.530,176
2,347,570
2.575,982
2.969,359
266.481
£12 689 569
36%
19%
20%
23%
2%
100%
00%
Cotnbined market value ol investments
E17 163 047
E16.181.132
7. DEBTORS
2020
2019
Current account with Gray5 Inr)
Accrued income
50
130 000
175.700
75,700
£130,050
8. CREDITORS
2020
2019
Scholarships awarded but not yet paid
Residential Scholarship retentlOn5
Audit lee
62,486
16,000
3,500
£81,986
56,000
12,000
£68,000
9. SHORT TERM LOAN
The Trust has borrowed £600,000 from the Society. The loan is unsecured, interest free and is re-
payable on three months notice.
19

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMBER 2020
Note5 to the A¢¢ounts (Continued)
10. ANALYSIS OF UNRESTRICTED. RESTRICTED AND ENDOWMENT FUND5
The movement of funds during the year 15 as detailed below..
ljonuory
2020
Incomlng
Resources
Resourcos
Inv•slmenl
Expended Golns 1 ILos$es}
31 De¢embei
2020
Unrethlcted Fund
Generol
The Binghom Fund
Total Unie5tricted
6.298,637
977.545
7.276.182
292.604
55.232
347.836
44S.287
69,108
514.396
5.896.467
1.091.886
6.988,352
110.0001
Reshlcted
5tephell Silbef Fund
The Charnely Fund
Hebe Plunkell Fund
Sil Brian Smedley Fund
Troy FundlBeloff Prize
Ann Goddord Fund
Tolal Restricted
727
10,(N)O
9.151
282
5.164
104,979
150.303
51
707
2,061
20
786
806
30.000
305
5.580
85,526
123.003
99
289
11 0.0001
11.5001
365
49.547
49.996
169.(KK)I
I80.5￿)
3.204
Endowmenf
Generol
Hebe Plvnkett Funol
Sir Brian Smedley Fund
Ann Goddard Fund
Tolol Enclowment
6,928,950
386.789
23.103
1,620.707
8.959.549
533.374
29.774
1.778
103.461
668.388
7.462.324
416.563
24,882
1.724.168
9.627.937
Totol Funds
16.386.034
397,832
11230,5611
1,185.?87
16.739.292
Anolysls ol Net Assets belween
Fund5 05 0131 December 2020
UnTestrlcled
Fund
7.500.664
1516.7231
£6.983.941
Reslrlcled
Endowmenl
Fvnds
Total
Assets
17.163.047
1428,1661
£16.734.881
Investments
Nel Current Assets
37,477
85.526
£123,003
9,624.906
3.031
£9,627.937
The Endowment Fund ol the General Fund arose from various legseie5 and donations and represents
permanent endowment. The Unrestricted Fund is to be applied to meet the charitable objectives
of the Trust. The purpose5 of the various funds are outlined in more detail in the Trustee'5 Report.
20

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMBER 2020
Notes to the Accovnts (Continued}
10. ANALYSIS OF UNRESTRICTED. RESTRICTED AND ENDOWMENT FUNDS {Continvedl
The movement of funds during the prior year 15 a5 detailed below..
lJonvory
2019
Inconvng
R*x*wces
Resouc•$
Invethenl
Expended Gains/ ILo3sesl
31 De¢*mbvr
2011
Urre¥kncled F￿d
Generd
The BinghLTn FLrd
Totd Unrestricted
6,013,585
864,558
6.878.143
857.070
44.630
901.700
565.894
81,357
647.251
0.298,637
977.545
7.276.182
Reskicled
steF*en Sil￿¢ Fwd
Chunley
Hebg Plvnkglt Fund
Sir Bri￿ Sm8dl&y Fund
Troy Fvndlsdoll Prize
Ann Godc*Jd Fund
Totd Rèstricted
664
62
727
10,ODD
i 0.000
34
33.011
2.997
5.629
106.7
14?.001
17.0001
13,0001
IIDooI
3.106
282
530
282
5.164
104.979
150.303
69,903
79.946
182.6241
3.981
E#d¢wment
Generd
Hebe Plun￿1* Fund
6,415,406
358.122
513.543
28.607
6.928.950
386,7B9
23.103
1.620.707
8.959.549
Sir Brion 5medley Fund
Ann God(k¥d Fur)d
lotd thd(>wmenl
1.505.087
8.3DO.007
114.0501
129.670
673.593
Tphl F￿d¥
15227.150
981.646
11247.5871
1.324A25
16M86,034
Anoly%sof N•1 Ass•tsb•lw••n
Funds os •131 D*¢*n*w 2019
Investments
Net Ojrrent Ass¢ts
UnTeslrichd
Fund
7.179.290
96.891
£7.276.182
It•thicl•d
Funds
45,324
104.979
£1 $0.303
Endowment
Futsgs
8,956.518
3.031
£8.959,549
Tolal
As*ts
4,901
£16.386.034
11. FINANCIAL INSTRUMENTS
2020
2019
rinancial Assets
¥inancial Assets measured at amortised Cost
£130 050
E175,700
¥inan¢ial Liabiliti*$
¥inan¢ial Liabilities measvred at amortised cost
£81,986
£68,000
Finsncial asset5 comprise accrued income and sundry debtors. Financial liabilitie5 comprise accrvals
and sundry creditors.
21

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 51 DECEMBER 2020
Notes to the Account$ (Continued)
12. TRUSTEES, REMUNERATION AND RELATED PARTY TRANSACTIONS
During the year no trvstee received any remuneration or expenses 12019.. nill. There were Fio rebated
party tr3nsactions in the year 12019.. nil)
13. TAXATION
The Trust 15 a registered charity and it5 income and gains are exempt from taxation.
22