THE GRAY'S INN
SCHOLARSHIPS TRUST
Financial Statements
for the year to
31 December 2021
Registered Charity No. 313604

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEM&ER 2021
Index to the Financial statem•nts
P•9e$
Trustees, Report
Independent Auditor's Report
Statement ol Financial Activities
12
Balance Sheet
13
Cashllow
14
Notes to the Accounts
15- 21

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DÉCEHBER 2021
Tru$tee$' Report
R•feron¢è and Administrative Detai15, Trustees and Advisers
TRUSTEES
Philip Baker QC
The Hon Nathalie Lieven
Timothy Corner QC
PRINCIPAL OFFICE
8 South Square
Gray's Inn
London WCIR SET
CHARITY REGISTRATION NO.
313604
GOVERNING INSTRUF4ENT
Charity cornmi55ion Scheme dated 2rd May 1995
AUDITORS
H3ysmacintyrÈ LLP
10 Queen Stieet Place
London EC4R IAG
SOLICITORS
Huriters
9 New Square
Lincoln's Inri
London WC2A 3QN
PRINCIPAL BANKERS
C Hoare & Co
37 Fleet Street
London EC4P 4DQ
INVESTMENT MANAGERS
Willis Towers Watson
Midcity place
71 High Holborn
London WCIV 6TP
CCLA Irivestment Hanagement
Senator Htsuse
85 (Lueen Victoria Street
Loridon EC4V 4ET
SENIOR MANAGEMENT TEAM
Chief Executive
Director of Finance
Antony Harking
DerFnot Doughty

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 51 DECEMBER 2021
Trvstees, Report Icontinvedl
Strvcture. Governance and Management
The Gray's lrnn Scholarships Trvst I the Trust'l is a Charitable Trust registered with the Charity
Commission. Trustees who acted throughout the year are di5c105ed on Psge 3.
The Trustees are kept conversant with the law and the requirements of the Charity Commi55ion. a5
required, by professional advisers.
The Trustees receive reports of the two key meetings of the Scholarships Committee. They approve
the amount of money to be divided between the Common Profession31 Examination ICPEI, Bar
Covrse and pupillage awards and they approve the list ol those who should receive scholarship5.
The selection is undertaken by other Masters ol the Bench. members c>1 Hall and staff of The
Honourable Society ol Gray's Inn I'the Society").
Trustee5 are selected by the management Committee ol The Society and 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 ol The So¢iety and there are
regu13r meetings of the Trustees.
Funds
plunkett Fund
The Hebe Plunkett Fund was initially iegistered with the charity Commission as a separate charity
but, with the appioval ol the Commission, it was translerred to this Trust on 31 December 2003.
The origin31 governirig document required that the income and, if considered proper by the
Trustees in the li9ht of exceptional circumstances, the capital should all be applied in advancing
legal education by asslsting persons with defective eyesight ID the study ol law in such manner as
the Trustee5 thought fit and in particular land without prejvdice to the generality ol the forgoing)
by providing equipment in The Society's library.
To the extent that the income was not applied, it was to be accumulated for the 21 year period from
17 February 1989. The Trvstees had discretion to spend the ir)come so accumulated.
Following the expiry ol the 21 yesr period of permitted accumulation on 11 February 2010, the
Trustees have discretion to apply the in¢ome lor such purposes ol an educational nature connected
with The Society to the extent that the specified original objective cannot be achieved.
The TrusteÈs resolved at their meeting on 21 September 2QIO that this fund should continue as a
separate and discrete fund and the original objectives adhered to as far a5 possible.
The income arising on the endowment is available as a scholarship open to meTnber5 of The Society
who are barristers of not more than one year's call, or students, and who are prèctising or intending
to practice at the Bar ol England and Wales. Preference is to be given to candidates practising or
intending to practice on the Midland Circuit.
This fund is expendable and is to be applied in Funding an annua5 essay prize in Administrative Law
lor those who are applying lor pupillages.
This is shown separately in an unrestricted fund while fulld raisirig continues. It is hoped that if the
fund re3ches £1,500,000, 5 scholarships of £10,000 will be awaided annually in memory tsl the late
Lord Bingham. A Bingham Scholarship was awarded in 2021.
rnle
war
This award is made, on merit, to s hi9h potential candidate for the Graduate Diploma in Law.

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMBER 2021
Trustees. Report IContinu•dl
A total bequest ol £1,503,833 is invested in a separate portfolio and the incc>me arising therefrom is
to be Used to assist barristers during their pupillage with preference being given to those seeking to
practice at the ¢riminal bar.
Risk R•vi*w
The Trustees have assessed the major risks laced by the charity and keep them ur)der review. All
the operation31 activities of the Trust are undertaken by the Honour3ble Society of Gray's Inn and
the Trustees rely on their risk control processes. Specific reference is made in these processe5 to
the risk management requirements ol the Trust. The key risk5 relate to the performance ol the
investment portfolio (see 'lnvestment performance" in the Trustees Report lor more detail) and the
continuation of support from the Society. Trustees monitof these risks regularly by receiving
updates from investment tnanagers on the performance of the pc>rtfolio and maintaining regular
dialogue with the Society. The impact ol the Coronavirus pandemic on the Trust Is discussed in the
'Inve5tmer)t Performance and 'plans lor the Future 5ection5 of this report.
Objective5 and Activities
The principal charitable objective ol the Trust is the advancement of education in the law for
students and members of the Society and this 15 achieved by awarding scholarships to all with
ability. To th3t end, scholarship interviews are held separately lor those taking the CPE and Bar
Course exams and those seeking pupillage awards following their Call to the Bar. Detai15 01 the
grant policy and the scholarships are given below.
Grant Poli¢y
The grant policy is to identify able students and to assist them to Complete their Studies and to be
called to the Bar. In order to 3ttract the bri9htest Students to The Society, the awards made Tnv5t
be competitive with the other Inns of Court. The S¢holarships Committee considers applications
from students on an annual basis. These awards are available to cover each year ol 3 Student's study
the Common Professional Examination ICPEI. the Bar Professional Training Course IBPTCI and
during pupillage. In addition, there is a special Ivnd within the charity. The Hebe Plunkett Fund, to
provide additional assist£nce to handicapped students with ) preference for those with a visual
impairment.
Public Ben*fit
The Trustees confirm that they have Considered the Chaiity Commission's guidance on public
benefit. The Trust'5 sole activity is the awarding ol scholarships to students to enable them to pursue
careers as bsrrister5. Thi5 function is delegated to the Scholarships Committee which is guided by 3
policy clocument designed to achieve aTrd to demonstrate that all awards are made ori non-
discriminatory bases.
Information about the scholsrships is made publicly available through The Society's website and the
Scholarships Handbook which Is issued to all new 5tudent5 or th05e interested in becoming students
of The Society. Awards are monitored to ensure that the charitable objectives of the Trust are being
èchieved.
The public benelit derived from the Trust's activities is two-fold. Firstly it offers legal educational
opportunities to all of ability irrespective ol background, and secondly it helps to mèintsin the
highest standards required and expected of the legal profession by members of the public.

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMBER 2021
Trustee$, Report {Continuedl
A¢hievement5 and Performance in the year
Scholarship awards cover all or part of tuititsn Jnd living costs. During the year the Trustees awarded
scholarships to student tnembers of The Society as follows=
2021
2020
Scholarships and prize5 awarded (see note 41
El.287,625
£1271161
Number of scholarships and prizes awarded
132
Average valve
£9,609
Eg,630
The 3ggreg3te amount ol Scholarships awarded has increased slightly during the year reflecting the
determination ol the Trustees to ensure that sufficient funds are available to enable well qualified
student5 to qualify as barristers.
Student Accommodation
Sixteen students are offered accommodation as 8 scholarship within the Inn for the duration of their
course. Each student signs an eleven month Assured Shorthold Tenancy agreement at a nil rent with
the Society. The Scholarships Trust pays a market related rent for the accomodation to the Society
and this amovnt is ith¢luded in the total of the value of the scholarships awarded in the year. The cost
of this is borr)e by the Trust. The total amount paid Under these arrangements in 2021 was £172k.
Financial Review
The Staternent ol Financial Activities on page l2 discloses the following-
2021
2020
Income received
497,736
11,252,069)
1754.3331
2 177 562
397,832
11234,9721
1837,1401
1,185,987
£348,847
Expenditure incurred
Net ¢ash generatedllspentl
Gains /ILossesl on investments
Surplus lor the year
£),417,229
Income feceived is significantly below the long term trend a5 the the Gray's Inn Charitable Trust has
ceèsed its annual grant for both 2020 and 2021.
The funds available as at 31 December amounted to..
2021
2020
Unrestricted Funds
Restricted Funds
Endowment Funds
7,098,341
121,075
10,932,694
£18,152,110
6,983,941
123,003
9,627.937
£16,734,881
Despite the elimination of the annual grant from the Gray's Inn Charitable Trust the Trust Saw a net
increase in the value of its funds largely because of a large increase in the valve of its investments.
To compensate for the reduced Grant from the Charitable Trust the Trustees borrowed £600k from
the Society. This loan is interest free and iepayable with three months notice. This policy enabled
the Trust to maintain level ol Scholarship5 whilst rninimi5ing the need to liquidate high performing
investments.

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECÉMBER 2021
Ttustee$' Report IContinv•d)
Inyestmènt Performance
Details of iT)vestments are given in Note 8. The Goddard legacy (amounting to £2.Om at the end of
20211 is invested in a separate account within the Charite5 Investtnent Fund I'COIF'I managed by
CCLA.
There is a further investment in COIF amounting to £4.9m at the end of 2021. This 15 an investment of
part of the Trust's er)dowment.
Funds with WillisTowersWatson I'WTW") amounted to £12.2m at the end 012021 and are invested
with the aim achieving real returns ol at least 5% pa averaged over five year rolling periods with hall
the volatility ol equity market5.
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. This policy. which is driven by the fact
that COIF gives 3 regular income whilst WTW generates Capital growth only, is grèdu311y being
implemented over a number of year5. The income generated by COIF asset5 in 2021 represented
3.0% return on the opening balances held.
Financial markets had s strong year and the Trv5t'5 investments performed very well with a capital
gain of £2.2m 112.7% 01 the opening balance).
Reserves 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 reserve5 policy is
to retain sullicient Funding to establish a strong investment portfolio to ensvre continuity and
certainty in providing lutuie awards. As at 31 December 2021 total reserves were E18.Om, ol which
EIO.9m was endowed lor specific purposes and held in investments to 9ener3te an income out of
which grants will be made in future periods. A further ÈO.Im w35 restricted lor specific purposes and
the remaining £6.9m was uniestricted, but held in investments. Trustees are content that the current
level of reserves are svflicient to meet existing Str3tegic plan5 of the Charity.
InY•rtm•nt Powtrs and Policy
The Trustees have broad powers of investment. The policy is to preserve and grow the real value of
the portfolio over the longer term.
Plans for Futvre Periods
The continuing aim remains to give scholarships to able 5tudent5. irrespective of background, to
enable them to achieve careers as barristers
The Trust has received substantial grant5 from the Charitable Trust over many years ar)d this has
contributed tc> the Creation Ol financial reserves in addition tts the payment of scholarship5. A5 8
result of the pandemic the Society has adopted a cautious policy in respect ol its charitable funding
and ha5 reduced the annual grant to the Charitable Trust and, by extension, to the Trust. The Trustees
have borrowed funds from the Society in order to realise its financial gtsa15 in ?021. The Society has
agreed, in principle, to resume significant donations to the Trust in 2022 and beyond. Future
donation5 to the Trust will be paid directly by the Society rather than via the Charitable Trust. The
Trustees envisage scholarships continuing at current or improved levels lor the forseeble future.
The process for awarding scholarships to students starting their courses in September 2021 has not
beeft impeded by the Coronaviru5 paridemic and the aggregate arnount ol Scholarships awarded is
in line with amounts budgeted.

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMBER 2021
Tru5tees' Report Icontinvedl
statement of Trvstees, Responsibilitie$
The Trustees are requirecl to prepare, fc>r each financial year, financial 5t8tements which observe the
principles and rnethods of the Charities SORP ancl which give a true arid fair view of the state of
affairs ol the Charity and ol the incoming resources and 3pplication of re50urce5 of the Charity for
that period. In preparing those financial statements, the Trustees are required to..
select suitable accounting policies and then apply them consistently.,
make judgements and estimates that are reasonable and prudent,.
state whether applicable accounting Standards have been followed, subject to any material
departures disclosed and explained in the financi31 statement5'. and
prepare the financial statements on the going ¢on¢ern basis unle55 It 15 inappropriate to
presvme that thi5 ba515 applies.
The Trustees are re5porisible lor keeping proper accounting records which disclose with reasonable
accuracy 2t any time the financial ptssitiori ol the Ch3rity and to enable them to ensure that the
financial statements comply with statutory requirements, They are also responsible for Safeguarding
the a55ets of the Charity and hence for taking reasonable steps lor the prevention and detection of
fraud and other irregularities.
Approved by the Trustee5 on I. July 2022 and signed as authorised on their behalf by..
Trustee

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMBER 2021
Indep•nd•nt auditor's réport to th• trvstèès of Th• Gray'$ Inn Scholar$hip$ Tru$t
Opinion
We have audited the financi31 statement5 Of The Gray's Inn Scholarships Trust lor the year encled 31
December 2021 which comprise Statement of Financial Activities, 8alance Sheet, Cash flow
statement and Dotes to the lin3nci31 statement5, including a svmmary of significant a¢counting
policies. The financial reportirng 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 applicJble in the UK and Republic ol Ireland (United Kingdom
Generally Acceptecl Accounting Practice).
In our opinion, the financial statements..
give a true and lair view ol the state of the charity's afl3irs as at 31 December 2021 snd 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 Charitie5 Act 2011.
Basi5 for opinion
We have beeft appointed as auditor under section 144 01 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 IUKI IISAS IUKII and
applicable law. Our responsibilities under those standards are Ivrther described in the Auditor's
responsibilit￿eS lor the audit of the financial statements section ol our report. We are independent
of the charity in 3ccordance with the ethical requirement5 that are r@lev2nt to our audit ol the
linanci315tatements in the UK, including the FRC'S Ethical Standard, and we have fullilled our other
ethical responsibilities in accordance with these requirements. We believe that the audit evidence
we have obtsined 15 sufficient and appropriate to provide a basis lor our opinion.
Conclusions relating to going concern
In auditirig the financial statement5. we have concluded that the trustees use of the going concern
basis of accounting in the preparation ol the financial statements is appropriate.
Based on the work we have perfortned, we have not identified any material vncertainties relating
to event5 or conditions that, inclividually or collectively, may Cast significant doubt on the charity's
ability to continue as a going concern for a period o12t least twelve months from when the
financial statements are authorised for issue.
Our responsibilities and the resPOn5ibilities of the trustee5 Wlth respect to going concern ale
described In the relevant sections ol this report.
Other information
The tru5tee5 ère responsible for the other information. The other Information comprises the
information included in the Trustees, Annual Report. Our opir)ion on the financial statements does
not cover the other information ar)d, 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 stateTnents. 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. Il we identify such material inconsistencie5 or apparent material
mi55tatements. 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 concltsde that there is a material misstatement of thi5 Other information, we
are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to ￿Port by exception
We have nothir)g to report in respect of the following matter5 in relation to which the Charitie5
(Account5 3nd Reports) Regulations 2008 require us to report to you If, in our opinion..
adequate accounting records 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 ac¢ovnting records and returns., or
we have not received all the information and explanations we require for our auc4it.

THE GRAY'S INN SCHOLARSMIPS TRUST
YEAR TO 31 DECEMBER 2021
Independent avditgr's report to the trustees of The Gray's Inn Scholarship5 Trust Icont'dl
Re$pon$ibilitie$ of trustee$ for the financial $tatements
As explained more lully in the trustees, responsibilities statewnent set out on page 8, the trustees
are responsible lor the preparation of the financial statements and for being satisfied that they give
a trje and lair view, and for such internal control as the trustees determine is necessary to enable
the preparation of financial statements that are ffee from material misstatement, whether due to
fraud or error.
In preparing the financial statements, the trustees are responsible for asse55ing the charity's ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and
using the going ¢c>ncern basis ol accounting unless the trustees either intend to liquidate the
charity or to cease operations, or have no realistic alternative but to do $0.
Auditor's responsibilitbes for the audit of the financial statements
Our objectives are to obtain rea50riable assurance 3bout whether the finan¢i41 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 opir)ion. Reasonable a55urance is a high level ol assurance, but is not s
guarantee that an audit conducted in accoidance with ISAS IUKI 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 ag9regate, they could iea50n3bly be expe¢ted to inllvence the
economic decisions ol users taken on the basis ol these financial statements.
Irregularities, including fraud, are instance5 of nori-compli3nce with laws and regulations. We
design procedures in lirne with our responsibilities. outlined above, to detect material
misstatements in respect ol irregularities, including fraud. The extent to which our procedures are
capable ol detecting irregulaiities, including fraud is detailed below-.
Based ort our understanding ol the Charity and the environment in which it operates, we identified
that the principal risks ol non-compliance with laws and regulations related to compliance with the
Charity SORP in the preparation of the accounts and fund accounting, and we Considered the
extent to which non-compliance might have a material ellect on the financial statements. We also
considered those laws ar)d regulations that have a direct impact on the preparation ol the financial
statements such as Charities Act 2011.
We evaluated management's incentives and opportunities for fraudulent manipulation ol the
financial statements (including the risk of override ol contro151, 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.,
Discussions with management including consideration ol known or suspected instances of
non-compliance with laws and regulation and Iravd both at planning ènd at completion",
Evaluating management's contro15 designed to prevent and detect irregularities..
Sample testing the allocation ol expenditure to restricted luF)ds',
Identifying and testing journals process by mar)agerNent in the preparation of the financial
5t3tements', and
Challenging J55UmPtions 3nd judgements made by management in their critical
accounting estimates.
A further description ol our responsibilittes for the audit ol the financial statement5 15 located on
the Financial Reporting Council's website at.. www.Irc.org.uk/auditorsresponsibilities. This
description form5 part of our auditor's report.
io

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMBER 2021
Independent auditor's report to the trustees of The Gray's Inn Seholarships Trust (Cont'dl
U$e C*f ovr report
This report 15 made solely to the charity's trustees. a5 a body. in accordance with Section 144 01 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 Auclitor'5 report and for no other purpose. Tts the fullest extent permitted by18w. we
do not accept or assume responsibility to anyone other than the charity's trustees as a body lor our
audit work, for thi5 report, or for the opinions we have formed.
Haysmacintyre LLP
10 tlveen Street place
Statutory Auditor5 London
EC4R 1AG
Dote: 04 July 2022

THE GRAY'S INN SCHQLARSHIPS TRUST
YEAR TO 31 DECEMBER 2021
STATEMENT OFFINANCIALACTivmES
UnrtStri¢ted Restri¢t*d Endowm•nt
Funds
2021
2020
Funds
Fvnds
Totsl
Total
Notes
INCOME AND ENDOWMENTS FROM:
Donations aDd legacies
Investryents
273,455
135,951
409,400
24,150
64,180
88,330
297,605
200.131
497,736
275,747
122,085
397,832
T¢ral
ExpEND￿vRE ON:
Charitable activities
EdutatioD ol law students
oihor
Total
1,152,390
4.794
1,157,784
94,885
1,247,275
4,794
1,252,069
1,230.501
,411
1,234,972
94,885
NET INCOMING RESOURCES
1747,7781
16.5551
1754,3331
1837,1401
Net Ilossesl/g3ins on investmÈntS
NET IMC¢)ME/EXPENDThURE
802,178
114,J99
4,627
11.9281
1,304,757
1,304,757
2,171,502
1,417,229
1,185,987
8,847
RECONCILIATION OFFUNDS
Total Funds brought forward
6,983,942
123,003
9,627,937
16,734,881
16,386,034
TOTAL FUNDS CARRIED FORWARD
£7,098A41
E121,075 EI0,932,694
EIB.752.110 É16.734.881
There were no recognised gains or losses other than those shown in the abtsve Statement ol Financial
Activities.
The note5 on poge 73- 27Aorm p(3rt of the linLTncial statements.
12

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMBER 2021
BALANCE SHEEf AT 31 DECEMBER 2021
2021
2020
Note5
XED ASSETS
Investments
19.054.671
17,163,1)47
CURRENT Assrrs
Cash and dep051t5 in tr3n5lt
Debtors
183.362
175 277
358.639
123.770
130050
253,820
CREDITOAS..
Svndry creditors
Borrowing from Gray'5 1nn
10
161.2001
11.200,0001
11,?61,2001
181,9861
1600 0001
1681,9861
NET CURRENT (LIABIL￿lES) / ASSETS
1902,5611
1428,1661
NET ASSETS
£16734881
FUNDS
Unrestricted
Restricted
Endowrnents
12
12
12
7,098,341
1?7,075
10.932.694
6,983,941
123.003
9,027.937
£18.152.110
£16,734,881
Approved by the Trustees on I. July 2022 and Signed 85 authorised on their beh811 by..
Trustee..
13

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMBER 2021
CASH FLOW STATEMENT
2021
2020
Net movement in funds
Doduct investment gains
Deduct.. investrnent income shown in investing activities
Increase in current account with Gray's inn
Ilncreasel/decrease in debtors
Decrease in creditors
1,417,229
12,171,562)
1200.1311
348,847
11,185,987)
1122,0851
Iso)
45,700
144,0141
145.2771
120,7861
Net cash provided by operating activites
11,020,527)
1957,5891
Cash flow5 from investing sctivities
Invesrment income
200,151
279,938
122,085
204,073
Withdrawals from investments
480.069
326.158
Cash flows from financing activities
Short term Loan from Gray's Inn
600,000
600,000
IDecreasel/increase in cash and cash eovivalent5 in the year
59,592
131,4311
Cash and cash equivalents at the start of the ye>r
123,771
155,202
Total cash and cash eqvivalents at the end of the y¢•r
£183 362
£123.rn
14

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMBER 2021
Notes to the A¢¢ount$
I. ACCOUNTING POLICIES
lal General Information
The Gray's Inn Scholarships Trust is a UK Based Charitable Trust registered with the charity
Commission. Its registered address isTreasury Ollice, 8 South Square, Gray's Inn, London WCIR SET.
Ibl Basis of pr•paration and a$s•ssm•nt of 90in9 concern
The accounts (financial statements) have been prepared under the historical c05t convention with
items recogni5ed at C05t or transaction v8lue unless otherwise 5t3ted in the relevant notelsl to these
accounts. The financial statements have been prepared in accordance with the Statement of
Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in
accordance with the Financial Reportlng Standard applicable in the UK and Republic of Ireland IFRS
10?} issued on 76 July 2014 1Se¢c>nd edition
October 20191 and the Financial Reportir)g Standard
applicable in the United Kingdom and Republic ol Ireland IFRS 1021 and the Charitie5 Act 2011.
The Trust constitutes a public benefit entity as defined by FRS 102.
The Trvstees consider that there are no material Uncertainties about the Trust's ability to continue
as a going concern.
In preparation ol the accounts there are estimates relating to prepayments and accrua15 which are
non-complex in nature. None of the estirnates are material to the accourlts.
(¢1 Income
All Income is recognised once the Trust ha5 entitlement to the income, it 15 probable that the incotvie
will be received and the amount of income re¢eiv3ble can be measured reliably.
Idl Donations and Legacies
Donation5 and le9acies are recognised when there is entitlement to the income, receipt is probable
and the amount Can be measvred reliably.
{el Scholarships
Scho13rships are accounted for as they are awarded.
(fi InYèstm•nts
Investments are stated èt market value. Realised and unrealised gains and losses during the year are
taken to the Statement ol Financial Activities.
191 Fund$
Unrestricted Funds are donations and other incoming resources to be applied in meeting the broad
objects of the charity. Restricted funds represent the unexpended income to be applied lor specific
purposes. Endowment funds Ivnless expendable in specified circumstances) are not to be spent but
retained to preserve the Capital value of the original becjuests.
Ihl Expènditure
The expenditure ol the Trust is directly allocated to the charitable activity to which it relate5 OF to
the governance of the Trust.
(jl Financial Instruments
The Trust only enters into basic financial instruments tr3n53Ctions that result in the recognition of
financial assets and liabilitie5 like trade and other debtor5 and Creditors, loans from banks and other
third parties,108ns to relsted parties and investments in non-putt2ble ordinary shares.
(il 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 c05t using
the effective interest method.

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO J1 DECEMBER 2021
Note$ to the A¢covnts {Continuedl
(k) Debtors
Shoit tèrm debtors are measured at the transaction pr￿Ce, less 3ny impairment. Loans receivable are
measured initially at 13ir vslve, net of transaction costs. Jnd are measured subsequently 3t amortised
C05t using the effective interest method. less any Impairment.
(11 Provi5ion5
Provisions are made where an event has taken place that gives the 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. Provisior)s are charged as expense to the
St¥tement of Finar)cial Activitie5 in the year that the Society becomes aware ol the obligation, and
are measured at the best estimate at the Balance Sheet date ol the expenditure required to settle
the obli9ation, taking into account relevant risks and uncertaintie5. When payments are eventually
made, they are charged to the provision carried in the 8al3nce Sheet.
2. DONATIONS AND LEfjA¢IES
Unrestricted
Fund$
Restricted Endowment
Fvnd5
Fvnds
2021
Total
General DonatlOT15 and legacies
Bingham Appeal
Hon Stsc ol Gray's Inn Trust Fund
186,802
38,153
24,150
210,95
38,153
48,500
£297,605
£273,455
24,150
Unrestricted
Fund$
Rèstricted
Fvnd5
Endowment
Fvnds
2020
Total
General Donations and le98cies
Bingham Appeal
Hon Soc ol Gray's Inn Trust Fund
237.615
38,132
237,615
38,132
£275,747
£275,747
3. INCOME FROM INVESTHENTS
Unrèstricted
Funds
Restricted Endowment
Fvnd$
Furjds
2021
Totsl
Investment portfolio
35 951
£64,180
£200,131
Unrestricted
Fund$
Restricted
Fvnds
Endowment
Funds
2020
Totsl
Investment portfolio
£72,089
49 996
22,085
16

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMBER 2021
Notes to the Aceounts (Continued)
4. CHARITABLE EXPENDITURE
2021
2020
Scholarship$ awarded for th• •ducation of law sivd•nts
G@neral Fund
Unrestricted Fund
Awards not taken and written back
1,179,14LO
140,3501
1,139,090
13.300
15,000
4,150
4,735
70,000
1,000
Sl,247,275
1,180.661
140,6001
1,140,061
io,000
10,000
Bingham Fund
Chamley Fund
Mustill Fund
Hebe Plunkett Fund
Ann Goddard Fund
The Troy Trust (Belofl Essay Prize)
1,500
69,000
£1230,561
Total scholarships awarded in year
Awards not taken ancl written back
Net cost of 5cholar5hips awarded in year
1,287,625
140,3501
£1,247,275
1,271,161
140 6001
,230,561
The Trust employs no members ol staff and hence there are no staff costs or key management
personnel costs to disclose.
Included in the above is the sum of £172,740 12020 £150,1sOII representing the rental paid by the
Trust to the Society for rental of accommodation offered to studerits who were awarded residential
scholarship5.
5. OTHER COSTS
Unrestricted
Funds
Restricted Endowment
Fvnd$
Funds
2021
Totsl
Audit Fees and Bank Charges
4,794
4,794
£4,794
unrestricted
Funds
Restricted Endowffl•nt
Funds
Fund$
2020
Total
Audit Fees and Bank Charges
4,411
The Trust receives support services dor)ated by The Society. These relate entirely to its sole
charitable activity., the education ol law students. It 15 not practicable to quantify the value ol
doriated services with any degree tsl precision. On the basis that the value is likely to be material,
value of nil has been ascribed to the donated services in these accounts
17

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEM&ER 2021
Notes to the Accovnts (Continued)
6. TRVSTEES, REMUNERATION AND RELATED PARTY TRANSACTIONS
During the year no trustee received any remuneration or expenses12020.' nill. There were no related
party transactions in the yesr12020'. nil)
7. TAXATION
The Trust is a registered charity and its income and gains are exernpt From taxation.
8. INVESTMENTS
2021
2020
Market value at l January
Capital introduced/lwithdrawnl
Investment gains/ IIOs5esl
Market value at 31 December
11,888,564
11,129,938)
1,418,549
£12,177 175
12,689,569
11,704.0731
903,068
11,888,564
Cost at 31 December
£4,793,239
£5,253,065
Market value at l January
Capital introduced/lwithdrawnl
Investment gains/ Ilossesl
Narket valve ot 31 December
3,553.347
850,000
511,690
E4 915037
1,873,888
1.500,000
179,459
È3,553,N47
£3,300,000
C05t at 31 December
£4,150,000
Market value at l January
Capital introduced/lwithdrawnl
Investment gains/ Ilossesj
Market value at 31 December
1,721,137
1,617,676
241,323
,962,459
103,461
£1,721,137
Cost at 31 December
£1,570.573
£1,570,573
Narket value at l January
Capital introdv¢ed/lwithdrawnl
Investment gains/ Ilc>ssesl
Market value at 31 December
17,163.047
1279,9381
2 171,562
£19,054,671
16,181,132
1204,0731
1 185 987
£17 163,047
Cost at 310ecember
£10513813
£10,123,639
18

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMBER 2021
Notes to the A¢¢ounts Icontinvedl
8. INVESTMENTS- Continued
2021
2021
2020
2020
Overseas Equities
UK Equities
Infrastructure and Operating Assets
Cash and nearcash
Property
Contractual & other Income
Private Equity
Fixed Interest
Total market value of InveStff￿ntS
4,552,903
632,730
522,690
577,710
261,345
165,060
165,060
66%
3,622,516
475,758
476,813
213,617
206.232
154,542
104,962
69%
9%
9%
6,877,496
io0%
5,274 483
loo%
Equities
Credit
Priv2tÈ Markets
DivÈrsilying
Cash
Total market value ol inveSt￿ntS
4.578,618
1,144,654
3,348,723
2,532,852
572.327
£12 177175
4,969,420
1,521,736
2,758,147
2,318,270
320 991
£71888 564
42%
13%
23%
20%
3%
100%
28%
21%
loo%
Combined market value of investment5
£19,054,671
£17,163,047
9. DEBTORS
2021
2020
Current account with Gray5 Inn
A¢¢rued income
50
130,000
É130,050
175277
E175 277
10. CREDITORS
2021
2020
Scholarships awarded but nc>t yet paid
Residential Scholarship retentions
Audit fee
57,600
62,1486
16,000
3,600
£61,200
£81,986
11. SHORTTERM LOAN
The Trust has borrowed £1,200,000 from the Society. The loan is unsecured. interest free and is re-
ayable on three months notice.
19

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMBER 2021
Notes to the A¢¢ounts (Continued)
12. FINANCIAL INSTRUMENTS
Financial sssets comprise accrued incotne and sundry debtors. Financial liabilities comprise accruals
and sundry creditors.
2021
2020
Financial Assets
Financial Assets messured at amortised cost
75,277
£130,050
Financial Liabilitiès
Financisl Liabilities measured at amortised Cost
£61,200
£81,986
13. ANALYSIS OF UNRESTRICTED, RESTRICTED AND ENDOWMENT FUNDS
The movement ol funds during the year is as detailed below..
lJonv¢ry
2021
InctymSng
Resources
Resources
Inveslment
Exp&nded Golns I II0$5esl
31 December
2021
UNe5tr1cled Fund
General
The Binghom Fund
Tolol Unre5tricled
5B?2.056
1.091.886
6.983.941
343.396
66.010
409.406
727.383
134.795
862.178
5.818.951
1.279.390
7.098.341
113.3001
Restil¢ted
Stephen Silber Fund
The Choinley Fund
Hebè Plunkell Fund
The Muslill Fund
Sir Brion Smedley FurKJ
Troy FundlBelofl Prize
Ann Goddord Fund
786
806
30.000
97
898
5.921
29.553
20.016
584
4.150
115.0001
14.7351
100
3.704
305
5.580
85.526
123.003
348
5.378
78.977
121.075
109
63.451
I 1.0001
170.0001
1?4.8851
689
Total Reslricte
88.330
4.627
Endowment
General
7.462.324
416.563
24.882
1.724.168
9.627.937
1.004.039
56.048
8.466.363
Hebe Plunketl Fund
Sir Brion S medley Fund
Ann Goddord Fund
Totol Endowment
3.348
241.323
1,304.757
28.230
1.965.490
10.932.694
Tolal Funds
16.734.881
497.736
11,252,069}
2,171,562
18,152.110
Anolys15 tsf N•1 Assets belween
Fvnds US ut31 December 2021
Investment5
Net Cwrent A55ets
UDreslrlct*d
Fund
8.082.910
1984.5691
£7.098.341
Reslrieted
Funds
42.098
78,977
£121,075
Endowmenl
Totol
Assets
19.054.671
190?.5611
£18.152.110
Funds
10.929.663
3.031
£10.932,694
The Endowment Fund ol the Geneièl Fund arose from various legacies and donations and represents
a permanent endowment. The Unresrricted Fund is to be applied to meet the char1table objectives
of the Trust. The purposes of the various funds are outlined in more detail in the Trustee's Repc>rt.
20

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMBER 2021
Notes to the A¢¢ounts (Continued)
15. ANALYS15 OF UNRESTRICTED, RESTRICTED AND ENDOWMENT FUNDS Icontinvedl
The movement of funds during the prior year 15 a5 detailed below..
ljonuory
2020
Incomlng
Resources
R*8our¢e$
Inveslment
Expended Galns I IIosse51
31 December
2020
Uniestrl¢tsd Fun
General
Thtr 8inghom Fund
Total Unre5tricled
6.298.637
977.545
7.276.182
292.604
55.232
347.836
445.287
69.108
514.396
5,896,467
1.091.686
6.988.352
110.0001
Restrlcled
Slephen Silber Funcl
The Charnely Fund
Hebe Plvnkell Fund
727
10,(K)O
51
786
99
I l 0.0001
11.5(K)I
707
2.061
20
806
30.000
305
5.580
85.526
123.(K)3
289
Sir B Tion Smedley Fund
Troy FundlBeloll Prlze
Ann Goddord Funol
Total Re51ricled
282
5.164
104.979
150.303
51
49.547
365
169.OCOI
180.5001
49.996
3.204
Endowment
General
Hebe Plunkell Fund
6.928.950
386.789
3.103
1.620.707
8.959,549
533.374
29.774
1.778
103.461
668.388
7.462.324
416.563
Sir Brion Smedley Fund
Ann Goddord Fund
?4,882
1.724.168
9.621,937
Tolol Endowment
Totol Funds
16.384.034
397.832
11,230.5611
1,185.987
16.739.292
ol NÈtA55ets b?￿een
Fund5 as at31 December 2020
Unre51wScle
Fund
Restricled
Funds
Endowment
Funds
Tolol
Assets
Inveslmen15
7.500.664
1516.7231
£6.983.941
37.477
85,526
£123.003
9.624,906
3.031
£9.627.937
17.163.047
Net Cwrenl Assels
£16.734.881
21