THE GRAY'S INN
SCHOLARSHIPS TRUST
Financial Statements
for the year to
31 December 2022
Registered charity No. 313604

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMBER 2022
Index to the Financial Statements
Page$
Trustees, Report
Iridependent Auditor's Report
9- 11
Statement ol Financial Activities
12
Balance Sheet
13
Cashflow
14
Note5 to the Accounts

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMBER 2022
TrvsteÈs' Report
Rof•Ten¢e and Administrativo Dotai15. Tru5t•e$ and Advis•rs
TRUSTEES
philip Baker KC (resigned 31 December 20221
The Honourable Mrs Justice Nèthalie Lieven
Tirnothy Corner KC
David Forsdick KC (appointed i, January 20231
PRINCIPAL OFFICE
8 South Square
Gray's Inn
London WCIR SET
CHARITY REGISTRATION NO.
313604
GOVERNING INSTRUMENT
Charity Commission Scheme dated 2nd May 1995
AUDITORS
Hay5m3tintyre LLP
10 Queen Street Place
London EC&R 1AG
SOLICITORS
Hunters
9 New Square
Lincoln's Inn
London WC2A 3QN
PRINCIPAL BANKERS
C Hoare & Co
37 Fleet Street
London EC4P 40Q
INVESTMENT MANAGERS
Willis Towers Watson
Nidcity P13ce
71 High Holborn
London WCIV 6TP
CCLA Investment Management
Senator House
85 (Lueen Victoria Street
London EC4V 4ET
SENIOR MANAGEMENT TEAM
Chief Executive
Oirector ol Finance
Stephen Cartwright
Dermot Doughty

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMBER 2022
Trustee5' Report IContir*uedl
Structure, Governance and Hanagement
The Gray's Inn Scholarships Trust I thè Trust") is 3 charitable Trust regisiered with the Charity
Commi55itsn. Trustees who acted throu9hout the year are disclosed on Page 3.
The Trustee5 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 ol the Scholarships Committee. They approve
the amount of money ro be divided between the Common Professional Ex8mination ICPEI, Bar
Course and pupillage awards and they approve the list ol those who should receive scholarships.
The selection is undertaken by other Nasters of the Bench, members ol Hall and staff ol The
onourable Society of Gray's Inn I'the Society").
Trustees are selected by the Management Committee of The Society and their appointments are
confirmed by Pension, the vltimate policy and decision tnaking body of The Society. The day-to-
day management ol the Trust 15 deleg3ted to the manaoement staff ol The Society and there are
regular meetings of the Trustees.
Funds
Th
The Hèbe plunkett Fund was initially registered with the charity Commission Ès a separJte charity
but, with the approval ol the Commission, it was transferred to this Trust on 31 December 2003.
The original governing document required that the Income and, il considered proper by the
Trustees in the light of exception31 circumstance5, the capital Should all be applied in advancir)g
legal edv¢atiC)n by a5515ting person5 Wlth dele¢tive eyesight in the study of law in Such manner as
the Trustees thought lit and in particular laT)d without prejudice to the generality ol the lorgoingl
by providing equipment in The Society'5 library.
To the extent that the income was not applied, it was to be accumulated for the 21 year period from
11 February 1989. The Trustees had discretion to Spend the income so accvrnulated.
Following the expiry ol the 21 year period of permitted accumulation on 11 February 2010, the
Trustees have discretion to apply the income for such purposes of an educatitsnal nature connected
with The Society to the extent th2t the specified original objective cannot be achieved.
The Trvstees re501ved at their meeting on 21 September ?010 that this fund should continue as a
separate and discrete fund and the original objectives adhered to as lar as possible.
The Income arising on the endowment is available as a scholarship open to members ol The Society
who are barristers ol not more than one year's call, or students, and who are practising or intending
to piactice at the Bar of En9land and Wales. Preference 15 to be given to candidate5 practising or
intending to pr3Ctice on the Nidland Circuit.
The Tro
Fund
Beloll Essa
Prize
This fund 15 expendable and 15 to be applied in funding 3n annual e5$3y prize in Administrative Law
for those who are applying lor pupillages.
The Bin
m Fund
Thi5 is shown separately in an unrestricted fund while fund raising continues. It is hoped that if the
fund reaches £1,500,000, 5 scholarships of EIo,000 will be awarded annually in memory of the late
Lord Bingham. A Bingham scholarship was awarded in ?022.
he Charnle
award
This award Is made, on merit, to a high poteT)tial candidate lor the Graduate Diploma in Law.

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMBER 2022
Tru5tees' Report {Continuedl
The Ann Goddard Fund
A tot31 bequest ol £1,503,833 is invested in a separate portfolio and the income arising therefrom is
to be used to assist barristers during their pupillage with preference being given to those seeking to
practice at the critninal bar.
Risk Review
The Trvstees have assessed the major risks faced by the charity and keep them under reviÈw. All
the operational activities ol the Trust are undertaken by the Honourable Society ol Gray's Inn and
the Trustees rely on their risk Control processes. Specific reference is made in these processes to
the risk management requirements of the frust. The key risks relate to the performance ol the
investment portfolio (see "Investment performance" in the Trustees Report lor more detail) and the
continuation ol support from the Society. Trustees monitor these risks regul3rly by receiving
vpdate5 Irorn investment manager5 on the perlorrn3n¢e ol the portFc>lio and maintaining regular
dialogue with Ihe Society.
objective5 and Activitie$
The prin¢ipal charitable objective of the Trust is the advancement ol edu¢3tion in the law for
students and members ol the Society and this is achieved by awarding scho13rship5 to all with
ability. To that end, scholarship interviews are held separately for those taking the CPE and Bar
Course exam5 and those Seeking pupillage award5 following their Call to the Bar. Details of the
grant policy and the 5cho13rship5 are given below.
Grant Policy
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 attract the brightest student5 to The Society, the awards made must
be competitive with the oth&r Inns of Court The Scholarships Committee considers application5
from students on an annual basis. These awards are available to cover each year ol a student's study
the Common Professional Examination ICPEI, the Bar Prole5sioDal Tr3ining Course IBPTCI and
during pupi113ge. In addition, there is a special fund within the charity, The Hebe p1unkett Fvnd, to
provide additional assistance to handicapped students with a preference lor those with a visual
impairment.
Publi¢ Benefit
The Trustee5 confirm that they have considered the Charity ComTnission's guidance on public
benefit. The Trust'5 sole activity 15 the awarding ol scholar5hip5 to students to enable them to pursue
careers as barristers. This function is delegated to the Scholarships Committee which is yuided by a
policy document de51gr)ed to achieve ènd to demonstrate that all awards are made on non-
di5crimin3tory bases.
Information about the 5cholar5hips 15 made publicly avail8ble through The Society'5 website and the
Scho13r5hip5 Handbook which is issued to all new Students or those intÈre5ted in becoming student5
ol The Society. Awards are monitored to ensure that the charitable object1ves of the Trust are being
achieved.
The public benefit derived from the Trust's activities is two-fold. Firstly it offers legal educational
opportunities to 311 ol ability irrespective ol background, and secondly it help5 to maintain the
highest standards required and expected ol the legal profession by members ol the public.

THE GRAY'5 INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMe4ER 2022
Trustees. Report Icontinvedl
Achievement5 and Performance in the year
Scholarship award5 cover 311 or part of tuition and living cost5. During the year the Tru5tee5 awarded
scholarships to student members of The Society as follow5..
2022
2021
Scholarships and prize5 awarded15ee note 41
£1,305,575
£1,287,625
Number of scholarships and prizes awarded
134
134
Average value
£9,743
£9,609
The aggregate amount of scholarships awarded has increased slightly during the year reflecting the
determination of the Trustees to ensure that sufficient lund$ are available to en361e well qualilieol
students to qualify as barristers.
stvdent Accommodation
Sixteen students Jre offered accommodation as a scholarship within the Inn for the duration ol their
covr5e. Each student signs 3 tenancy agreement at a nil rent with the Society. The Trust pays a
market related rent for the accommodation to the Society and this amount 15 included in the total ol
the value of the scholarships awarded in the year. The cost ol this is borne by the Trust. The total
amount paid unclèr these arrangements in 2022 was É173k12021.. £172kl.
Financial Review
The Statement of Financial Activitie5 on page 12 discloses the following
2022
2021
Income received
Expenditure incurred
2,213,093
11,271,081)
397,832
11,234,972)
1837,1401
1 185,987
£348,847
Gains /ILossesl on investments
Svrplu5/ (Deficit) for the year
11,240,6001
£1298,5941
Income received 15 significantly in excess 012021 largely because the annual grant from the Society
was resumed In 2022 after two years where it had been di5COTltinued in favour 013 loan. The grant
amounted to £600k. In addition the Society agreed to tre8t the loans advanced to the Trust in 2020
and 2021 1£1.2m in totall as a donation.
Expenditure incurred, which 5htsws a small increase, is mainly the net amount ol scholarships paid
alter allowing lor scholarships not taken up.
There were 51grtilicant losse5 on investment5 reflecting the very dillicult market Conditions tovrfard5
the end of the year.
The funds available a5 at 31 December amounted to..
2022
2021
Unrestricted Funds
Restricted Funds
7,794,352
9?,636
9,960,528
£17,853,516
6.983.941
123,003
9,627,937
£16,734,881
Endowfflent Fvnds

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMBER 2022
Truste•s' Report {Continvedl
Investment Performance
Details of investments are given in Note 8. The Goddard legacy lamountlDg to £1.7m at the end of
20221 is invested in 2 separate account within the Charites Investment Fund I'COIF'I managed by
CCLA.
There is a further investment in COIF amounting to £4.3rn at the end of 2022. This is an investment
of part of the Trvst'5 endowrTrent.
Funds with WillisTowersWatson I'WTW") amourited to £10.6m at the end 012022 and are invested
with the aim achieving real returns ol at le3St 5% pa averaged over five year rolling periods with hall
the volatility of equity markets. 2022 saw a reduction In fund value, compared to the opening
balance. 013.6%.
The medium term intention is to invest all the endowment reserve5 of the Trust in COIF with the
vTrrestricted and restricted reserves being invested in WTW. This policy, whieh is driven by the 12¢t
that C01F gives a regular income whilst WTW generates capital growth only, is gradually being
implemented over a number ol year5. The income generated by COIF assets in 2022 represented
3% return on the opening balances held. There was a l2% Ioss in the year end valuation.
The Trust liquidated £l.Im of asset5 from the WTW fund in June. This was part of the policy of
transferring endowment funds to COIF. Given the fragility ol investment markers the funds were
retained on fixed term bank dÈposit rÈther than being invested in COIF.
Re$erv¢$ Policy
The reserves policy is to retain sufficient funding to e5tabli5h a strong investment portfolio to ensure
ontinuity Ènd ceriainty in providing future awards. As at 31 December 2022 tot31 ieserves were
£17.8m, ol which £IO.Om was endowed lor 5pecili¢ purposes and held In investments to generate an
incorlle Out ol which grJnts will be made In future periods. A further £O.Irn was restricted lor specific
purposes and the remaining £7.7m was unrestricted, but held in inve5tmeDt5. Tru5tee5 are content
that the curient level ol reserves ale svfficient to meet existing strategic plans of the charity. The
unrestricted reserves are sullicient to cover over live years ol expenditvre on scholarships at existing
levels.
Investment Power5 and Policy
The Tru5tee5 h3ve broad powers ol investment. The policy is to preserve and grow the real value of
the portlolio over the longer term.
Plan5 for Fvture Period$
The continuing aim remain5 to give scholarship5 to able stvdents. irrespective ol background, to
enable them to achieve careers as barristers. To ellect this the Trust works closely with the Society
and the Honourable Society ol Gray's Inn charitable Trust to ensure that proce55e5 lor the award ol
Scholarships are fair and in accordarice with the chJritable objÈetives of the Trust
In 2024 it is intended that the Trustees make an 3nnual grant to the Society to enable the p2yment
ol scholarships r3ther than paying 5tvdents dirÈctly.

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMBER 2022
Trurtees. Report Icontinvedl
statement of Tru5tee5' Re5ponsibilitie5
The TrusteÈs are required to prepare, lor ea¢h financial ye3r. finan¢ial st3tewent5 which Dbserve the
priTiciple5 and methods of the Charities SORP and which give a true and fair view of the state of
affairs ol the Charity and ol the incoming resource5 and application ol resovrce5 of the Charity lor
that period. In preparing those financial statements, the Trustees are required to..
select suitable accounting policies then apply them consistently.,
make judgements ancl estimate5 that are reasonable and prudent,.
state whether applicable accounting standsrd5 have been followed, subject to any material
departures disclosed and explained in the financial statements., anc4
prepare the financial statements on the going coTrcerri basis unless It is inappropriate to
presume that this basis applies.
The Trv5tee5 are responsible for keeping proper accounting record5 which disclose with reasonable
accuracy at any time the financial positi¢Jn ol the Charity and to enable them to ensure that the
financial 5tateTnerit5 cofTiply with statutory reqvirements. They 3re a150 responsible for safeguarding
the a55Èt5 01 the Charity 2nd hence lor taking reasonable steps for the prevention and detection ol
other ￿rregUlarities.
Approved b
he Trustees on 12, June 2023 and signed as authorised on their behHII by..
Trustee

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMBER 2022
Independent auditor's report to th¢ tiv$te¢$ of The Gray'$ Inn Scholarships Trust
Opinion
We have audited the financial statements of The Gray's Inn Scholarships Trust for the year ended 31
December 2022 which comprise Statement ol Financial Activities, B8lan¢e sheet, Cash flow
statement and notes to the financial statements, including a summary of significant accounting
policies. The financial reporting framework that h35 been applied in their preparation Is applicable
law and United Kingdotn Acctsunting Standards, inclvding Financial Reporting Stand3rd 102 The
Financial Reporting Standard applicable in the UK and Republic ol Ireland (united Kingdom
Generally Accepted Accounting Practice).
In our opinion, the linan¢ial statéments,
give a true and fair view of the state ol the charity's affairs as at 31 December 2022 and of
the charity's rlet movement ill fund5 lor the year then ended.
have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practice,. and
have been prepared In 2ccordance with the requirements of the Charities Act 2011.
Ba$1$ for opinion
We have been appointed as auditor under section 144 of the Charitie5 Act 2011 and report in
accordance with the Act and relevafjt regu13tions made or having effect thereunder. We
conducted our audit in accordance with International Standard5 on Auditing IUKI IISAS IUKII and
applicable law. Our responsibilities under those 5tandard5 are further described in the Auditor's
re5POn5ibilitie5 for the audit of the linan¢ial statement5 SÈ¢tion ol our report. We are independent
of the charity In accordance W￿th 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
ethic31 ie5ponsibilitie5 in a¢cord8n¢e with these requirements. We believe that the audit evidence
we have obtained is sufficier)t ar)d appropriate to provide è basi5 lor our opiniori.
Conclvsions rÈlating to going concern
In auditing the financial statements, we have concluded that the trustees vse OF the going concern
basis ol accovnting in the preparation (>1 the financial statements is appropriate.
Based on the work we have performed, we have not identified ariy material uncertainties relating
to events or conditions that, individually or coSlectively, may cast 5ignili¢ant doubt on the charity's
bility to continue 8$ J going ¢on¢ern for a period ol at least twelve month5 from when the
financial statements are authorised for issue.
Our responsibilities and the responsibilitie5 of the trv5tees with respect to going concern are
described in the relevant sections of this report.
other information
The trustee$ are responsible lor 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 3nd, except to the extent otherwise explicitly stated In our report,
we do not express any form of assurance conclusion thereon.
In ctsnnection with our Judit ol the linan¢ia5 statements, our responsibility is to read the other
information and, in doing so, consider whether the other inforfflatlOTr 15 tn3terially inconsistent with
the liDaDcial 5tatemeDt5 or our knowledge obtained in thÈ audit or otherwise appears to be
materially misstated. Il we identify such material inconsistencie5 or apparent material
mi55tatefflents, we 3re required to determine whether there is 2 material misstatement in the
financial statements or a material misstatement ol 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 th15 regard.
Matters on which we are required to report by exception
We have nothing to report in ie5pect of the following matters in relation to which the Charities
(Account5 and Report51 RegvlHtion5 2008 require us to report to you if, in our opinion..
2d&qu2te accounting records have not been kept by the charity, or
sullicient accounting records have not been kept., or
the charity financial statement5 are not in agreement with the accounting records and returns,. or
we have not receivecl all the information and explanations we require lor our audit.

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMBER 2022
Independent auditor's report to the trvstees of The Gray'$ Inn S¢holar$hip$ Trv5t ICont'd}
Responsibilities of trustees for the financial statements
A5 expl3ined more fully in the tru5tees' re5POn5ibilitie5 statement Set ovt on page 8, the tru5tee5
are responsible for the preparation ol the financial statements and For being satisfied that they give
a true and fair view, and for 5vch intern81 control 35 the trustees determine is nece5S3ry to enable
the prep2ration ol financial statements that are free from material misstatement, whether due to
fraud or error.
In preparing the financial statements, the trust&es are responsible for assessing the charity's sbility
to continue as a going concern, disclosing. as applicable. matters related to going concern and
using the going concern basis of accounting unless the tru5tee5 either intend to liquidate the
charity or to eeÈse operations, or have no realistic alrernative but to do so.
Auditor'$ responsibilitie$ for the audit of the financial $tatements
Our objectives are to obtain reasonable assurance about whether the financial statemer)ts as a
whole are free from m3teri31 misstatement. whether due to fraud or error, and tts 155ue an auditor's
report that includes our opinion. Reasonable assurance is a high level ol assurance, but is not a
guarantee that an audit conducted in accorclance with ISAS IUKI will alw3y5 detect a material
mi55tatement when it exists. Mi55t3tements Can arise from fraud or error and are considered
material Il, indivic4ually or in the a99regate, they could reasonably be e¥pected to influence the
economic decisions of u5er5 taken on the basi5 of these financial statements.
Irregularities, including fraud, are instances of non-compliance with law5 and regulation5. We
design procedure5 in line with ovr responsibilities, ovtlined above, to detect material
misstatements in respect ol irregularities, Including fraud. The extent to which our procedures are
capable of detectin9 irregularities, including fraud is det3iled below.
8a5ed on our understanding of the charity and the environrnent 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 noD-compliaDce might have a Tnaterièl effect on the linanciÈl 5tatement5. We also
considered those13w5 and regulation5 that have a direct impact on the preparation of the financial
statements such as Charitie5 Act 2011.
We evaluated mènagement's incentives 3nd opptsrtvnities lor fraudulent manipulation ol the
financial statements (including the risk of override of controls), and determined that there were no
such risks.
Our procedures included the following..
Inspecting coriespondence with regvlators and tax authorities, and minutes of trustee
meetings.,
Discvssions with management including coD5ider3tion ol known or suspected instances of
non-eompliance with laws 2nd regulation and fraud both at planning and at completion-
Evaluating management's controls designed to prevent and detect irregularities.,
Sample testing the allocation ol expenditvre to restricted funds,
Identifying and testing journa15 proce55 by management in the preparation of the financial
statements., and
Challenging assumptions and judgements made by managernent in their critical
accounting estimate5.
Because of the inherent limitations of an audit, there is a risk that we will not detect all
irregvlaiitie5, including those leading to a material Misstate￿ernt in the financial statements or non-
¢omplian¢É with regu13tion. This f15k inere35es the more that compliance with a law or regu14tion is
removed from the events an¢J transactions reflected In the lir)ancial Statements, as we will be less
likely to become aware of iD5tances ol non-compli3n¢e. The risk is also greater regarding
rregularities occurring due to fraud rather than error, as fraud involves intentional conce8lment,
forgery, collusion, omission or misrepresentation.
A further description ol our responsibilities lor the audit ol the financial statement5 is located on
the Financial Reporting Council's website at.. www.Irc.cirg.uk/auditorsresponsibilities. This
description Forms part of our auditor's report.
io

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 51 DECEMBER 2022
Independent auditor's report to the trustee5 of The Gray'5 Inn Scholarship5 Trust Icont'dl
Use of our report
This report is macle solely to the charity's trustees, 35 a body, in a¢¢c>rd3nce with section 144 of the
Charities Act 2011 and regulations made under section 154 01 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 rio other purpose. To the lulle5t extent permitted by law, we
do not 8¢¢ept or assume responsibility to anyone other than the chèrity's trustees as a body for our
audit work, for this report, or for the opinions we have formed.
Hay5macintyre LLP
10 Ilueen street place
Statvtory Auditor5 London
EC4R 1AG
Date: l August 2023

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMBER 2022
STATEMENT OF FINANCIAL ACTIVITIES
Unrortrict•d f¢e5tr*cted eDdowrnent
2022
2021
Funds
Fvnds
Fund$
Total
Total
Notes
INCOME AND £NDOWP4ENTS FROM..
DonatlQD5 and legacies
Investmenis
2,017.751
129,617
2.895
10,000
52,829
2,027,751
297.605
200,131
83nk Interest
Total
2,895
2.213,093
2.150,264
6?,829
497,730
EXPEND￿uRE ON..
Ch?rrt3ble ?¢tivities
Edu¢aiion of13W Slvdents
other
1.176.125
5.306
89,650
1,265,775
5,306
1.2147,275
4,794
1,25?,069
Total
89.650
NET INCOMING RESOURCES
968,833
942,012
1754.3331
Net Ilossesl/gains OTr iftvestment$
NET INCOME/EXPENDITURE
1272,8221
696.011
1900,1661
1966,1661
(1.240.606)
1298,5941
2.171,562
1,417,229
128.4391
RECONCILIATION OF FUND5
Total Funds brought FoTwJrd
7,098,341
121,075
10.932,094
18,152.110
16,734.881
TOTAL FUNDS Cl4RRIED FORWARD
£7.794.352
£92,636
E9.966,528
E17.853516
£18.152.110
There were no recognised gains or losse5 Othei than those shown in the above Statement ol Financi81
Activities.
The notes on page 15- 21form p(Jrt of the [inonci¢Jl statements.
12

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMBER 2022
THE GRAY'S INN SCHOLARSHIPS TRUST
BALANCE SHEET AT 51 DECE14BER 2022
2022
2021
Notes
FIXED ASSETS
Investment5
16,690,331
19,054.671
CURRENT ASSETS
Cash and deposits
Debtors
7.073,432
183,353
1.256,785
183,362
175,277
358,639
REDITORS:
Sundry rreditoTs
BoTrowing from Gray's Inn
io
193,6001
141,2001
11 200,0001
11,261,20DI
193,6001
NET CURRENT ILIABILITIESI / ASSETS
1,103,185
1902,5611
NET ASSETS
17853516
FUNDS
Unrestricted
Re5tri¢ted
Endowments
13
13
15
7,794,352
92,636
9,966,528
7,098,341
121,075
10,932.694
£17,853,516
£18,152,110
roved by th
ru5tees on
21h June 2023 2nd signed as
orjsecl on their behalf by..
Trustee..
13

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMBER 2022
THE GRAY'S INN SCHOLARSHIPS TRUST
CASH FLOW STATEMENT
2022
2021
Net movement in funds
Deduct ." Investment gains
Doduct.. investment income shown in investing activitie5
Ilncreasel/decrease in debtors
Increase/ldecreasel in creditor5
1298,5941
1,240,606
1182,4461
18.0761
32,1400
1,417.229
12,171,562)
1200,1311
145,2771
120,7861
Net Cash provided by operating activite5
783,890
11.020,5271
Cash flows from investing activitie5
Investment Income
182,&46
7,123,734
200,131
279.938
Withdrawals from Investments
1,306,180
480,069
C8sh flows from financing activities
short term Loan from Gray's Inn
11 200,0001
600,000
Increase in cash and cash equivalent5 in the year
890,070
59,592
Cash and cash equivalents at the start ol the year
183,362
123,771
Total c85h and cash •quivalent$ at the end of the y¢ar
£1 073 432
£183,362
14

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMBER 2022
Ngte5 to the Accovnt5
I. ACCOUNTING POLICIES
la) General Information
The Gray'5 Inn Scholar5hip5 Trust is a UK Based Charitable Trust registered with the Charity
Commission. Its registered address Is Treasury Office, 8 South Square, Gray's Inn, London WCIR SET.
Ibl Basis of preparation and a$$e$$m¢nt of going ¢on¢ern
The accounts Ilinancial 5tatementsl have been prepared under the historical cost convention with
item5 recognised 3t cost or transaction v3lue unless otherwise stated in the ielevant notelsl to these
accounts. rhe 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 Repoiting Standard applicable in the UK and Republic ol Ireland IFRS
1021 Issued on 16 July 2014 (Second edition
October ?0191 and the Financial Reporting Stand2rd
applicable in the United Kingdom and Republic of Ireland IFRS 10213nd the Charities Act 2011.
The Trv5t constitute5 a public benefit entity as defined by FRS 102.
The Trustees consider that there are no material uneertainties about the Trust's ability to continue
as a goirTrg concern.
In preparation ol the account5 there are estimates relating to prepayments and accruals which are
non-complex in nature. None ol the estimates are material to the accounts.
Icl Income
All incoffle 15 recogni5ed once the Trust ha5 entitlement to the income, it is probable that the iDcome
will be received and the amount ol income receivable can be measured reliably.
Idl Donations and Legacie$
Donations and legacies are recognised when there is entitlement to the income, receipt is probable
and the afnount can be measured reliably.
lel Scholarships
Scholarship5 are accounted for as they ale 3wardecl.
(fl Investments
Investments are stated at market value. Reali5ed and unreali5ed gains and losses during the year are
taken to the Statement of Financial Activities.
Igl Fvnds
Unrestiicted funds are donations and other incoming resource5 to be 3pplied in meeting the broad
obje¢t5 of the ¢hJrity. Restricted fund5 represent the unexpended income to be applied foi specific
purposes. Endowment lur)ds (unless expendable in specified circumstances) are not to be spent but
retained to preserve the capital value of the original beqve5ts.
{hl Expendtture
The expeTrditure of the Trust 15 directly allocated to the charitable activity to which it relate5 or to
the governance of the Trust.
lil Financial In5trument5
ThE Trust only Énters intts basic finÈnci21 instrumÈnts transactions thÈt result in the recognition of
financial assets and liabilities like trade and other debtors ènd creditors, loans from banks and other
third parties, loans to related parties and investments in non-putt?ble ordinary shares.
lil Credttor5
Short term creditors are measured at the transaction price. Other financial liabilities are measured
initi311y at lair value, net of transaction ¢ost5, and are measured subseovently at amort15ed cost USiT)g
the ellective interest method.
15

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMBER 2022
Notes to the Accovnts {Continuedl
Ikl D¢btOT$
Short term debtor5 are measured at the transaction price, less any impairment. Loans receivable are
measured initially at fair v2luÈ, net of tr8n5a¢tion Costs, ènd 2rÈ measured subsequently at amortised
cost using the effective interest method, le55 any impairment.
111 Piovisions
Provisions are made where an event ha5 taken place that gives the Trust a legal or constructive
obligation that probably require5 settlement by è transfer of economic benefit, and J reli8ble
Èstimate 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 aw3re of the obligation, and
are me35ured at the best estimate at the Balance sheet date of the expenditure required to settle
the obligation. taking into accourit relevant risks and uncertaintie5. When payments are eventually
m3de, they are charged to the prgvi5ion carried in the Bèlance Sheet.
2. DONATIONS AND LEGACIES
Unrestricted
Fund5
Restricted
Fund5
Endowment
Fvnd5
2022
Tota
General Donations and legacies
Bingham Appeal
Hon Soc ol Gray's Inn
191,728
26,023
1,800,000
£2,017,751
io,000
201,728
26,023
1,800,000
£2,027,751
10,000
ijnrestrieted
Fund5
Restricted
Fund5
Endowment
Fund5
2021
Total
General Donations 8nd legacies
Bingham Appeal
Hon Soc ol Gray's Inn
186,802
38,132
186,802
38,132
E224,934
£224,934
3. INCOME FROM INVESTMENTS
Unrestricted
Fvnds
Restricted Endowment
Fund5
Fvnd5
2022
Total
Investment portfolio
£129.617
£52,829
£182,446
Unr¢stfltt¢d
Fund5
Restricted
Fund5
Endowment
Fvnd5
2021
Tot81
Investment portfolio
£135,951
£64,180
00.131
16

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMBER 2022
Notes to the Account5 (Continued)
4. CHARITABLE EXPENDITVRE
The Trust employs no member5 OF staff and hence there are no staff costs or key management
personnel cost5 to di5c105e.
2022
2021
Scholarships awarded for the edvcativn of law students
General Fund
Unrestricted Fund
Award5 not taken and written back
1,205,925
139 8001
1,166,125
10,000
13,000
1,179,1440
140,3501
1,139,090
13,300
15,000
4.150
4,735
70,000
1,000
È1,247,275
Bingham Fund
Charnley Fund
Mustill Fund
Hebe Plunkett Fund
Ann Goddard Fund
The Troy Twst (Belolf Essay Pritel
4,650
71.000
1,000
£1,265,775
Total scholarships awarded in year
Awards not taken and written back
Net Cost of scholarships awardèd In year
1,305,575
139,8001
£1,265,775
1,287,625
140.3501
El.247,275
Included in the above is the Sum of £175,431 12021 £172,740) representing the rent31 paid by the
Trust to the Society for rental ol accommodation offered to stvdents who were awarded residential
Scholarships.
Other th2n RÈsidential award5 all scholarships are made directly to inclividuals. Nc> grants are made
to Ir)stitutions.
5. OTHER COSTS
UnrÈstr¢cted
Fund5
Restricted Endowrn•nt
Funds
Fund5
2022
Total
Audit Fees and Bank charges
5.306
£5,306
5,300
5,306
Unrestricted
Funds
Restricted Endowment
Funds
Funds
2021
Total
Audit Fees and Bank charges
,79
14,794
4,794
£4,794
The Trust receives support services donated by The society. These relate entirely to it5 sole
charitable activity.. the education of law students. It is not practicable to quantify the value ol
donated 5ervi¢es with any degree ol precision. On the basis that the valve is likely to be
immaterial. a value of nil has been ascribed to the donated services in these accounts
17

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMBER 2022
Notes to the Accounts (Continued)
6. TRUSTEES, REMUNERATION AND RELATED PARTY TRANSACTIONS
During the year no trustee received any remuneration Dr eypense512021.' nill. There were no related
party transaction5 in the year12021'. Dill
7. TAXATION
The Trust is a registered charity and its incoTne and gain5 Jre exempt Irtsm taxation.
INVESTMENTS
2022
2021
Market value at 1 January
Capital introduced/lwithdrawnl
Investment g3in5/ 1105se51
Market valve at 31 December
12,177,175
11,123,734)
1441 0651
£10,012,376
11,888,56
11,129,938)
1,418,549
£12,177,175
Cost at 31 December
£4,333,413
£4,793,239
Market value at l January
Capital Introduced/lwithdrawnl
Investment gain5/ 1105se51
Market value at 31 December
&,915,037
3,553,347
850,000
511,690
E14,915,037
1571,3961
£4,543,641
Cost at 31 December
£4,150,000
£4,150,000
Market value at l J8nu3ry
Capital introdv¢ed/lwithdr2wnl
Investrnent gains/ 1105se51
MHrket value at 31 December
1,962.459
1.721,137
1228,1451
£1,754,314
241,323
£1,962,a59
Cost at 31 December
£1,570,573
£1.570,573
F4arket value at l January
Capital introdu¢ed/lwithdrawnl
Inve5tTrent gains/ Ilossesl
Market value at 31 December
19,054,671
11,123,734)
11.21kO,6061
£16,690,331
17.163,047
1279,9381
2,171,562
£19,054,671
Cost 2t 31 Decembor
£10,053,986
£10,513,813

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMBER 2022
Note$ to the Accounts (Continued)
9. DEBTORS
2022
2021
Accrved income
183,353
£183,353
175,277
£175277
IQ. CREDITORS
2022
2021
Scholarships awarded but not yet paid
Audit lee
89,500
57,600
£93 600
£61200
11. SHORT TERM LOAN
Iri 2020 and 2021 the Trust borrowed a total ol £1.2m from the Society. The loan was unsecured,
interest free and wa5 re-pay3ble on three months notice. In these two years the Sts¢iety did not
make it5 annu31 grant to the Trust. In February 2023 the Society agreed to write off the loan 2nd to
treat the funds paid as a donation to the Trvst.
12. FINANCIAL INSTRVMENTS
2022
2021
financial Asset$
Financial Assets measured at amortised cost
£183,353
£175.277
Financial Liabilities
Firiancial Li2bilities measured at amortised c05t
£93,600
£61,200
Financial a55ets Comprise accrued income and sundry debttsrs. Financial liabilities comprise accrua15
and sundry creditors.
19

THE GRAY'S INN SCHOLARSHIPS TRUST
YEAR TO 31 DECEMBER 2022
Note5 to the A¢rount5 (Continued)
13. ANALY51S OF UNRESTRICTED, RESTRICTED AND ENDOWMENT FUNDS
The movement of funds during the yeai 15 a5 det3ilÈd below".
l Janvory
Incomlng
Resovrc•s
2022
Resovrces
Expended
Invgslment
Golns I (losses)
31 Decembei
2022
Uxrestrlcted Fund
Generol
5.818.951
1.279.390
2.094.351
55.?13
1223.6491
6.518.222
ThÈ Binghom Fund
Total Unrestricted
110.0001
7.098,341
2.150.264
1272,8221
7.794.352
51eph&n Silber Fvnd
The Chornley Fvnd
Hebe Plunketl Fund
The Muslill Fund
898
5.921
29.553
10.108
540
113.0001
14.6501
12281
2.802
24.307
Sir Brion 5medley FurKI
Troy FundlBÈlolf Priz&
Ann Goddoid FvrKJ
Tolol R&slricl&d
348
341
5.378
78.977
121.075
98
I 1.0001
111.0001
189.6501
12071
4.269
60.037
9&.636
52.060
62.829
Endowment
Generol
8,466.363
472.611
28.230
1.965.490
10.932.694
1696.8011
138.8971
12.3231
1228.1451
1966.1671
7.769.562
433,714
25.906
.737.345
9.966.528
Hebe Plvnketl Fund
Sir Brion Smedley Fund
Ann Goddard Fvnd
Tolol Endowment
Total Funds
18.152.110
2.2T3.093
11.271.OBII
11.240.606)
17.853.516
Anoly51s of Nel As¥ets behween
Funds tss ot31 Deetrmbei 2022
Unrestrlcted
Restrlclgd
Endowmenl
Tolal
Fund
Ftsnds
Funds
Assets
16.690.331
1.163.184
£17.853.516
Investmen15
N&1 Current AS5Èts
6.694.236
32.599
60.037
£92.636
9.963.497
3.031
£9.966.528
£7.794.352
The Endowment Fund ol the General Fund arose from various legacies and donations and represent5
a pertnanent endowment. The Unrestricted Fund is to be applied to meet the charitable objectives
of the Trust. The purp05e5 01 the variou5 lund5 are outlined in m¢>re detail in the Trvstee'5 Report.
20

THE GRAY'S INN SCHOLARSHIPS TRiJST
YEAR TO 31 OECEMBER 2022
Note5 to the Accounts (Continued)
13. ANALYSIS OF UNRESTRICTED, RESTRICTED AND ENDOWMENT FUNDS Icontinvedl
The movement ol funds during the prior year is as detailed below..
l Jonuary
Ineomlng
Resources
Inveslment
2021
Resources
Expended Gglns I IL055e51
37 Dtrcembei
2021
Unreslwlcted Fund
Generol
5E92.056
1,091.886
6,983.941
343,396
66.010
409,406
11.143.884
113.3001
727.383
134.795
862.178
5.818.951
1.279.390
7.098.341
The Bingham Fund
Total UNe51riclecl
Re5tr1cled
Slephen Silbei FurKI
The Chornley Fund
Hebe Plunkell Fvnd
786
15
97
898
806
30.000
20.016
584
115.000
14.7351
100
3.104
5.921
29.553
The bAustill Funcj
Sir Brion Smedley Pun
Troy Fund/Belofl Prize
Gocldord Fund
Tolol Re51ricled
4.150
3U5
5,580
85.526
123,003
38
689
J4
109
63,451
88.330
11,000
170.000
194.885
5.378
78.977
1?1,075
4.627
Endowmerrt
Generol
Hebo Plunkell Fund
Sir Brion Smedley Fund
Ann GodtJard Fund
7,462.324
416.563
24.882
.724.168
9.627.937
l.(K)4.039
56.048
3.348
241.323
1.304.757
8,466,363
472.611
28.230
1.965.490
10.?32.694
Tolol Emlowment
Tolal Fund¥
16.734.881
497.736
11,252.0691
2,171,502
18.152.110
Analysls ol Net Assets behfeen
Fvnds gs ol 31 Decembei 2021
Inve51men15
Net Ctyrenl Assets
Un¥estrlEte
Furtd
Rtstrl¢t*d
Fund$
Endowment
Funds
Assets
8.082.910
1984.5691
£7.098.341
42.098
78.977
£121.075
10.929.663
3.031
£10,932.694
19,054.671
£18.152.110
21