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2025-12-31-accounts

THE GRAY’S INN

SCHOLARSHIPS TRUST

Financial Statements

for the year to

31 December 2025

Registered Charity No. 313604

THE GRAY’S INN SCHOLARSHIPS TRUST YEAR TO 31 DECEMBER 2025

Index to the Financial Statements

Page
Trustees’ Report 3
Independent Auditor’s Report 9
Statement of Financial Activities 12
Balance Sheet 13
Cashflow 14
Notes to the Accounts 15

2

THE GRAY’S INN SCHOLARSHIPS TRUST YEAR TO 31 DECEMBER 2025

Trustees’ Report

Reference and Administrative Details, Trustees and Advisers

TRUSTEES
David Forsdick KC
Rebecca Sabben-Clare KC
Thomas Weitzman KC (appointed 1.5.25)
Timothy Corner KC (retired 30.4.25)
PRINCIPAL OFFICE 8 South Square
Gray’s Inn
London WC1R 5ET
CHARITY REGISTRATION NO. 313604
GOVERNING INSTRUMENT Charity Commission Scheme dated 2ndMay 1995
AUDITORS HaysMac LLP
10 Queen Street Place
London EC4R 1AG
SOLICITORS Hunters
9 New Square
Lincoln’s Inn
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 WC1V 6TP
CCLA Investment Management
Senator House
85 Queen Victoria Street
London EC4V 4ET
SENIOR MANAGEMENT TEAM Chief Executive: Stephen Cartwright
Director of Finance: Clare Johns

3

THE GRAY’S INN SCHOLARSHIPS TRUST YEAR TO 31 DECEMBER 2025

Trustees’ Report (Continued)

Structure, Governance and Management

The Gray’s Inn Scholarships Trust (“the Trust”) is a Charitable Trust 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 money to be divided between the Graduate Diploma in Law (GDL), Bar Course and pupillage awards and they approve the list of those who should receive scholarships. The selection is undertaken by other Masters of the Bench, members of Hall and staff of The Honourable Society of Gray’s Inn (“the Society”).

Trustees are selected by the Management Committee of 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 of The Society and there are regular meetings of the Trustees.

Funds

The Hebe Plunkett Fund

The Hebe Plunkett Fund was initially registered with the Charity Commission as a separate charity but, with the approval of the Commission, it was transferred to this Trust 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 all be applied in advancing legal education by assisting persons with defective eyesight in the study of law in such manner as the Trustees thought fit and in particular (and without prejudice to the generality of 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 11 February 1989. 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 Trustees have discretion to apply the income for such purposes of an educational nature connected with The Society to the extent that the specified original objective cannot be achieved.

The Trustees resolved at their meeting on 21 September 2010 that this fund should continue as a separate and discrete fund, and the original objectives adhered to as far as possible.

The Sir Brian Smedley Fund

The income arising on the endowment is available as a scholarship open to members of The Society who are barristers of not 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 candidates practising or intending to practice on the Midland Circuit.

The Troy Fund (Beloff Essay Prize)

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.

The Bingham Fund

This 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 £10,000 will be awarded annually in memory of the late Lord Bingham. A Bingham scholarship was awarded in 2023.

The Charnley award

This award is made, on merit, to a high potential candidate for the Graduate Diploma in Law.

4

THE GRAY’S INN SCHOLARSHIPS TRUST YEAR TO 31 DECEMBER 2025

Trustees’ Report (Continued)

The Ann Goddard Fund

A total bequest of £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 criminal bar.

Risk Review

The Trustees have assessed the major risks faced by the charity and keep them under review. All the operational activities of the Trust are undertaken by the Honourable Society of 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 Trust. The key risks relate to the performance of the investment portfolio (see “Investment performance” in the Trustees Report for more detail), and the risk of a lack of liquidity for the payment of awards. Trustees monitor these risks regularly by receiving updates from investment managers on the performance of the portfolio , considering cash requirements as part of the annual budget process and by maintaining regular dialogue with the Society.

Objectives and Activities

The principal charitable objective of the Trust is the advancement of education in the law for students and members of the Society, and this is principally achieved by way of giving a donation to The Honourable Society of Gray’s Inn for its scholarships program. The Inn holds separate Scholarships interviews for those taking the Graduate Diploma in Law Course (GDL) and Bar Course exams and those seeking pupillage awards following their Call to the Bar. Details of the grant policy and the scholarships are given below.

Grant Making 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 students to The Society, the awards made must be competitive with the other Inns of Court. The Scholarships Committee considers applications from students on an annual basis. These awards are available to cover each year of a student’s study – the Graduate Diploma in Law (GDL), the Bar Professional Training Course (BPTC) and during pupillage. In addition, there is a special fund within the charity, The Hebe Plunkett Fund, to provide additional assistance to handicapped students with a preference for those with a visual impairment.

This policy remains unchanged. Payments to successful students are made directly from the Honourable Society of Gray’s Inn and the Scholarship’s Trust supports that programme by way of a grant to the Society.

Public 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 scholarships to students to enable them to pursue careers as barristers. This function is delegated to the Scholarships Committee which is guided by a policy document designed to achieve and to demonstrate that all awards are made on non-discriminatory bases.

Information about the scholarships is made publicly available through The Society’s website and the Scholarships Handbook which is issued to all new students or those interested in 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 educational opportunities to all of ability irrespective of background, and secondly it helps to maintain the highest standards required and expected of the legal profession by members of the public.

5

THE GRAY’S INN SCHOLARSHIPS TRUST YEAR TO 31 DECEMBER 2025

Trustees’ Report (Continued)

Achievements and Performance in the year

The Scholarship Trust made a significant contribution, of £854k, to the Honourable Society of Gray’s Inn scholarship programme. Awards cover all or part of tuition and living costs.

Included in the donation to the Society were funds to be used for specific awards, as required by the donors, these include the Ann Goddard, Beddingfield Trust, Karmel, Beloff, Mustill and Hebe Plunket awards.

The Society aims to increase the totality of its Scholarships programme year on year, supported by the Scholarships Trust.

Financial Review

As shown on the Statement of Financial Activities on page 12, the surplus for the year was £142k (2024: £338k).

Income received

The income received in 2025 came from a number of donations (£225k) and legacies (£226k) and investment and bank income (£337k).

Investment income increased in the year due to both the WTW investments being transferred from a cumulative to a distribution fund in March 2025, and an increase in the balances held with CCLA.

Expenditure incurred

The amount of the Scholarship’s Trust award to the Society’s scholarship program in the year was £854k. Other expenditure in 2025 was mainly the cost of the Anti-Dilution Levy due to WTW on the sale of investments (£127k) investment advice costs (£6k) and audit fees (£6k)).

Gains on investments

Gains on investments were significantly lower than in 2024. In part this was because, as noted above, the funds held with WTW were moved to a distributing fund in March 2025. This resulted in some of the gains being distributed rather than retained in the fund.

The main reason for the lower net gain was the negative return on the funds held with CCLA. The notes below provide more information about the performance of the investments.

Investment Performance, powers and policy

Performance

Details of investments are given in Note 8. The Goddard legacy (amounting to £1.85m at the end of 2025) is invested in a separate account within the Charites Investment Fund (“COIF”) managed by CCLA.

A further investment in COIF, amounting to £4.9m at the end of 2024 is an investment of part of the Trust’s endowment.

COIF Charity Fund

The total return performance of the COIF Charity Fund, net of fees and expenses, in the 12 months to December 2025 was -1.95% (2024: 5.1%), against CPI of 3.3%.

The annual distribution increased to 57.24p per unit in 2025 vs 55.57p per unit in 2024.

6

THE GRAY’S INN SCHOLARSHIPS TRUST YEAR TO 31 DECEMBER 2025

Trustees’ Report (Continued)

Investment performance (%) of the COIF Charity Fund, over longer periods is shown below:

Total Return 5 years 3 years 12 months Fund 4.34 5.00 (1.95) Comparator 8.81 13.18 10.97

Comparator - composite: From 01/01/21, MSCI WORLD 75%, MSCI UK Monthly Property 5%, iBoxx £ Gilts 15% & SONIA 5%. From 01/01/18, MSCI UK IMI 30%, MSCI World ex UK 45%, MSCI UK Monthly Property 5%, iBoxx £ Gilt 15% & 7 Day LIBID 5%.

As at the end of December the asset allocation of the fund (where greater than 5%) was: Overseas equities 62.88% (2024: 63.16%) Infrastructure and operating assets 5.45% (2024: 8.4%) UK equities 8.73% (2024: 8.3%) Fixed interest 10.38% (2024: 7.69%)

The CCLA fund started the year having recovered from the dip in performance over 2023. However, the value of the fund fell 10% during March 2025, at the time that the USA introduced increased trade tariffs, and never fully recovered. Whilst CCLA have met their benchmark over the longer term it was disappointing that the fund performed badly in 2025. CCLA have cited their partial weighting in the magnificent 7 USA stocks and avoidance of defence and certain tech giants as being a reason for their underperformance vs their comparator.

WillisTowersWatson

Funds with WillisTowersWatson (“WTW”) amounted to £9.1m at the end of 2025 (2024 £11.5m) and are invested with the aim achieving real returns of at least 5% pa averaged over five-year rolling periods with half the volatility of equity markets. In 2025 fund growth was 8.6% (2024:5.5%).

Investment performance (%) of the WTW fund, over longer periods is shown below:

Return 10 years 5 years 3 years 12 months
Fund (net) 6.1 5.2 6.1 8.6
CPI + 5% 8.4 10.1 8.3 8.3
Equity comparator 11.8 11.8 18.9 17.8

WTW were not significantly impacted by the market turmoil in March 2025 and also performed strongly in the last quarter of 2025. The highest returns on the fund were in equities and credit markets. A key element of the fund’s strategy is to obtain returns from private markets. These had seen a slowdown in exits since 2022, but WTW have reported that there were a number of exits with a healthy uplifts over the year and they believe that the pipeline for exits in 2026 is strong.

On the negative side, the fund has retained an anti-dilution levy on disinvestments from the fund and is fairly illiquid with quarterly trade dates.

An external review of the Trusts investment managers was carried out in early 2025. As a result, the Trustees have agreed to transfer the funds held in WTW to a new WTW distribution fund, and to recommence the transfer of funds from WTW to CCLA. The Trustees will monitor the performance of the WTW and CCLA funds in deciding the pace of these transfers. The Trustees will take additional independent expert advice where appropriate.

Investment powers 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.

7

THE GRAY’S INN SCHOLARSHIPS TRUST YEAR TO 31 DECEMBER 2025

Trustees’ Report (Continued)

Reserves Policy

The reserves policy is to retain sufficient funding to establish a strong investment portfolio to ensure continuity and certainty in providing future awards. As at 31 December 2025, total reserves were £18.7m, of which £10.9m was endowed for specific purposes and held in investments to generate an income out of which grants will be made in future periods. A further £0.1m was restricted for specific purposes and the remaining £7.8m was unrestricted but held in investments. Trustees are content that the current level of reserves are sufficient to meet existing strategic plans of the Charity. The unrestricted reserves are sufficient to cover over five years of expenditure on scholarships at existing levels.

Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

Plans for Future Periods

The continuing aim remains support the provision of scholarships to able students, irrespective of background, to enable them to achieve careers as barristers. To affect this the Trust works closely with the Society and the Honourable Society of Gray’s Inn Charitable Trust to ensure that processes for the award of Scholarships are fair and in accordance with the charitable objectives of the Trust.

Statement of Trustees’ Responsibilities

The Trustees are required to prepare, for each financial year, financial statements which observe the principles and methods of the Charities SORP, and which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with statutory requirements. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Trustees on 16[th] June 2026 and signed as authorised on their behalf by:

DAVID FORSDICK

…………………………………………………………………

David Forsdick KC Trustee

8

THE GRAY’S INN SCHOLARSHIPS TRUST YEAR TO 31 DECEMBER 2025

Independent auditor’s report to the trustees of The Gray’s Inn Scholarships Trust

Opinion

We have audited the financial statements of The Gray’s Inn Scholarships Trust for the year ended 31 December 2025 which comprise Statement of Financial Activities, Balance Sheet, cash flow statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

9

THE GRAY’S INN SCHOLARSHIPS TRUST YEAR TO 31 DECEMBER 2025

Independent auditor’s report to the trustees of The Gray’s Inn Scholarships Trust (Cont’d)

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 8, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charity and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to compliance with the Charity SORP in the preparation of the accounts and fund accounting, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Charities Act 2011.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that there were no such risks.

Our procedures included the following:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

10

THE GRAY’S INN SCHOLARSHIPS TRUST YEAR TO 31 DECEMBER 2025

Independent auditor’s report to the trustees of The Gray’s Inn Scholarships Trust (Cont’d)

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity’s trustees as a body for our audit work, for this report, or for the opinions we have formed.

HaysMac LLP 10 Queen Street Place Statutory Auditors London EC4R 1AG Date: 17/06/2026

HaysMac LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

11

THE GRAY’S INN SCHOLARSHIPS TRUST YEAR TO 31 DECEMBER 2025

STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
Funds
Notes
£000s
INCOME AND ENDOWMENTS FROM:
Donations and legacies
2
436
Investments
3
281
Total
717
EXPENDITURE ON:
Raising funds
4
133
Charitable activities
Education of law students
5
785
Support costs
6
6
Total
924
Net expenditure before
gains/(losses) on investments
(207)
Net (losses)/gains on investments
9
453
NET INCOME/EXPENDITURE
246
RECONCILIATION OF FUNDS
Total Funds brought forward
7,548
TOTAL FUNDS CARRIED FORWARD
7,794		 Restricted
Funds
£000s
15
56
71
-
69
-
69
2
1
3
41
44		 Endowment
Funds
£000s
-
-
-
-
-
-
-
-
(106)
(106)
11,051
10,945		 2025
Total
£000s
451
337
788
133
854
6
993
(205)
348
143
18,640
18,783		 2024
Total
£000s
239
191
430
-
857
12
869
(439)
777
338
18,302
18,640

There were no recognised gains or losses other than those shown in the above Statement of Financial Activities.

The notes on page 15 – 20 form part of the financial statements.

12

THE GRAY’S INN SCHOLARSHIPS TRUST YEAR TO 31 DECEMBER 2025

BALANCE SHEET AT 31 DECEMBER 2025

2025 2025 2024 2024
Notes £000s £000s £000s £000s
FIXED ASSETS
Investments 9 18,048 18,336
CURRENT ASSETS
Cash and Bank deposits 447 121
Debtors 10 294 189
741 310
CREDITORS:
Sundry creditors 11 (6) (6)
NET CURRENT ASSETS 735 304
NET ASSETS 18,783 18,640
FUNDS
Unrestricted 12 7,794 7,548
Restricted 12 44 41
Endowments 12 10,945 11,051
18,783 18,640

The notes on pages 15 - 20 form part of the financial statements.

Approved by the Trustees on 16[th] June 2026 and signed as authorised on their behalf by:

DAVID FORSDICK

David Forsdick KC Trustee:……………………………………………………………………………………………….

13

THE GRAY’S INN SCHOLARSHIPS TRUST YEAR TO 31 DECEMBER 2025

CASH FLOW STATEMENT

Net movement in funds
Deduct : investment gains
Deduct: investment income shown in investing activities
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by operating activites
Cash flows from investing activities
Investment income
Withdrawals from investments
Purchases of investments
Increase in cash and cash equivalents in the year
Cash and cash equivalents at the start of the year
Total cash and cash equivalents at the end of the year		 2025
£000s
143
(348)
(337)
(105)
-
(647)
337
3,165
(2,529)
973
326
121
447		 2024
£000s
338
(777)
(186)
24
(111)
(712)
186
190
-
376
(336)

457
121

ANALYSIS OF NET DEBT

Cash & deposits
Total		 1st Jan 2025
£000s
326
326		 Cashlows 31st Dec 2025
£000s
£000s
121
447
121
447

The notes on pages 15 - 20 form part of the financial statements.

14

THE GRAY’S INN SCHOLARSHIPS TRUST YEAR TO 31 DECEMBER 2025

Notes to the Accounts

1. ACCOUNTING POLICIES

(a) General Information

The Gray’s Inn Scholarships 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 WC1R 5ET. The Charities objectives are as stated in the Trustees Report on page 4.

(b) Basis of preparation and assessment of going concern

The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – (Charities SORP (FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The Trust constitutes a public benefit entity as defined by FRS 102.

The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. The Trustees are satisfied that charity has the means to fund the operations of the Trust for at least 12 months from the date these financial statements are signed.

In preparation of the accounts there are estimates relating to prepayments and accruals which are non-complex in nature. None of the estimates are material to the accounts.

(c) Income

All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.

(d) Donations and Legacies

Donations and legacies are recognised when there is entitlement to the income, receipt is probable, and the amount can be measured reliably.

(e) Scholarships (donation to The Honourable Society of Gray’s Inn)

The donation to the Society is a contribution to the Gray’s Inn scholarships programme. The donation is provided in the same period as the scholarships are awarded by the Society.

(f) Investments

Listed investments are stated at market value. Unlisted investments, i.e. those that are not publicly traded, are measured at fair value, unless it cannot be measured reliably. In such cases, that are measured at cost less impairment. Realised and unrealised gains and losses during the year are taken to the Statement of Financial Activities.

(g) Funds

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 for specific purposes. Endowment funds (unless expendable in specified circumstances) are not to be spent but retained to preserve the capital value of the original bequests.

(h) Expenditure

The expenditure of the Trust is directly allocated to the charitable activity to which it relates, to raising funds or to the governance of the Trust. The cost of raising funds relates to investment advice and Anti-Dilution Levy charged on disinvestments from WTW.

(i) Financial Instruments

The Trust only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

(j) Cash at bank and in hand

Cash at bank and in hand includes cash held in a current account and funds on deposit which are available on demand. Deposits may include short-term, highly liquid investments with a maturity of three months or less at the date of acquisition. Cash is held to meet short-term cash commitments rather than for investment or other purposes.

15

THE GRAY’S INN SCHOLARSHIPS TRUST YEAR TO 31 DECEMBER 2025

Notes to the Accounts (Continued)

(l) Creditors

Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

(m) Debtors

Short term debtors are measured at the transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

(n) Provisions

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. Provisions are charged as an expense to the Statement of Financial Activities in the year that the Society becomes aware of the obligation and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

2. DONATIONS AND LEGACIES

General Donations and legacies
Bingham Appeal
General Donations and legacies
Bingham Appeal		 Unrestricted
Funds
£000s
433
3
436

Unrestricted
Funds
£000s
227

7

234		 Restricted
Funds
£000s
15
-
15
Restricted
Funds
£000s
5
-
-		 Endowment
Funds
£000s
-
-
-
Endowment
Funds
£000s
-
-
-		 2025
Total
£000s
448
3
451
2024
Total
£000s
232
7
239

3. INCOME FROM INVESTMENTS

Investment portfolio
Bank and deposit fund interest		 Unrestricted
Funds
£000s
268
13
281		 Restricted
Endowment
Funds
Funds
£000s
£000s
56
-
-
-
56
-		 2025
Total
£000s
324
13
337

4. RAISING FUNDS

Expenditure charged to raising funds includes the cost of independent advice on investments and the anti-dilution levy changed by WTW on disinvestments from that fund. The costs are allocated to unrestricted and restricted funds on the basis of the value of the funds at the start of the year.

16

THE GRAY’S INN SCHOLARSHIPS TRUST YEAR TO 31 DECEMBER 2025

Notes to the Accounts (Continued)

5. CHARITABLE EXPENDITURE

The Trust employs no members of staff and hence there are no staff costs or key management personnel costs to disclose.

Scholarships awarded for the education of law students
Unrestricted funds
Unrestricted Fund
Awards not taken and written back
Restricted funds
Bingham Fund
Charnley Fund
Mustill Fund
Hebe Plunkett Fund
Ann Goddard Fund
The Troy Trust (Beloff Essay Prize)
Total scholarships awarded in year
Awards not taken and written back
Net cost of scholarships awarded in year		 2025
2024
£000s
£000s
785
801
-
(33)
785
768
-
-
10
-
4
5
4
2
50
81
1
1
69
89
854
857
854
890
-
(33)
854
857

6. OTHER COSTS

Audit Fees
Audit Fees
Other		 Unrestricted
Funds
£000s
6
Unrestricted
Funds
£000s
7
5
12		 Restricted
Funds
£000s
-
Restricted
Funds
£000s
-
-
-		 Endowment
2025
Funds
Total
£000s
£000s
-
6
Endowment
2024
Funds
Total
£000s
£000s
-
7
-
5
-
12

The Trust receives support services donated by The Society. These relate entirely to its sole charitable activity, the education of law students. It is not practicable to quantify the value of donated services with any degree of precision. On the basis that the value 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 2025

Notes to the Accounts (Continued)

7. TRUSTEES’ REMUNERATION AND RELATED PARTY TRANSACTIONS

During the year no trustee received any remuneration or expenses (2024: nil). There were no related party transactions in the year (2024: nil).

8. TAXATION

The Trust is a registered charity, and its income and gains are exempt from taxation.

9. INVESTMENTS

10. DEBTORS
INVESTMENTS HELD WITH WTW (UNLISTED)
Market value at 1 January
Capital introduced/(withdrawn)
Investment gains/ (losses)
Market value at 31 December
Cost at 31 December
INVESTMENTS HELD WITH COIF (GENERAL FUND)
Market value at 1 January
Capital introduced/(withdrawn)
Investment gains/ (losses)
Market value at 31 December
Cost at 31 December
INVESTMENTS HELD WITH COIF (GODDARD)
Market value at 1 January
Capital introduced/(withdrawn)
Investment gains/ (losses)
Market value at 31 December
Cost at 31 December
TOTAL INVESTMENTS
Market value at 1 January
Capital introduced/(withdrawn)
Investment gains/ (losses)
Market value at 31 December
Cost at 31 December
Accrued income		 2025
2024
£000s
£000s
11,540
11,103
(3,165)
(190)
704
627
9,079
11,540
3,118
4,263
4,857
4,750
2,529
-
(263)
107
7,123
4,857
6,679
4,150
1,939
1,896
0
-
(93)
43
1,846
1,939
1,571
1,571
18,336
17,748
(636)
(190)
348
778
18,048
18,336
11,367
9,983
2025
2024
£000s
£000s
294
189

18

THE GRAY’S INN SCHOLARSHIPS TRUST YEAR TO 31 DECEMBER 2025

Notes to the Accounts (Continued)

11. CREDITORS

11. CREDITORS
2025 2024
£000s £000s
Accruals 6
 5

12. ANALYSIS OF UNRESTRICTED, RESTRICTED AND ENDOWMENT FUNDS

The movement of funds during the year is as detailed below:

1 January
2025
£000s
Unrestricted Fund
General
6,077
The Bingham Fund
1,471
Total Unrestricted
7,548
Restricted
Stephen Silber Fund
1
The Charnley Fund
1
Hebe Plunkett Fund
20
The Mustill Fund
7
Troy Fund/Beloff Prize
3
Ann Goddard Fund
9
Total Restricted
41
Endowment
General
8,600
Hebe Plunkett Fund
480
Sir Brian Smedley Fund
29
Ann Goddard Fund
1,942
Total Endowment
11,051
Total Funds
18,640

Analysis of Net Assets between
Funds as at 31 December 2025
Investments
Net Current Assets		 Income
£000s
655
62
717
-
10
1
5
-
55
71
-
-
-
-
-
788
Unrestricted
Fund
£000s
7,076
718
7,794		 Investment
31 December
Expenditure Gains / (Losses)
2025
£000s
£000s
£000s
(899)
365
6,198
(25)
88
1,596
(924)
453
7,794
-
-
1
(10)
-
1
(4)

1
18
(4)

-
8
(1)
-
2
(50)
-
14
(69)
1
44
-
(13)
8,587
-

-
480
-
-
29
-
(93)
1,849
-
(106)
10,945
(993)
348
18,783
Restricted
Endowment
Total
Funds
Funds
Assets
£000s
£000s
£000s
30
10,942
18,048
14
3
735
44
10,945
18,783

The Endowment Fund of the General Fund arose from various legacies and donations and represents a permanent endowment. The Unrestricted Fund is to be applied to meet the charitable objectives of the Trust. The purposes of the various funds are outlined in more detail in the Trustee’s Report.

19

THE GRAY’S INN SCHOLARSHIPS TRUST YEAR TO 31 DECEMBER 2025

Notes to the Accounts (Continued)

12. ANALYSIS OF UNRESTRICTED, RESTRICTED AND ENDOWMENT FUNDS (Continued)

The movement of funds during the prior year is as detailed below:

1January
2024
£000s
Unrestricted Fund
General
6,184
The Bingham Fund
1,360
Total Unrestricted
7,544
Restricted
Stephen Silber Fund
1
The Charnley Fund
1

Hebe Plunkett Fund
20

The Mustill Fund
7
Sir Brian Smedley Fund
-
Troy Fund/Beloff Prize
4

Ann Goddard Fund
37

Total Restricted
70
Endowment
General
8,298

Hebe Plunkett Fund
463
Sir Brian Smedley Fund
28
Ann Goddard Fund
1,899
Total Endowment
10,688
Total Funds
18,302
Analysis of Net Assets between
Funds as at 31 December 2024
Investments
Net Current Assets		 Incoming
Resources
£000s
334
37
371
-
-
1
5
-
-
53
59
-
-
-
-

-
430
Unrestricted
Fund
7,256
292
7,548		 Resources
Investment
Expended Gains / (Losses)
£000s
£000s
(780)

339
-

74
(780)

413
-
-
-
-
(2)
1
(5)
-
-
-
(1)
-
(81)
-
(89)
1
-
302
-
17
-
1
-
43
-
363
(869)
777
Restricted
Endowment
Funds
Funds
32
11,048
9
3
41
11,051		 31 December
2024
£000s
6,077
1,471
7,548
1
1
20
7
-
3
9
41
8,600
480
29
1,942
11,051
18,640
Total
Assets
18,336
304
18,640

20